Constantly rising energy demand will be the key factor driving the global copper magnet wire market size during the forecast period. According to the International Energy Agency (IEA), worldwide energy demand grew by 2.3% in 2018 as a result of the heightened pace of global economic development. Furthermore, the demand for electricity rose by 4% in 2018, as per IEA estimates. The IEA states that this is the fastest growth in demand for power since 2010. As a result, there has been an exponential rise in the number of installations of power generation and distribution facilities, especially in developing economies. Copper magnet wires, being good conductors of electricity, play a vital role in maintaining the health and smooth functioning of power generation systems such as transformers and as economies expand, power infrastructure will get more advanced, thereby fueling the demand for these wires. The copper magnet wire market trends also indicate a spike in copper magnet wires uptake as number of solar and wind energy installations increase worldwide.
For more information in the analysis of Copper magnet wire magnet report https://www.fortunebusinessinsights.com/industry-reports/copper-magnet-wire-market-101315
Fortune Business Insights, in its report, titled “Copper Magnet Wire Market Size, Share and Global Trend By Type (Round, Rectangular), By Application (Motors, Transformers, HVAC Systems, Electronic Appliances, Others), By End-User (Residential, Commercial, Industrial) and Geography Forecast till 2027”, provides a macroscopic overview of the general industry trends and outlook that will impact the market. Additionally, the report contains a microscopic analysis of the different factors, drivers, and other dynamics that will influence the development of the market during the forecast period.
Some of the prominent participants in this market include:
- Schwering & Hasse Elektrodraht GmbH
- Ormiston Wire Limited
- Superior Essex Inc.
- Wuxi Xizhou Magnet Wires Co., Ltd
- Salzer Electronics Limited
- Hi-Wire Limited
- Hitachi Metals Ltd
- Altana AG
- Tongling Jingda Special Electromagnetic Wire Co., Ltd
- Shibata Co.
Key Market Driver – Growth of the electronics and telecommunication industry
Key Market Restraint – Non economic cost of the copper magnet wire
Fortune Business Insights provides a detailed evaluation of the global market by analyzing the factors driving the market. Besides this, it also discusses some of the economic trends prevailing in the energy and power industry. These trends are analyzed in the report to see an overall impact on the global market.
Increasing use of smart grids and smart metering are likely to help for the better management of power services. Better infrastructural facilities are also expected to encourage growth in the market.
The increased spending on oil and gas across the world is another factor likely to drive the Market. Rising investments in energy efficiency projects backed by governments may also stimulate growth in the market. The penetration of renewable sources is increasing, fueling demand for energy and which is expected to drive the Market.
Key industry developments:
- March 2018: Furukawa Electric led the Powertrain Category of the 2017 Magna Innovation Award for its high-voltage rectangular magnet wire. The product was a result of the joint venture company, Essex Furukawa Magnet Wire Europe GmbH, started by Japan-based Furukawa Electric and US-based Superior Essex.
- May 2019: Essex Magnet Wire launched its high-temperature rated insulation system called EnduroTemp 260+ for winding needs of traction motors used in hybrid electric as well as fully electric vehicles.
Innovative Fervour Among Players to Foster Intense Competition
The competitive landscape of this market is expected to be dotted by companies striving to develop novel products, the copper magnet wire market forecast by Fortune Business Insights shows. This will be done by competitors to tighten their hold on the market through product diversification.
Key Segmental Overview:
1. By Type
2. By Application
- HVAC Systems
- Electronic Appliances
3. By End-User
- Power Generation
- Electronic Equipment
4. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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Major Table of Content For Copper Magnet Wire Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Copper Magnet Wire Market Analysis, Insights and Forecast, 2027
- North America Copper Magnet Wire Market Analysis, Insights and Forecast, 2027
- Europe Copper Magnet Wire Market Analysis, Insights and Forecast, 2027
- Asia Pacific Copper Magnet Wire Market Analysis, Insights and Forecast, 2027
- Middle East and Africa Copper Magnet Wire Market Analysis, Insights and Forecast, 2027
- Latin America Copper Magnet Wire Market Analysis, Insights and Forecast, 2027
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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