Coil Winding Machine Market Size

Coil Winding Machines Market size is expected to surpass USD 9 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of coil winding machines was around USD 4 Billion. The growth of the market can be attributed to the growing demand for renewable energy. In the coming next five years, nearly 90% of electricity will be sourced from renewable sources. Moreover, it is expected the share of renewable in electrification will increase by over 60% from the levels in 2020, by the end of 2026. Renewable energy systems rely heavily on inductors and transformers for power conversion. Hence, the need for coil winding machines becomes important to manufacture these components.

In addition to these, a factor that is believed to fuel the growth of coil winding machines market due to rising initiatives to procure energy-efficient machinery. Rwanda was the first developing nation to launch a National Action Plan for Sustainable Cooling. Moreover, Ghana has recently established an economic framework to encourage the purchase of high-efficiency cooling equipment. Adherence to these laws is frequently a legal obligation, compelling manufacturers to develop and implement energy-efficient machinery such as industrial machines, coil winding machines, and others.