Electrical steel market expected to reach $48.9 B by 2026
The global electrical steel market reached $32.95 B in 2019 and predicted to reach $48.9 B by 2026 at a CAGR of 6.8 % during forecast period of 2020-2026.
The demand for electircal steel is increasing due to technical innovations and the high efficiency of electric steel. Due to the growth in demand from the power sector, the electric steel industry has vast opportunities.
Transformer market is estimated to dominate the electrical steel market, owing to the growth in the development of industrialisation, rural areas, and opening new generation plants. Rising government capital expenditure in the high transmission investment, power sector and increasing global energy consumption are some factors that have helped the market to increase at a rapid pace. In addition, the growing power generation in developing economies as well as emerging nations, the market is expected to have a high growth during the forecast period.
The regions covered in this report are: North America, Asia Pacific, Europe, Middle East & Africa, and Latin America.
Some of the key market players in the electrical steel are Nippon Steel & Sumitomo Metal Corporation Group, Shandong Iron and Steel Group Co Ltd, Tata Steel Limited, JFE Steel Corporation, Essar Steel India Ltd., Steel Authority of India Limited, Shagang Group Inc., ArcelorMittal, United States Steel, Ansteel Group Corporation, Union Electric Steel Corporation, Baosteel Group, POSCO, Voestalpine Group.
Source: Bulletin Line