GOES market to grow at 7.5% CAGR by 2026
A new market research report made available by Future Market Insights projects a healthy growth of the global electrical steel market from 2016 to 2026, with Asia Pacific excluding Japan (APEJ) growing at the highest pace and accounting for a substantial share in the global market revenues.
According to the report, the grain-oriented electrical steel segment is expected to thrive dramatically at the fastest CAGR of 7.5% in the period 2016-2026, owing to the increasing demand for grain-oriented electrical steel from energy and power generation industries.
The electrical steel market is anticipated to gain the maximum traction by applications in transformers and motors. The market will continue to attract the highest application opportunities from power and energy generation sectors.
Asia Pacific is the most attractive region and forms a key market in the global electrical steel industry. China will maintain its leading market position in APEJ, attributing to its strategic production and export.
North America, Europe, and Japan are strong markets, contributing major revenue shares to the global electrical steel market.
The key players in the global electrical steel market include Novolipetsk Steel, Voestalpine Stahl GmbH, POSCO, Nippon Steel & Sumitomo Metal Corporation, Thyssenkrupp AG, JFE Steel Corporation, ArcelorMittal, Cogent Power Limited, Aperam, Baosteel Group, AK Steel Corporation, ATI, Schneider Electric, Nicore Electrical Manufctory Co.,Ltd., ABB, Emirates Transformer & Switchgear Limited, Phoenix Mecano AG, Crompton Greaves, Leicong Industrial Co., Ltd., and Höganäs AB.