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According to Technavio's winding wire report released this month, the global winding wire market size will grow by $10.
34 billion during 2019-2023, and the growing demand for electricity is the main reason for the
steady growth of this market.
The report believes that the growing focus on energy-efficient winding wires is one of the major trends in the development of
this market during the forecast period.
During the energy conversion process of electric motors, transformers, generators and inductors, a large amount of energy is lost
in the form of heat.
This increases the need for energy-efficient winding wires that can carry current without generating a lot of heat
.
Using such high-efficiency winding wires will help minimize electrical energy consumption and improve the efficiency of
electrical equipment such as motors and transformers.
On the other hand, the increasing demand for high-efficiency traction motors in new energy vehicles and the introduction of regenerative braking systems in trains and electric vehicles will further increase the demand
for energy-efficient winding wires.
With the increasing focus on energy efficiency, the demand for efficient winding wires will also grow
.
In addition, favorable government policies, availability of a large number of models, and growing consumer preference for clean energy vehicles are contributing to the adoption
of new energy vehicles.
Apart from electric motors used in auxiliary systems, these factors will increase the demand for electric motors, thereby driving the growth of the winding wire market at a CAGR of more than 5% during the forecast period
.
From the perspective of manufacturers, Prysman of Italy, El Sewedy Electric of Egypt, Furukawa Electric of Japan, LS Cable of Korea, Sumitomo Electric of Japan, etc.
will become the world's leading winding wire manufacturers
.
In terms of product type, copper winding wire will account for the highest share
of this market.
Several advantages of copper winding wires, including higher current carrying capacity and corrosion resistance, and lower thermal expansion than aluminum windings, are the reasons for the
growth of the market in this segment.
From the perspective of regional markets, Asia Pacific will undoubtedly be the largest regional market
over the entire forecast period.
Factors such as increasing electricity consumption, growing demand for consumer goods, capacity expansion in distributed energy and processing industries, and electrification of the transportation sector are contributing to the growth of
the winding market in the region.
According to Technavio's winding wire report released this month, the global winding wire market size will grow by $10.
34 billion during 2019-2023, and the growing demand for electricity is the main reason for the
steady growth of this market.
The report believes that the growing focus on energy-efficient winding wires is one of the major trends in the development of
this market during the forecast period.
During the energy conversion process of electric motors, transformers, generators and inductors, a large amount of energy is lost
in the form of heat.
This increases the need for energy-efficient winding wires that can carry current without generating a lot of heat
.
Using such high-efficiency winding wires will help minimize electrical energy consumption and improve the efficiency of
electrical equipment such as motors and transformers.
On the other hand, the increasing demand for high-efficiency traction motors in new energy vehicles and the introduction of regenerative braking systems in trains and electric vehicles will further increase the demand
for energy-efficient winding wires.
With the increasing focus on energy efficiency, the demand for efficient winding wires will also grow
.
In addition, favorable government policies, availability of a large number of models, and growing consumer preference for clean energy vehicles are contributing to the adoption
of new energy vehicles.
Apart from electric motors used in auxiliary systems, these factors will increase the demand for electric motors, thereby driving the growth of the winding wire market at a CAGR of more than 5% during the forecast period
.
From the perspective of manufacturers, Prysman of Italy, El Sewedy Electric of Egypt, Furukawa Electric of Japan, LS Cable of Korea, Sumitomo Electric of Japan, etc.
will become the world's leading winding wire manufacturers
.
In terms of product type, copper winding wire will account for the highest share
of this market.
Several advantages of copper winding wires, including higher current carrying capacity and corrosion resistance, and lower thermal expansion than aluminum windings, are the reasons for the
growth of the market in this segment.
From the perspective of regional markets, Asia Pacific will undoubtedly be the largest regional market
over the entire forecast period.
Factors such as increasing electricity consumption, growing demand for consumer goods, capacity expansion in distributed energy and processing industries, and electrification of the transportation sector are contributing to the growth of
the winding market in the region.
