This report states that the North American electric steel market would show progress at a CAGR of 4.93% in the forecast period 2020-2028.
Both state and federal governments are offering huge incentives to manufacturers that are developing applications that utilize electric steel, thereby surging the market growth in the United States. More than 65% of the overall power transformers in the USA grid are aged 25 years or above.
Huge investments are made in the new power transmission projects by federal and state administrative bodies.
The investment will be included for the replacement of old transmission infrastructure, integration of renewable energy resources into the main power transmission line, developing new power line architecture into the grid network and ensuring security compliance standards requirement.
Several institutions, including Texas Reliability Entity, Midwest Reliability Organization, SERC Reliability Corporation and Florida Reliability Coordinating Council are undertaking projects primarily focused on integrating renewable energy stations with the existing grid systems.
Transmission is an essential part of smart grid network systems.
Since electric steel is used in transformer manufacturing, these developments will help the market growth in the US.
Whereas, in Canada, the increasing demand for electric vehicles, rising investments towards the replacement of old power transformers & power lines and integration of renewable energy with existing electric grid networks primarily drives Canadian electric steel market growth.
Some noteworthy companies in the electric steel market are Arnold Magnetic Technologies, Baosteel Group, Nippon Steel Corporation, SAIL (Steel Authority Of India Limited), ArcelorMittal, Thyssenkrupp AG, BRS (Big River Steel) and Voestalpine AG.
Arnold Magnetic Technologies
AK Steel Corporation
Nippon Steel Corporation
Sail (Steel Authority of India Limited)
BRS (Big River Steel)
JFE Steel Corporation
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