Dublin, Nov. 17, 2023 (GLOBE NEWSWIRE) -- The "Grained Electrical Steel Market - Global Industry Size, Share, Trends Opportunity, and Forecast, 2028F" report has been added to ResearchAndMarkets.com's offering.
The global Grained Electrical Steel market, valued at USD 9.08 billion in 2022, is expected to experience robust growth, with a projected Compound Annual Growth Rate (CAGR) of 7.19% through 2028. Grain-oriented electrical steel (GOES), is essential in the production and distribution of a specific type of electrical steel alloy. Grained Electrical Steel is characterized by its unique magnetic properties, making it indispensable in electromagnetic applications, particularly within the power generation and distribution sectors.
Key Market Drivers and Influences:
- Increasing Demand for Energy-Efficient Transformers: The need for high-performance transformers in electrical systems drives the demand for Grained Electrical Steel. Its magnetic properties enable lower energy losses, fulfilling the global push for energy efficiency and emission reduction.
- Expanding Power Generation and Distribution Infrastructure: The growing construction of new power plants and electrical grids, especially in emerging economies, boosts the demand for Grained Electrical Steel. It plays a vital role in enhancing the efficiency and reliability of these systems.
- Transition to Renewable Energy Sources: The shift towards renewable energy technologies, like wind turbines and solar inverters, necessitates Grained Electrical Steel for energy conversion and distribution, propelling the market forward.
- Electrification of Transportation: The rising adoption of electric vehicles (EVs) and high-speed trains, which use Grained Electrical Steel in their propulsion systems, marks a significant market driver, influenced by the global move towards reducing greenhouse gas emissions.
- Technological Advancements in Steel Production: Innovations in manufacturing processes of Grained Electrical Steel contribute to its enhanced efficiency in transformers and generators, meeting modern energy system requirements.
- Growing Investments in Grid Modernization: The need to upgrade aging electrical grids for a more digitalized and renewable energy-powered future highlights the importance of Grained Electrical Steel in reducing energy losses in transformers and reactors.
Government Policies Impacting the Market:
- Energy Efficiency Standards and Regulations: Government-imposed energy efficiency requirements for electrical equipment increase the demand for high-quality Grained Electrical Steel to comply with these standards.
- Renewable Energy Incentives: Policies promoting renewable energy development drive the demand for Grained Electrical Steel in renewable energy installations.
- Trade Tariffs and Import Regulations: Government trade policies can significantly affect the cost and availability of Grained Electrical Steel, influencing market dynamics.
In conclusion, the Grained Electrical Steel market is set for notable growth, driven by a myriad of factors, including demand for energy-efficient transformers, expansion in power infrastructure, shifts towards renewable energy, electrification of transport, technological advancements, and investments in grid modernization. This market is essential in supporting the global energy ecosystem's efficiency and reliability.
A selection of companies mentioned in this report includes
- ArcelorMittal S.A
- Nippon Steel & Sumitomo Metal Corporation
- POSCO
- Shougang Group
- Nucor Corporation
- Baosteel Group
- JFE Steel Corporation
- ThyssenKrupp AG
- Voestalpine AG
- HBIS Group
For more information about this report visit https://www.researchandmarkets.com/r/nr4lr2
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