Wilmington, Delaware, United States, May 30, 2023 (GLOBE NEWSWIRE) -- The global copper trolley wires market is estimated to reach US$ 449.1 Bn by 2031, up from US$ 182.9 Bn in 2022.
Increase in demand for electric transit vehicles, including buses and trams, for their low environmental impact is fueling the copper trolley wires market. Expansion of railway networks and rise in sales of electric vehicles are anticipated to boost market growth in the near future. Furthermore, rise in usage of copper due to its range of physical and mechanical properties is projected to boost the demand for copper trolley wires across various industry sectors.
Copper trolley wires are overhead wires used to provide power to buses, electric streetcars, and other types of electric transit vehicles. These have been used for more than a hundred years and continue to be used for the electricity needs of electric trams in several cities across the world.
Copper trolley wires are of various types and are widely used in various applications in the industrial sector. For instance, copper-insulated wires are widely used in the aerospace, automotive, energy, and pharmaceutical sectors, which would trigger market development in the next few years.
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Key Findings of Study
- Modernization of Railways Boosts Copper Trolley Wires Market Size – Modernization and expansion of railway networks in several parts of the world entail electrification of tracks using overhead wires. This fuels demand for copper trolley wires due to their efficiency, cost-effectiveness, and low environmental impact.
Electrification of railways requires a considerable amount of copper wire to meet a few operational parameters. The volume of copper trolley wire that is needed depends on the length of the railway track, volume of train traffic on the track, and power needs of those trains. Therefore, increase in need to replace aging railway infrastructure in developed economies and increasing electrification of railways, especially in emerging economies, are anticipated to fuel market demand. Consequently, railways are anticipated to remain a key end-user of copper trolley wires in the next few years.
- Rise in Sales of Electric Vehicles to Fuel Market Value - Emergence of electric vehicles is a revolution in the automotive industry. Adoption of electric vehicles has been increasing in the past few years due to their reduced greenhouse gas emissions and increased energy efficiency. Copper trolley wires are a key component in electric vehicles, as these help transmit energy from the battery to the motor or engine, which in turn leads to market growth. Therefore, rise in popularity of electric vehicles is anticipated to drive global automotive market value.
Growth Drivers
- Rise in usage of copper trolley wires to provide power to electric buses, electric streetcars, and other types of electric transit vehicles is augmenting market growth
- High volume of economic activity associated with the electrification of railway networks in emerging economies is creating immense opportunities in the copper trolley wires market
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Regional Landscape
- According to the recent copper trolley wires market analysis, Asia Pacific accounted for leading share of the global industry due to rise in economic development in the emerging economies in the region. Expansion of railway networks, sales of electric vehicles, and development of wind power are some economic activities fueling market demand in Asia Pacific. China is a key contributor to the copper trolley wires market in the region.
- North America is a lucrative market for copper trolley wires. The region held the second-leading market share in 2022. Consistent upgrades of infrastructure, railway networks, and wind power are some economic activities that fuel the copper trolley wires market in North America.
- Europe, Latin America, and Middle East & Africa are relatively small markets for copper trolley wires.
Competitive Analysis
Key companies in the copper trolley wires market are striving to adopt new technologies in order to create advanced products, and broaden revenue streams. Significant investment in construction activities is another key growth strategy adopted by large players to increase market share.
Prominent players in the copper trolley wires market include
- Service Wire Co.,
- Sumitomo Electric,
- The Furukawa Electric Co. Ltd.,
- KEI Industries,
- Prysmian Group,
- Southwire Company LLC,
- Fujikura Ltd.,
- Belden Inc.,
- Amphenol, and Cords Cable Industries Limited
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The global copper trolley wires market is segmented as follows;
Global Copper Trolley Wires Market, by Type
- Solid Copper wire
- Stranded Copper wire
- Copper-Clad Steel wire
- Copper-Nickel Wire
Global Copper Trolley Wires Market, by Application
- Electric Buses
- Cranes and Hoists
- Railways
- Mining Motor Cars
- Wind Power
- Electric Power
- Medical Imaging
- Others
Global Copper Trolley Wires Market, by End-use
- Automotive
- Aerospace/Aviation
- Energy
- Pharmaceutical
- Others
Global Copper Trolley Wires Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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