DUBLIN--(BUSINESS WIRE)--The "Electrical Steel Market - Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
According to the findings by International Energy Association (IEA), electricity accounts for 19% of the total final consumption of energy, and the share is poised to increase to 24% in 2040 owing to the increase in electrification across the globe. However, the world is also in dire need for the conservation of energy which is creating a demand for energy-saving materials like electrical steel which is one of the major reasons for the current boom in the electrical steel market. The electrical steel market size was at $22.24 billion as of 2018. Furthermore, the analyst estimates the demand in the global electrical steel market to grow with a healthy CAGR of 6.6% during the forecast period of 2019 to 2025.
There are a lot of developing economies in APAC that include China, India, Indonesia, and others that are observing constant electrification which is supporting the electrical steel market in the region. Moreover, APAC is progressing in the sustainable energy program of the World Bank which warrants conservation of electrical energy which again substantiates the APAC electrical steel marketplace. There is also a discernible growth in the industrial and automotive sector which is creating electrical steel revenue avenue for the vendors in the APAC region. As per the findings by the market analyst, APAC yielded more than 39% of the global electrical steel market demand share in 2018.
Electrical steel or laminate steel or silicon steel is an iron alloy which has specific magnetic properties and small hysteresis area that results in low power-loss per cycle. Sometimes, 0.5% of manganese and aluminum are added in its composition. It finds applications in motors, generators, inductors, and some electrical appliances. The key application creating opportunities in the electrical steel market is its usage in transformers.
The advancement in transmission lines and the replacement of old transformers due to the burgeoning trend of smart transformers across the globe coupled with the rampant cross-border power transmission are creating a sustainable electrical steel marketplace in the transformers application segment, remarks the market analyst in the market research report. Furthermore, the analyst also estimates the application CAGR of electrical steel in transformers to be around 6.8% through to 2025.
Electrical Steel Market Growth Drivers:
The Sustainable Demand for Motors:
The growing industrialization and the application of motors in the residential sector are driving the market growth of motors. Now, electrical steel is the heart of electric motors as it creates stronger magnetic flux which is key to the torque of an electric motor. Furthermore, it also leads to higher efficiency. Given that, the sustainable development program of the United Nations warrants incremented industrialization in the coming year, the vendors in the electrical steel market will be reaping a lot of benefit in terms of revenues.
The Advent of Electric Vehicles (EVs)
According to the International Energy Association (IEA), the global sales of electric cars was 1.1 million in 2017 with a 0.3% electric share of global passenger car stock. Furthermore, the organization estimates that the share will shoot up to 14% by 2030 in order to meet the United Nations SDE targets. Now, this remarkable progress of the electric vehicle market will lead to electrical steel market Revenue Avenue as its application significantly enhances the horsepower.
The Generators Sales Across the Globe
According to market research, the demand for uninterruptible power supply is constantly growing, and its market size was valued to be $10.5 billion to $11.5 billion. Now, the demand for uninterruptible power supply has fostered the sales of generators, and electrical steel is an integral part of generators. The rise in the sales of generators is creating a humongous electrical steel marketplace for the vendors.
Key Topics Covered:
1. Electrical Steel Market Overview
2. Executive Summary
3. Electrical Steel Market Landscape
4. Electrical Steel Market Forces
4.1. Market Drivers
4.2. Market Constraints
4.3. Market Challenges
4.4. Attractiveness of the Industry
5. Electrical Steel Market - Strategic Analysis
5.1. Value Chain Analysis
5.2. Pricing Analysis
5.3. Opportunities Analysis
5.4. Product/Market Life Cycle Analysis
5.5. Suppliers and Distributors
6. Electrical Steel Market - By Grade
6.1. Grain-Oriented Steel
6.2. Non Grain-Oriented Steel
6.2.1. Fully Processed
7. Electrical Steel Market - By Application
7.3. Shunt reactors
7.4. Wound cores
7.6. Power generators
7.8. Automotive powertrains
7.9. Electrical ballasts
7.10. Industrial machines
8. Electrical Steel Market - By Geography
8.1. North America
8.4. Middle East & Africa
8.5. Latin America
9. Market Entropy
9.1. New Product Launches
9.2. M&As, Collaborations, JVs, Partnership
For more information about this report visit https://www.researchandmarkets.com/r/tsod5n