Rising Urbanization Is Proliferating the Global Electrical Steel Market to Evolve With 6.13% of CAGR by 2027
“According to the new market research report published by Inkwood Research, the global electrical steel market is projected to rise at 6.13% of CAGR during the estimated period.”
“Browse 84 market Data Tables and 49 Figures spread over 140 Pages, along with an in-depth TOC on global electrical steel market forecast 2019-2027.”
Global electrical steel market is associated with rapid urbanization. This market is highly dependent on technology and engineering. Today the electric steel market has extended its usage from the installation of transformers to the running of electric vehicles. The ever-growing population is booming the demand for urbanization and efficient infrastructure. It can be said that commercial, industrial and residential demand for electrical applications will keep increasing with the growing population.
The growing urbanization is demanding electricity on a large scale which is contributing to the growth of the global electrical steel market. The increasing infrastructural developments along with urbanization is expected to drive the market in the coming years. The demand for residential and commercial electricity is rising rapidly, thus, pushing the overall demand for electrical steels. The scarcity of fuel and shift towards digitalization has started increasing the demand and sales of electric vehicles. The non-grain oriented steel market is expected to grow at the highest compounded annual growth rate due to a surge in demand for electric vehicles across the globe.
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The global transformers market has adopted the electrical steel application and usage to reduce power loss, improve development and innovation in the power transmission process. The increasing demand of electricity for commercial and industrial purposes has made power transmission a dominant application of the electrical steel market. Motors, inductors, battery and reactors are some of the other application of electric steel.
Asia-Pacific is the highest contributing region (in terms of revenue) in the global electrical steel market.
In 2018, Asia Pacific was the largest contributor in the global electrical steel market in terms of revenue. The increasing urban population has increased the scope of electric steel in this region. Rising sale and awareness of electric vehicles coupled with high deposits of iron ore is expected to augment the growth of electrical steel in the Asia Pacific. China has dominated the APAC electric steel market by revenue. The growing urban population, increasing sale of electrical appliances and government initiatives to promote electric steel has contributed to the growth of the electrical steel market in China.
The top companies in the global electrical steel market are Voestalpine AG, United States Steel Corporation, SKO-DIE Inc., Thyssenkrupp AG, POSCO, Orchid International, China Steel Corporation, ArcelorMittal SA, Nippon Steel & Sumitomo Metal Corporation, Steel Authority Of India Limited, Baosteel Group, Jiangsu Shagang International Trade Co. LTD, Arnold Magnetic Technologies Corp. The global electrical steel market is highly competitive and is characterized by a large number of players. The companies are adopting organic and inorganic strategies like partnership, merger & acquisition, new product launch, agreements and contracts to gain a competitive edge in the market.
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