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From 2019 to 2023, the scale of global winding wire market will increase by 10.3 billion US dollars

  • Categories:Industry News
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  • Time of issue:2019-08-22
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From 2019 to 2023, the scale of global winding wire market will increase by 10.3 billion US dollars

According to the winding wire report released by technavio this month, the global winding wire market will grow by US $10.34 billion from 2019 to 2023, and the continuous growth of power demand is the main reason to promote the stable growth of the market.
According to the report, increasing attention to energy-saving winding wires is one of the main trends in the market development during the forecast period. In the process of energy conversion of motors, transformers, generators and inductors, a large amount of energy is lost in the form of heat. This increases the demand for energy-saving winding wires, which can carry current without generating a lot of heat. The use of such efficient winding wires will help to minimize power consumption and improve the efficiency of eleteck equipment such as motors and transformers.
On the other hand, the increasing demand for efficient traction motors in new energy vehicles and the introduction of regenerative braking system in trains and electric vehicles will further improve the demand for energy-saving winding wires. With the increasing attention to energy efficiency, the demand for efficient winding wires will also increase.
In addition, favorable government policies, the availability of a large number of models and the growing consumer preference for clean energy vehicles have promoted the adoption of new energy vehicles. In addition to motors used in auxiliary systems, these factors will increase the demand for motors, thus driving the growth of the winding wire Market at a compound annual growth rate of more than 5% over the forecast period.
From the perspective of manufacturers, priisman of Italy, El sewedi of Egypt, Guhe electric of Japan, LS cable of South Korea and Sumitomo Electric of Japan will become the world's leading winding wire manufacturers.
From the product type, copper winding wire will occupy the highest share of the market. Several advantages of copper winding wires, including higher current carrying capacity and corrosion resistance, and lower thermal expansion than aluminum windings, are responsible for the market growth in this field.
Judging from the regional market, the Asia Pacific region will undoubtedly become the largest regional market in the whole forecast period. Factors such as increased electricity consumption, increased demand for consumer goods, capacity expansion in the distributed energy and processing industries, and electrification of the transport sector are contributing to the growth of the winding market in the region.