GO Electrical Steel Market was valued at USD 22.30 Billion in 2022 and is projected to reach USD 30.12 Billion by 2030, growing at a CAGR of 4.50% from 2024 to 2030.
The global GO electrical steel market was valued at approximately USD 30 billion in 2022. This market is projected to expand at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2030. The increasing demand for energy-efficient transformers and electric motors, driven by the global push for renewable energy and electrification of transportation, is fueling this growth. Moreover, advancements in steel manufacturing technologies are contributing to enhanced performance and lower energy losses in electrical steel products, further boosting market expansion.
Opportunity analysis reveals substantial growth potential in emerging markets, particularly in Asia-Pacific and Latin America. These regions are experiencing rapid industrialization and urbanization, leading to higher demand for electrical steel in various applications, including power generation and distribution infrastructure. The rising investments in smart grid technologies and sustainable energy solutions are expected to offer lucrative opportunities for market players. Additionally, government initiatives aimed at reducing carbon emissions and increasing energy efficiency are likely to drive further adoption of GO electrical steel in these emerging markets.
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Baowu Group
Nippon Steel Corporation
AK Steel
NLMK Group
ThyssenKrupp
Posco
JFE Steel
Shougang
Stalprodukt S.A.
Ansteel
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global GO Electrical Steel Market
Transformer
Power Generator
Motor
Other
Based on Types the Market is categorized into Below types that held the largest GO Electrical Steel market share In 2023.
High Magnetic Strength
Conventional
Domain Refinement
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global GO Electrical Steel Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global GO Electrical Steel Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global GO Electrical Steel Market, By Type
6. Global GO Electrical Steel Market, By Application
7. Global GO Electrical Steel Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global GO Electrical Steel Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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