According to the Univdatos Market Insights analysis, the increasing need for energy-efficient solutions in power distribution and electric vehicles, spurred by global sustainability goals would drive the global scenario of the Electrical Steel market. As per their “Electrical Steel Market” report, the global market was valued at USD 33.4 Billion in 2023, growing at a CAGR of 6.4% during the forecast period from 2024 - 2032 to reach USD Billion by 2032. Increasing demand for energy efficiency across industries like power generation, automotive, and industrial plants has propelled the steady growth of the electrical steel market. In transformer, motor, and generator production, electrical steel is used because of its magnetic properties for reducing energy losses. The market services diverse applications through two main types: grain oriented, mostly used in transformers, and non-grain oriented used in rotating machinery such as electric motors. Growing energy efficiency globally, rapid adoption of electric vehicles (EV), investment in renewable energy infrastructure, and industrialization in developing economies are key drivers of this growth. As governments and industries, the world over plant their sights on sustainable development and cleaner energy options, demand for high-performance electrical steel will widen the market door to growth in the longer term and technological advancement.
Access sample report (including graphs, charts, and figures): https://univdatos.com/get-a-free-sample-form-php/?product_id=68500
Government policies play a huge part in the Electrical Steel market.
As government policies, which drive demand for energy-efficient technologies and sustainable infrastructure, are the biggest influence on the electrical steel market, your need to understand better government policies is imminent. Virtually every government around the world has been developing strict energy efficiency regulations and offering incentives to reduce carbon emissions, especially in generating power, transportation, and industrial manufacturing sectors. Specifically, the adoption of renewables, such as wind power projects with subsidies, increases demand for grain-oriented electrical steel (GOES), because of its use in transformers. Electric motors are driven by the automotive sector’s need for non-grain oriented electrical steel due to emission reduction standards and electric vehicle incentives. Furthermore, efforts to modernize power grids under infrastructure bills such as the U.S. Infrastructure Investment and Jobs Act and China’s 5-year plans have been massive investments in the role of smart transformers and distribution networks. Government support in the form of these policies not only reinforces market growth; it also provides the impetus for research and development in electrical steel production processes, making it a critical determining factor in the future of the electrical steel industry.
Some of the government policies helping the Electrical Steel market are:
1. U.S. Infrastructure Investment and Jobs Act (IIJA)
Gaynor passed this Act in 2021 that allocates billions of dollars towards upping the energy efficiency and reliability of power grids. Funding modernization projects and integration of renewable energy increases the demand for electrical steel in transformers and other grid equipment directly. The adoption of energy-efficient technology and materials is therefore supported by this policy to boost the market growth in the U.S.
2. China’s Five-Year Plans
The five-year plans are the economic and industrial development frameworks of China. The 14th plan (2021–2025) focuses on the expansion of renewable energy, electric vehicle (EV) production, and smart grid improvement. China’s efforts to reduce carbon emissions and improve energy efficiency make great use of grain-oriented steel for transformers and non-grain-oriented steel for EV motors, which further accelerates the demand for electrical steel, especially grain-oriented steel.
3. European Green Deal
The Green Deal was introduced by the European Union and targeted carbon neutrality in 2050 by reducing emissions through sustainable energy use. This deal's policies encourage renewable energy projects and energy-efficient infrastructure which drives demand for electrical steel in both power transformers and motors. It also promotes the production and use of EVs, which consume non-grain-oriented electrical steel in the associated motors.
4. Electric Mobility Mission Plan for India
To become the lead country in the adoption of electric vehicles, India’s National Electric Mobility Mission Plan seeks. This policy provides an incentive to make motors for EVs, so the demand for electrical steel as an EV motor component is supported. India’s goal of reducing greenhouse gas emissions and dependency on fossil fuels matches this initiative.
5. Japan’s Green Growth Strategy
Japan’s Green Growth Strategy is to reduce emissions and use more renewable energy. The EV market and smart grid system targets include extending the use of energy-efficient electrical steel transformers and motors in electrical steel. This policy supports green energy and technology, thus promoting demand for such high-performance electrical steel products Japanese market.
6. Renewable Portfolio Standards (RPS) in the USA.
These state-level standards indirectly require utilities to source a certain amount of energy from renewable sources, resulting in the electrical steel market demand. Efficient transformers and grid infrastructure needed under RPS policies to integrate more wind, solar, and hydroelectric power into the grid add to the demand for electrical steel.
7. Electric Vehicle (EV) Incentive Programs (Global)
EV production and purchase are subsidized, with tax credits and rebates, in many countries including Canada, Germany, and South Korea. These incentives drive up the demand for non-grain-oriented electrical steel powering electric motors and thereby speed up EV adoption. These policies explore the role of supporting the growth of the EV market to enhance the electrical steel segment.
8. India’s Power for All Initiative
The ambitious project launched by the Indian government in 2011 to deliver ‘power for all’ – reliable, affordable electricity across the country. There is a great investment in power grid expansion and modernization which creates a need for grain-oriented electrical steel in transformers for rural and urban power distribution.
9. Germany’s Energiewende (Energy Transition) Policy
The Energiewende that Germany is undergoing involves moving to renewable sources (and improving energy efficiency). It fosters the modernization of grid infrastructure and conversion to EVs, which in turn will increase the demand for electrical steel in transformers, distribution channels, and motors found in the energy and automotive sectors.
10. Net Zero Emissions Accountability Act in Canada
It is this act that has helped crystallize Canada’s commitment to net zero emissions by 2050 and made interim targets to ensure progress. For critical components, electrical steel is a key element in promoting renewable energy projects, energy-efficient infrastructure, and EV adoption. This policy thus encourages sustained growth in the electrical steel market by enforcing emission reductions.
Together, these policies dictate the shape of the electrical steel market through incentives that boost renewable power generation, promote EV adoption, and modernize the infrastructure, all of which generate demand for efficient and sustainable electrical steel products.
Click here to view the Report Description & TOC https://univdatos.com/report/electrical-steel-market/
Conclusion
Overall, the electrical steel market is being driven by government policies worldwide in all major regions as policies support the development of energy-efficient infrastructure, renewable energy projects, and electric vehicle adoption. These are policies from the U.S. Infrastructure Investment and Jobs Act, as well as China’s Five-Year Plans, which create this environment of growth around sustainable development, with energy technology systems advancement. The mandate of energy efficiency, grants for investing in energy-efficient technology, and tougher emissions criteria combined, create a commercial environment where there is a high demand for electrical steel that boasts the highest efficiency. The electrical steel market is expected to continue experiencing growth as countries continue to align with global sustainability goals and will see increased investment, innovation, and a greater commitment to building a more efficient and environmentally responsible future.
Related Mining & Machinery Market Research Report
Precision Gearbox Market: Current Analysis and Forecast (2024-2032)
Cotton Candy Machines Market: Current Analysis and Forecast (2024-2032)
Street Cleaning Machines Market: Current Analysis and Forecast (2024-2032)
Micro Injection Molding Machine Market: Current Analysis and Forecast (2024-2032)
Rail Saw Market: Current Analysis and Forecast (2024-2032)
Contact Us:
UnivDatos Market Insights
Contact Number - +19787330253
Email - [email protected]
Website - www.univdatos.com
Linkedin- https://www.linkedin.com/company/univ-datos-market-insight/mycompany/
