LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global wire processing machines market to grow at a CAGR of more than 9% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global wire processing machines market for 2017-2021. The report also lists APAC, EMEA, the Americas as the three major geographical segments, of which APAC accounted for close to 48% of the market share in 2016.
According to Gaurav Mohindru, a lead analyst at Technavio for engineering tools research, “The global wire processing machines market is expected to experience a steady growth during the forecast period. Majority of the demand is expected to come from the automotive, aerospace, and construction sectors.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global wire processing machines market:
- Rise in EV sales
- Expansion and revamping of the T&D infrastructure in India
- Increase in sales of HVDC power cables
Rise in EV sales
Over the past few years, the interest in electric vehicles (EVs) in the US automotive sector has surged, with manufacturers beginning to introduce new EVs with advanced technology. China witnessed a whopping growth rate of more than 170% in 2015 and will be the major propeller during the forecast period. EV sales in Europe too, have increased drastically, recording a boom in sales. The top markets for EVs in Europe for 2015 were France, the UK, Germany, and Norway, and these sales accounted for a majority share of the total EV sales in Europe. Therefore, investments of this nature are expected to lead to capacity expansion, which in turn, will boost the wire processing machines market.
Expansion and revamping of the T&D infrastructure in India
Power cables, which are a critical segment of the power sector, are witnessing an escalating demand owing to the growth in power generation infrastructure. India is one of the biggest consumers of electric energy after the US and China. With rapid industrialization and urbanization of the country, it is believed that there will be an enormous demand for electricity within the country. A total of USD 35 billion is planned to be invested for such developments in the power transmission sector.
“The projected CapEx offers ample opportunity for power cable vendors to cater to this demand and is likely to add to their order inflows, revenues, and profit margins,” says Gaurav.
Increase in sales of HVDC power cables
High-voltage, direct current (HVDC) underground power cables have become viable options for long distance and high-voltage safe power transfer. HVDC power systems provide a viable option for long-distance bulk power delivery. To create an internal energy market and to enhance the security of energy supply, the European Commission has selected 43 major energy projects to build cross-border infrastructure. For these projects, high loads of electricity would be required to be transferred from one European country to another. HVDC cables are expected to become a viable option for such assignments in the future, due to their light weight and dimensions, especially in submarine power transmission.
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