The North America Copper Magnetic Wire Market would witness market growth of 4.4% CAGR during the forecast period (2022-2028).
Copper is used to make transformer windings in two different forms, strips for larger machinery and wire for small products. The wire to wind small items must be strong enough to prevent breakage during winding and flexible enough to produce tightly packed windings. In order to prevent insulating enamels from cracking under voltage, strip products must have good surface quality. Strongness is required to survive the high electro-mechanical forces created under sporadic short-circuit circumstances, while sufficient ductility is necessary for the strip to be produced and packed.
All contemporary insulation materials, including lacquer and enamel, are compatible with copper winding wires in transformers. Therefore, the advantages and usability of copper magnetic wires have increased their use. Space considerations are a key engineering justification for using copper windings instead of aluminum.
This is so that copper-wound transformers can be manufactured in smaller sizes than aluminum-wound transformers. In comparison to copper conductors, an aluminum transformer needs a cross-sectional area that is 66% bigger to achieve equivalent ratings. The winding endurance of aluminum is virtually equal to that of copper windings because of the utilization of larger conductors.
The capacity of Mexico's entire power generation system in December 2020 was 83,121 MW, which climbed by 3.64% in December 2021, according to the country's National Electrical System Development Program (Programa de Desarrollo del Sistema Eléctrico Nacional). Furthermore, the region is moving away from producing electricity from fossil fuels like coal, oil, and gas and toward renewable energy sources like wind, solar, and hydel energy. Due to the large use of copper magnetic wire in this technology, new energy-generating and distributing technology will be needed. Therefore, due to all these aforementioned factors, the regional copper magnetic wire market is bound to expand in the coming years.
The US market dominated the North America Copper Magnetic Wire Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $5,933.3 Million by 2028. The Canada market is poised to grow at a CAGR of 6.8% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 5.9% 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 U.S., Mexico, Canada, and Rest of North America.
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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