The China electrical steel market is also expected to witness momentum from the rising standards of living and the increasing per capita income of consumers that has led to escalating power distribution network in the region.
— China is anticipated to emerge as a highly lucrative revenue pocket for the global electrical steel market. One of the primary reasons for the region to depict an incline in the growth potential is the extensive deployment of grain oriented electrical steel. Indeed, these products are known to convert energy into power voltages to be deployed across various power generation systems. In China specifically, these products are extensively used in household appliances and rural and urban networks, that has helped accelerate their demand in the nation. As a matter of fact, China grain oriented electrical steel market size from household appliances will be pegged at over USD 95M by 2025, driven by the spate of novel innovations in household appliance manufacturing.
The China electrical steel market is also expected to witness momentum from the rising standards of living and the increasing per capita income of consumers that has led to escalating power distribution network in the region. Moreover, the focus of several electric automakers to set up manufacturing facilities in the region owing to its vast technological know-how will accelerate the electrical steel market growth. For instance, global EV giant, Tesla, Inc. has started constructing its Gigafactory 3 in Shanghai which would make electric motors and battery packs for its current and upcoming segments by 2020, in turn supplementing the electrical steel market.
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Growth drivers are
1. North America: Growing demand from energy generation & transmission industries
2. Europe: Increasing usage of electrical vehicles
3. Asia Pacific: Rise in end-use applications
With the rising shift towards renewable power generation systems and growing adoption of zero-emission EVs, electrical steel market has garnered renewed momentum in recent years. Electrical steel is basically an iron alloy tailored to generate specific magnetic properties for various industrial and commercial applications.
The product is particularly used for making power transformer and has found long-term application in the EV industry for making efficient, high-speed electric motors owing to its ability to reduce energy loss, improve efficiency, lower CO2 emissions and hysteresis loss. The rising demand for high-torque electric motors in the shipping and construction industry has further propelled the growth of the electrical steel industry.
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The rising focus on curbing global CO2 emission has also encouraged construction of zero-emission solar PV power stations. For instance, reports from Solar Energy Industries Association (SEIA) claim that around 10.6 GW of solar PV capacity was installed in the U.S. in 2018, reaching a 64.2 GW of total installed capacity, enough to power 12.3 million U.S. homes. Reports further suggest that the region’s total installed solar PV capacity is expected to go over double by 2024. As the demand for renewable surges, the requirement of transformers at solar PV power stations and similar establishments is bound to increase, thereby propelling the electrical steel industry trends.
Partial Chapter of the Table of Content:
Chapter 3 Electrical Steel Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2014-2025
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Distribution channel analysis
22.214.171.124 Technology providers
3.4 Technology landscape
3.5 Pricing analysis
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
126.96.36.199 North America: Growing demand from energy generation & transmission industries
188.8.131.52 Europe: Increasing usage of electrical vehicles
184.108.40.206 Asia Pacific: Rise in end-use applications
3.7.2 Industry pitfalls & challenges
220.127.116.11 Threat of substitute
3.8 Innovation & sustainability
3.9 Growth potential analysis, 2018
3.9.1 Emerging business model
3.10 Porter’s analysis
3.11 Competitive landscape, 2018
3.11.1 Strategy dashboard
3.12 PESTEL analysis
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Primarily used to produce cores of transformers, motors and generators, electrical steel helps enhance permeability, magnetic flux density, and minimize energy loss, on the grounds of which it is extensively used in the energy, manufacturing and automotive industries. Reports from Global Market Insights, Inc., claim that the electrical steel market size is estimated to surpass $22.5 billion by 2025.
Name: Arun Hedge
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Organization: Global Market Insights, Inc.
Release ID: 88898721