GO Electrical Steel Market Revenue was valued at USD 30.5 Billion in 2024 and is estimated to reach USD 45.2 Billion by 2033, growing at a CAGR of 5.2% from 2026 to 2033.
The global GO Electrical Steel Market was valued at approximately USD 28.1 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.2% from 2023 to 2030. The increasing demand for electric vehicles (EVs), coupled with the expansion of renewable energy projects, is a key driver fueling the market’s growth. Asia Pacific held the largest market share in 2022, accounting for over 45% of the total revenue. This dominance is attributed to the rapid industrialization and growing automotive sector in countries like China, India, and Japan. The region is projected to continue its dominance due to rising power generation activities and the demand for energy efficient motors across various industries. North America and Europe are expected to grow at a steady pace, with significant investments in the manufacturing of electric motors and transformers.
The market dynamics in the Middle East and Africa, as well as Latin America, indicate a growing potential in the coming years. The Middle East is witnessing growth due to its expanding industrial base and government initiatives focused on green energy. Latin America, on the other hand, is expected to see a rise in demand due to the increasing focus on sustainable energy solutions. As global industries continue to prioritize energy efficiency and power generation technologies, opportunities in the GO Electrical Steel Market are set to expand across all regions. The market is projected to reach approximately USD 49.6 billion by 2030, driven by innovations in material technology and the growing adoption of energy efficient electrical equipment.
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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. 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
Grain-Oriented Electrical Steel (GOES)
Non-Grain-Oriented Electrical Steel (NGOES)
Transformers
Motors
Generators
Inductors
Other Electrical Devices
Uncoated Electrical Steel
Coated Electrical Steel
Less than 0.5 mm
0.5 mm - 1 mm
Greater than 1 mm
Energy & Power
Automotive
Industrial Machinery
Consumer Electronics
Others
US (United States, US 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
US
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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