The Latin America, Middle East and Africa Copper Magnetic Wire Market would witness market growth of 7.8% CAGR during the forecast period (2022-2028).
The rise in demand for EVs, which need high-performance magnetic wire for the regenerative braking systems, can be attributed to the expansion. A magnetic levitation train (LMS) is used in a regenerative braking system. The LMS serves as both a brake by employing in the track circuit an electromagnetically induced current and an energy storage mechanism by storing electricity produced during braking in batteries on board the train.
Due to the expanding power transformers industry across numerous applications, including HVAC, industrial machinery, lighting, etc., the transformer application is anticipated to expand considerably throughout the projected period. Moreover, the market for copper magnetic wire is developing due to the quick industrialization and growing need for energy-efficient transformers. The market is also being boosted by the growing usage of electronics like computers and cell phones, which employ copper magnetic wire in their coils.
The rising energy demand and significant investments in new construction have further increased the demand for copper magnetic wires. Additionally, the growth in expenditures in smart upgrades to the energy transmission and distribution (T&D) systems, together with the establishment of smart grids, increases demand for copper magnetic wire. Furthermore, it is projected that throughout the forecast period, growing urbanization, together with an increase in funding across the industrial domain, will produce attractive growth prospects for the market.
The expanding region of Latin America has made efforts to expand its electricity generation capabilities. During the projection period, this is anticipated to drive copper magnetic wire sales in Latin America. The Middle East and Africa are working to focus on other industrial areas, like the production of renewable energy, rather than the oil & natural gas industries. Significant solar capacity additions by South Africa and Saudi Arabia have accelerated the growth of renewable energy in the region. In the near future, it is anticipated that the expansion of the renewable energy sector in the region will accelerate the expansion of the copper magnetic wire market.
The Brazil market dominated the LAMEA Copper Magnetic Wire Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $527.4 Million by 2028. The Argentina market is exhibiting a CAGR of 8.4% during (2022 - 2028). Additionally, The UAE market would showcase a CAGR of 7.5% during (2022 - 2028).
Based on Industry, the market is segmented into Machinery, Automotive, Construction, Aerospace and Others. Based on Type, the market is segmented into Enameled and Covered. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Copper Magnetic Wire Market is Projected to reach USD 31.6 Billion by 2028, at a CAGR of 5.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Sumitomo Electric Industries, Ltd., LS Cable & System Ltd., Schwering & Hass Elektrodraht GmbH (SYNFLeX Elektro GmbH), Proterial, Ltd (Hitachi, Ltd), SAM Dong Co., Ltd, Elektrisola Dr. Gerd Schildbach GmbH & Co. KG, Rea Magnet Wire Company Inc., IRCE S.p.A., Dahrén Group (Liljedahl Group AB) and Hpw Metallwerk GmbH.
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