LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global winding wire market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global winding wire market is growing at a steady rate. In 2016, the market experienced high demand from APAC, followed by EMEA. In recent times, the rise in urbanization along with an increase in industrialization in the developing nations is likely to fuel the demand for winding wires as these wires are used in a variety of industries.
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The top three emerging market trends driving the global winding wire market according to Technavio research analysts are:
- Rise in smart grid infrastructure
- Increasing use of submersible winding wires
- Growth of T&D infrastructure
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Rise in smart grid infrastructure
The economy, health and safety, and national security of any nation depend on the reliable delivery of electricity. The electricity grid is not just about power generation and transmission. It also includes an ecosystem of service providers, manufacturers, asset owners, and government officials at the local, state, and federal levels working together to run a reliable electrical grid.
The development of smart grids across the globe is leading to the adoption of new metering technologies, better power protection measures, and use of efficient appliances. Smart electric grids involve the use of technology that allows two-way communication between the customers and the utility along with sensing along the power transmission lines.
“With an increasing focus on renewable energy, especially in developing nations such as India, several governmental initiatives are being undertaken which includes Green Energy Corridors, Smart Grid Vision, UDAY reform, ISA, strengthening of national grids, and hybrid/electric vehicles. Thus, the rate of installation of smart grids is likely to rise during the forecast period, which will have a positive impact on the global winding wire market,” says Anju Ajaykumar, a lead analyst at Technavio for engineering tools research.
Increasing use of submersible winding wires
With the increase in the demand for power, it becomes crucial that the overall efficiency of heavy industries, as well as the electronic devices used by them, also increases. One such advancement is submersible winding wire, which has improved the performance of the conducting agents. Winding wire is one of the critical components of any electronic device and is responsible for the transference of the charge to and from the device to ensure its continuous operation.
Heavy industries face many adverse working conditions. In such conditions, machines are prone to mechanical abrasion and corrosion. Apart from high-temperature and pressure conditions, some situations require the underwater operation of these electronic devices. In conditions where normal insulated wires are prone to breaking down, thus posing threats to safety, submersible stainless-steel wires have proven to be beneficial.
Growth of T&D infrastructure
T&D infrastructure is the backbone of the power system as it facilitates the delivery of electricity from the power stations to end consumers. The power generation plant produces energy at a relatively low voltage. Transformers raise the voltage level to enable the transportation of the energy and to minimize energy losses. Owing to their importance, T&D networks are expanding in both the developing and developed economies. This is driving the global winding wire market.
“In North America, utilities are investing substantially in upgrading, replacing, and expanding the existing T&D infrastructure and establishing new infrastructure to improve the capacity and reliability of the T&D networks and to comply with the long-term regulatory requirements and incentives. Developing countries such as China, are emerging as a huge potential market for winding wires since they are used in a range of equipment in the power segment,” says Anju.
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