Grained Electrical Steel Market to Grow with a CAGR of 7.19% through 2028
Increasing demand for energy-efficient transformers
and motors and growing renewable energy sector are likely to drive the market
in the forecast period.
According to TechSci Research report, “Grained
Electrical Steel Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Grained Electrical Steel
Market stood at USD 9.08 billion in 2022 and is anticipated to grow with a CAGR
of 7.19% in the forecast period.
One of the
foremost drivers propelling the global Grained Electrical Steel market is the
increasing emphasis on energy efficiency and grid modernization initiatives
worldwide. Grained Electrical Steel, also known as grain-oriented electrical
steel (GOES), plays a pivotal role in the generation, transmission, and
distribution of electrical power with minimal energy losses. As governments,
utilities, and industries aim to enhance energy efficiency, reduce greenhouse
gas emissions, and upgrade aging electrical infrastructure, the demand for
Grained Electrical Steel has surged. This material's unique magnetic properties
make it indispensable in the construction of high-efficiency transformers and
generators, which are vital components in electricity grids. The modernization
of electrical grids, particularly in emerging economies and regions with
outdated infrastructure, requires transformers and generators equipped with
Grained Electrical Steel to improve grid reliability and reduce power losses
during transmission. Furthermore, as renewable energy sources like wind and
solar power become increasingly integrated into the grid, Grained Electrical
Steel is essential for optimizing energy conversion and distribution.
The global push toward
renewable energy sources and the electrification of transportation represents a
significant driver for the Grained Electrical Steel market. Grained Electrical
Steel is a fundamental component in renewable energy systems, such as wind
turbines and solar inverters, as well as electric vehicle (EV) propulsion
systems, making it central to these sustainable trends.
Renewable Energy Growth: The
rapid expansion of renewable energy generation, including wind and solar power,
requires efficient electrical systems. Grained Electrical Steel is crucial in
the construction of generators and transformers used in renewable energy
installations. Wind turbines, for example, rely on Grained Electrical Steel in
their generators to convert mechanical energy into electricity. As governments
worldwide promote renewable energy adoption to combat climate change, the
demand for Grained Electrical Steel in these applications is experiencing
robust growth.
Electrification of
Transportation: The electrification of transportation, driven by concerns over
greenhouse gas emissions and fossil fuel dependence, is another key driver for
the Grained Electrical Steel market. Grained Electrical Steel is used in the
motors, inverters, and transformers that power and control electric propulsion
systems in electric vehicles (EVs). As automotive manufacturers invest heavily
in EV production and governments offer incentives to promote electric mobility,
the demand for Grained Electrical Steel in the automotive sector is rapidly
increasing.
In conclusion, the global
shift toward renewable energy sources and the electrification of transportation
are significant drivers of the Grained Electrical Steel market. This material's
essential role in renewable energy generation and EV technology positions it as
a vital enabler of a more sustainable and environmentally responsible energy
future.
In summary, the
drive for greater energy efficiency and the need to modernize electrical grids
are key drivers of the global Grained Electrical Steel market, positioning it
as a critical enabler of sustainable and reliable energy systems.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Grained
Electrical Steel Market.”
The Global Grained Electrical Steel Market is
segmented into product type, thickness, application and region.
Based on type, The Conventional segment had the
largest market share in 2022 & expected to maintain it in the forecast
period. Conventional Grained Electrical Steel has a long history and
well-established manufacturing processes. Many steel manufacturers have
extensive experience and infrastructure dedicated to producing this type of
electrical steel. This history and expertise have given conventional GOES a
competitive advantage in terms of production capacity and reliability.
Conventional Grained Electrical Steel is highly versatile and suitable for a
wide range of applications, including transformers, generators, and other
electrical devices. Its magnetic properties, particularly when properly
oriented, make it ideal for power distribution and transmission systems, where
efficiency and minimal core losses are paramount. Conventional GOES has a
strong track record of performance and reliability. It has been widely used in
critical electrical systems for decades, earning the trust of utilities,
manufacturers, and end-users. This history of reliability has contributed to
its continued dominance in the market. Conventional Grained Electrical Steel,
due to its well-established manufacturing processes and economies of scale, has
often been more cost-competitive than newer, specialized variants of electrical
steel. This cost-effectiveness has made it an attractive choice for a broad
range of applications.
Based on application, The Transformers segment had the
largest market share in 2022 and is projected to experience rapid growth during
the forecast period. Transformers are vital components in electrical power
distribution and transmission systems. They play a central role in regulating
voltage levels, stepping up or down the voltage as needed to ensure efficient
and safe electricity transmission over long distances.
Grained Electrical Steel is uniquely suited for
transformer cores due to its exceptional magnetic properties, which help minimize
energy losses and improve the overall efficiency of the transformer. As a
result, transformers equipped with Grained Electrical Steel cores are highly
efficient, making them essential in power infrastructure.
There is a growing global emphasis on energy
efficiency and sustainability in electrical systems. Transformers constructed
with Grained Electrical Steel cores are known for their energy-efficient
operation, reducing energy losses during power transmission and distribution.
Governments and utilities worldwide are increasingly focused on upgrading their
electrical grids to improve efficiency and reduce greenhouse gas emissions.
Grained Electrical Steel supports these sustainability goals by enhancing the
performance of transformers.
Transformers are used in various applications,
including utility-scale power distribution, industrial facilities, commercial
buildings, and residential settings. They are versatile and serve as critical
components in various industries. The diverse range of applications for transformers
ensures a consistent demand for Grained Electrical Steel across different
sectors, contributing to its dominance in the market.
Major companies operating in the Global Grained
Electrical Steel Market are:
- ArcelorMittal
S.A
- Nippon
Steel & Sumitomo Metal Corporation
- POSCO
- Shougang
Group
- Nucor
Corporation
- Baosteel
Group
- JFE Steel
Corporation
- ThyssenKrupp
AG
- Voestalpine
AG
- HBIS
Group
Download
Free Sample Report
Customers can also request for 10%
free customization on this report.
“The Global Grained Electrical Steel market is
expected to rise in the upcoming years and register a significant CAGR during
the forecast period. The
growth of the market will be driven by the increasing demand for
energy-efficient transformers and motors, the growing renewable energy sector,
and government regulations to reduce energy consumption and greenhouse gas
emissions. Additionally, The Asia Pacific region is expected to remain the
largest market for grained electrical steel during the forecast period. The
growth of the market in the region will be driven by the rapid growth of the
power and renewable energy sectors. Therefore, the market of Grained Electrical Steel is
expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Grained Electrical Steel Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028
Segmented
By Product Type (Conventional, High Magnetic Strength Sheets, and Domain
Refinement), By Thickness (0.2 mm and Below, 0.23 mm, 0.27 mm, 0.30 mm, and
0.35 mm and Above), By Application (Transformer, Power Generator, Electric
Motor, and Others), By Region, By Competition”, has evaluated the future growth
potential of Global Grained Electrical Steel Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision-makers
make sound investment decisions., The report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
Global Grained Electrical Steel Market.
Contact
Mr.
Ken Mathews
708
Third Avenue,
Manhattan,
NY,
New
York 10017
Tel:
+1-646-360-1656
Email: [email protected]
Website: www.techsciresearch.com