Copper Clad Steel Wire Market Poised to Grow at a Robust Pace
Copper clad steel wire plays a vital role in power distribution and transmission systems due to its notable electrical conductivity and mechanical strength properties. The product is used in overhead transmission lines, underground cables, transformers and motors. The advancing power industry worldwide has fueled massive demand for copper clad steel wire over the years.
The global Copper Clad Steel Wire Market is estimated to be valued at US$ 2812.51 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth Accelerated by Increased Investment in Power Infrastructure Projects
The copper clad steel wire market is anticipated to witness strong growth owing to the significant investments underway for the expansion and upgradation of aging power infrastructure in many countries. Government initiatives to ensure reliable electricity supply and focus on integrating renewable energy have driven major transmission and distribution projects worldwide. For instance, the US government has committed over US$ 138 billion through the Bipartisan Infrastructure Law to modernize the power grid and develop grid resilience programs through 2026. Such large-scale infrastructure developments are enabling continuous demand for copper clad steel wire.
Segment Analysis
The U.S. copper clad steel wire market is dominated by electrical and electronics segment, which accounts for over 40% of the total market share. Copper clad steel wire finds widespread application in electrical power transmission and distribution networks owing to its good electrical and mechanical properties. It has high tensile strength and flexibility making it suitable for overhead power lines and underground cables. Additionally, copper clad steel wire is increasingly being used in electrical equipment such as transformers and motors due to its core strength and corrosion resistance provided by the copper layer.
Key Takeaways
The U.S. Copper Clad Steel Wire Market Size is expected to witness high growth over the forecast period.
Regional analysis: The South region leads the U.S. copper clad steel wire market and is expected to witness the fastest growth during the forecast period. This can be attributed to growing investments in utility scale projects for renewable energy integration and construction of new power transmission infrastructure in states such as Texas and Florida. Additionally, modernization of aging power grids in the region is further driving the demand for copper clad steel wire.
Key players: Key players operating in the U.S. copper clad steel wire market are IBM Corporation, Hewlett Packard Enterprise Development LP, Telefonaktiebolaget LM Ericsson, Netcracker Technology Corp, Accenture PLC, Oracle Corporation., TATA Consultancy Services Limited, Amdocs Inc., NEC Corporation, ZTE Corporation, Nokia Corporation, Comarch SA, SAP SE, ServiceNow Inc. and Cisco Systems Inc. Among these, IBM Corporation and Oracle Corporation have a significant market share owing to their extensive product portfolio and long standing operations in the country.
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