This report states that the North American electric steel market would show progress at a CAGR of 4.93% in the forecast period 2020-2028.
Both state and federal governments are offering huge incentives to manufacturers that are developing applications that utilize electric steel, thereby surging the market growth in the United States. More than 65% of the overall power transformers in the USA grid are aged 25 years or above.
Huge investments are made in the new power transmission projects by federal and state administrative bodies. The investment will be included for the replacement of old transmission infrastructure, integration of renewable energy resources into the main power transmission line, developing new power line architecture into the grid network and ensuring security compliance standards requirement.
Several institutions, including Texas Reliability Entity, Midwest Reliability Organization, SERC Reliability Corporation and Florida Reliability Coordinating Council are undertaking projects primarily focused on integrating renewable energy stations with the existing grid systems. Transmission is an essential part of smart grid network systems.
Since electric steel is used in transformer manufacturing, these developments will help the market growth in the US. Whereas, in Canada, the increasing demand for electric vehicles, rising investments towards the replacement of old power transformers & power lines and integration of renewable energy with existing electric grid networks primarily drives Canadian electric steel market growth.
Some noteworthy companies in the electric steel market are Arnold Magnetic Technologies, Baosteel Group, Nippon Steel Corporation, SAIL (Steel Authority Of India Limited), ArcelorMittal, Thyssenkrupp AG, BRS (Big River Steel) and Voestalpine AG.
Key Topics Covered
1. North America Electric Steel Market - Summary
2. Industry Outlook
2.1. Market Definition
2.2. Key Insights
2.2.1. Growth in Electricity Demand
2.2.2. Transformers Captures Largest Market Share in Application Segment
2.3. Evolution & Transition of Electric Steel
2.4. Porter's Five Force Analysis
2.5. Key Impact Analysis
2.6. Market Attractiveness Index
2.7. Industry Components
2.7.1. Raw Material Suppliers
2.8. Regulatory Framework
2.9. Market Drivers
2.9.1. Growth in Urban Population
2.9.2. Increased Demand for Transformers & Motors
2.9.3. Growth in Traction for Electric Vehicles
2.9.4. Increased Demand by Power Sector for Electric Steels
2.10. Market Restraints
2.10.1. Volatility and Fluctuations in Raw Material Prices
2.11. Market Opportunities
2.11.1. Regulations in Favour of Electric Steel Market
2.12. Market Challenges
2.12.1. Safety & Technological Constraints
3. North America Electric Steel Market Outlook - by Type
3.1. Grain-Oriented Steel
3.1.1. Fully Processed Grain-Oriented Steel
3.1.2. Semi Processed Grain-Oriented Steel
3.2. Non-Grain-Oriented Steel
4. North America Electric Steel Market Outlook - by Application
4.1.1. Current Transformers
4.1.2. Power Transformers
4.1.3. Distribution Transformers
5. North America Electric Steel Market Outlook - by End-user
5.4. Household Appliances
6. North America Electric Steel Market - Regional Outlook
6.1. United States
7. Competitive Landscape
7.2. Arnold Magnetic Technologies
7.3. Baosteel Group
7.5. AK Steel Corporation
7.6. Nippon Steel Corporation
7.7. Orchids International
7.9. Sko-Die Inc.
7.10. Sail (Steel Authority of India Limited)
7.11. Thyssenkrupp AG
7.12. BRS (Big River Steel)
7.13. Voestalpine AG
7.14. Tata Steel
7.15. JFE Steel Corporatio
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