Global Dampening Coils Market: Highlights
- Dampening coil is a device intended to be used with nuclear reactors in order to stabilize the reaction, especially before introducing a new nuclear material
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- It is employed in various industries including electrical & electronics, automotive, and nuclear power plant
Key Drivers of Global Dampening Coils Market
- Strong growth in the global automotive industry, particularly in Europe, is expected to drive the dampening coils market during the forecast period. Over the last decade, advancements in production and management systems have revolutionized the automobile industry in the region.
- Increase in demand for dampening coils in nuclear power plants is expected to boost the dampening coils market during the forecast period. Nuclear power capacity has been increasing steadily across the globe, with about 55 reactors under construction. Most reactors on order or in the planning stage are in Asia. However, there are major plans for new units in Russia.
- According to the World Nuclear Association, more than 100 power reactors with total gross capacity of about 120,000 MWe are on order or planned, and over 300 more are proposed. Significant further capacity is being created by plant upgrade. Finland boosted the capacity of the original Olkiluoto plant by 29% to 1700 MWe. This plant started with two 660 MWe Swedish boiling water reactor (BWRs) commissioned in 1978 and 1980. The Loviisa plant, with two VVER-440 reactors, has been uprated by 90 MWe (18%).
- Expansion in the electrical & electronic industry across the world is likely to drive the market during the forecast period. The electronics industry in India is considered the fastest-growing industry in terms of production and exports. Hence, strong growth in the electronics industry, particularly in India and China, is projected to propel the market in the near future.
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Global Dampening Coils Market: End-use Industry Segment
- Based on end-use industry, the global dampening coils market has been segmented into electrical & electronics, automotive, nuclear power plant, and others
- The electrical & electronics segment is projected to account for major share of the global dampening coils market by 2027
- Expanding at a healthy growth rate, automotive and nuclear power plant segments are expected to create significant incremental opportunities during the forecast period
- In terms of volume, the others segments is anticipated to expand at a moderate to high pace across different regions
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Asia Pacific to be Key Region of Global Dampening Coils Market
- In terms of region, the global dampening coils market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In Asia Pacific, China and India aim to promote investments in their respective end-use industries. This is estimated to boost the dampening coils market in the region.
- In terms of demand, Asia Pacific held prominent share of the global dampening coils market in 2018. It was followed by North America and Europe. Asia Pacific a highly promising region of the market. This trend is projected to continue in the next few years. Constant rise in manufacture of dampening coil for usage in the region and export purposes is driving the demand for dampening coils. With economic contraction and saturation in the market in Europe and North America, demand for dampening coils is shifting to Asia Pacific.
- The dampening coils market in Latin America and Middle East & Africa is estimated to expand at a moderate pace during the forecast period. End-use industries in Mexico have been expanding steadily. End-use industries in the UAE have also been exhibiting significant growth. This is projected to drive the demand for dampening coils in Latin America and Middle East & Africa, respectively, during the forecast period.
Global Dampening Coils Market: Research Scope
Global Dampening Coils Market, by End-use Industry
- Electrical & Electronics
- Nuclear Power Plant
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