The Size Of The Global Winding Wire Market Will Grow By Us $10.3 Billion In 2019-2023

- Aug 30, 2019-

According to the windings report released by Technavio this month, the global market for windings will grow by $10.34 billion in 2019-2023, with increasing power demand as the main reason for the steady growth of the market.

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According to the report, the increasing attention to energy-saving winding wires during the forecast period is one of the main trends in the development of the market.A great deal of energy is lost in the form of heat during the energy conversion of motors, transformers, generators and inductors.This increases the need for energy-saving winding wires that can carry current without generating much heat.Using this high-efficiency winding wire will help minimize power consumption and improve the efficiency of electrical 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 increase the demand for energy-saving winding wires.With increasing attention to energy efficiency, the demand for efficient winding wires will grow.

 

In addition, favorable government policies, availability of a large number of models, and growing consumer preference for clean energy vehicles have contributed to the adoption of new energy vehicles.In addition to the motors used in the auxiliary system, these factors will increase the demand for motors, driving the growth of the windings market at a compound annual rate of more than 5% over the forecast period.



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