Top 3 Trends Impacting the Copper Enameled and Bare Wire Market in EMEA Through 2021
Technavio’s latest market research report on the copper enameled and bare wire market in EMEA 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 top three emerging market trends driving the copper enameled and bare wire market in EMEA according to Technavio chemicals and materials research analysts are:
- Growing solar power industry
- Increasing investment in smart grid network
- Adoption of energy-efficient motors
Growing Solar Power Industry
The use of solar energy to generate electricity is a well-established technology. Enameled copper wires play an important role in conducting electricity between the cells of a solar panel. It separates the solar cells and conducts the current collected by cells to solar inverters that convert direct current power to alternate current power. The size or the width of the copper wires determines the maximum current that can be safely conducted. Therefore, a growing market for solar energy will expand the market demand for enameled and bare copper wires. The year-over-year increase in installed photovoltaic capacity offers significant growth potential for the manufacturers of copper wires designed for solar panels.
Increasing investment in smart grid network
Increased investment in smart grids is expected to drive the copper enameled and bare wire market in EMEA during the forecast period. Smart grid systems incorporate automated software and electronic hardware such as meters, switches, and relays. The increase in smart grid investments is expected to propel the development of advanced modular switchgear types, which can be upgraded over a network. These advanced modular switchgears require copper wires, which, in turn, will increase the demand for enamel coated and bare copper wires during the forecast period.
“Countries such as Sweden, Denmark, and Italy have already adopted smart grid systems, while the UK, Ireland, Spain, and France are following their mandates to deploy smart grid systems at the earliest opportunity,” says Ajay.
Adoption of energy-efficient motors
Stringent electricity consumption standards and the increasing price of electricity is fostering the increasing demand for energy-efficient electric motors in EMEA. Vendors across EMEA are also facing the implementation of various regulations on design and manufacturing standards of electric motors.
Electric motors are the major application for copper enameled and bare wire market. With the increase in the consumption of energy-efficient motors in the emerging regions such as the Middle East, the market for copper enameled and bare wires will increase during the forecast period.
Source: Technavio
