The unique mix of magnetic qualities offered by grain-oriented electrical steel (GOES) in the global market makes it a crucial component in the production of transformers, generators, and other electrical equipment. Stakeholders, producers, and investors in the GOES sector would benefit greatly from knowing the market’s current and projected size and growth trends. In this article, we will discuss the present situation, size, and main trends in the GOES industry.
Market Size and Projection
The global grain-oriented electrical steel market was valued at USD 1174.39 million in 2022 and is expected to rise to USD 1902.35 million by 2030 at a CAGR of 6.25%. The development of renewable energy sources, the need for efficient power distribution networks, and the rising demand for electricity are just a few factors that have an impact on the growth of the global GOES market. Multiple studies and projections project rapid expansion for the global GOES industry over the next few years. Here are some key insights into the market size:
Market Valuation: In 2022, the global market for GOES was estimated to be worth roughly USD 1174.39 million, with a CAGR of 6.25% expected in the next few years.
Regional Dominance: The tremendous development and urbanization occurring in nations like China and India has made the Asia-Pacific region the traditional leader in the GOES industry. The economies of North America and Europe also make major contributions to the overall market.
Renewable Energy: Transformers and generators manufactured from GOES are anticipated to be in high demand as the world moves toward greener and more sustainable energy sources. Wind turbines and solar panels are becoming more popular since they require efficient electrical infrastructure.
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Key Market Trends
Technological Advancements: New, state-of-the-art GOES materials with enhanced magnetic characteristics and decreased energy losses are being developed and introduced on a regular basis. The efficiency of electrical devices is improving as a result of these developments.
Sustainability and Environmental Concerns: Manufacturers are putting more effort into making environmentally friendly electrical steel as concern for the environment grows. The production method and the utilization of recycled materials are two ways in which this goal might be achieved.
Market Consolidation: Mergers and acquisitions in the GOES industry have helped businesses increase their product offerings and global footprint. The anticipated continuation of such consolidation could have an impact on market dynamics.
Government Regulations: In an effort to improve the effectiveness of electrical appliances, governments all over the world are enacting strict laws. The requirement to adhere to these specifications is driving the GOES market forward.
Global Power Infrastructure Investments: Increasing amounts of money are being invested in new power plants and transmission lines in developing countries. This is anticipated to increase the need for GOES, which is essential to power transmission and distribution.
Supply Chain Challenges: It’s no secret that the global spread of the COVID-19 virus and other geopolitical circumstances have caused supply chain problems in several markets, including the GOES market. As a result, supply and pricing in the market may be affected.
The global grain oriented electrical steel market is led by players like:
- JFE Steel Corporation
- WISCO (Wuhan Iron and Steel Corporation)
- NLMK (Novolipetsk Steel)
- Cogent Power
- Nippon Steel Corporation
- ATI (Allegheny Technologies Incorporated)
- Tata Steel
- AK Steel
- Baosteel Group Corporation
The market for grain-oriented electrical steel is an essential part of the international electrical industry, and the size of this market is determined by a number of different factors. It is anticipated that the market for GOES will expand as the world continues to look for energy solutions that are both cleaner and more efficient.