Coil Winding Machine Industry- Regional Synopsis
APAC Market Forecast
The coil winding machines market in Asia Pacific is projected to be the largest with a share of about 35% by the end of 2037. The growth of the market can be attributed majorly to the faster penetration of 4.0 industrialization in the region. So much so that, between 2011 and 2022, the yearly investment of companies actively engaged in Industry 4.0-related activities increased by 319%. The rising production of electrical components is also expected to drive market growth in the region over the forecast period.
North American Market Statistics
The North America coil winding machines market is estimated to be the second largest, registering a share of about 24% by the end of 2037. The growth of the market can be attributed majorly to the rising manufacturing and procurement of transformers in the region. Hyundai Electric America Corp. secured a USD 86.3 million contract with American Electric Power (AEP) in January 2023 to deliver 3,500 distribution transformers. AEP plans to install the devices in Texas, Ohio, and Oklahoma, where the company distributes power. Furthermore, the growing production of electricity in the region is also contributing to its market growth.
