Pune, India, May 27, 2021 (GLOBE NEWSWIRE) – The global wire and cable market size is forecast to reach $ 269.46 billion by 2027, with a CAGR of 5.0% over the forecast period. In 2019, the market value was USD 184.92 billion. With the advent of urbanization and globalization, the transportation sector has seen rapid growth in recent years, shares Fortune Business Insights ™ in its report entitled “Wire and Cable Market Size, Share and COVID-19 Impact Analysis by Voltage (Low Voltage, Medium voltage, high voltage and high voltage), according to end users (aerospace & defense, construction {commercial and residential}), IT & telecommunications, power transmission and distribution, oil & gas, consumer electronics, manufacturing, automotive industry and others) and regional forecast, 2020-2027 “.
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The benefits of cable traffic and the social atmosphere associated with pollution allow cars to transition and their use. However, they have been a niche form of transport for many years, primarily used in difficult-to-use automotive environments. Now that Cable Transportation (CTP) projects are growing in popularity, the social implications are becoming more and more apparent. After more than two years of construction, the world’s highest 3S cable car was inaugurated in Zermatt (Switzerland) in 2018. The “Matterhorn glacier lift” is another name for this cable car that takes passengers to the top of the Klein Matterhorn range. The initiation of such projects increases the use of wires and cables in the logistics industry and drives the growth of this market.
COVID-19 Impact
The outbreak of the COVID-19 pandemic may have a positive impact on the growth of the wire and cable market. With universities and schools closed around the world, the implementation of teleconferencing platforms has skyrocketed as it eliminates face-to-face meetings and visits and enables businesses to work remotely. As the pandemic has revealed the true importance of connectivity, the telecommunications industry has benefited significantly from the situation. Despite the pandemic and subsequent economic downturn, advances in 5G connectivity and implementations have continued. However, disruptions in the supply chain of essential materials, instruments and equipment as a result of lockdowns are likely to hamper the growth of this market.
Segments
According to voltage types, the market is divided into low voltage, medium voltage, high voltage and extra high voltage. Through the end-user analysis, the market is divided into Aerospace & Defense, Construction, IT & Telecommunications, Power Transmission & Distribution, Oil & Gas, Consumer Electronics, Automobile Manufacturing, and others. The market is geographically divided into North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
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Report highlights
The report offers a detailed diagnosis of the leading companies changing market dynamics. It also provides insightful market assessment by highlighting data on a number of factors such as growth drivers, opportunities, trends, and barriers. It also gathers global market size by examining historical data and providing qualitative and quantitative analysis.
Driver & Shackles-
Significant growth in motor transport to advance the market
The energy and raw materials industry is one of the most active users of wires and cables and contributes significantly to the expansion of the market. The governments are starting new projects to meet the increasing demand for electricity. For example, according to the World Nuclear Association, annual electricity demand in the US is expected to rise to 5,000 TWh by 2030. Nuclear reactors generate 807 billion kWh in 2018, urging the government to install more nuclear power plants in the coming years. In addition, the wire and cable industry is growing rapidly due to increased demand from retail customers, rapid urbanization, and the growth of rural markets. The vendors are also developing resilient cabling and wiring architectures to meet automotive industry demand and expand this market.
Regional insights
The Asia-Pacific region will continue to move forward with the growing demand for utility companies
The Asia-Pacific region led the wire and cable market share in 2019 with a market volume of USD 76.50 billion. The regional market is being driven by the increasing demand for lighting, power and communication infrastructures, which is being supported by the rapid economic growth of India and China. The increasing adoption of digital technologies in public utilities will be one of the most important growth accelerating factors for the Asia-Pacific market. For example, under India’s Electrical Appliance Industry Mission Plan 2012-2022, the Indian government intends to make India a major electrical appliance manufacturer and achieve $ 100 billion productivity by offsetting exports and imports, resulting in increased demand for Kabel leads from 2012 to 2022.
Initiatives such as the Digital Agendas for Europe 2025 are likely to boost demand for wires and cables in Europe over the forecast period. Additionally, in North America, a significant increase in data usage has led large telecommunications companies such as AT&T and Verizon to invest in the fiber optic network that powers this market.
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Competitive landscape
Beginners take advantage of exciting innovation opportunities
The global market has evolved and is dominated by a small number of key players. However, this market offers compelling opportunities for newer entrants to grow their businesses through strategic partnerships and mergers and acquisitions with various end-use industries. Strict environmental regulations, the established standards for the protection of electrical systems and the health consequences of the materials used in the manufacture of wires and cables have led to a number of innovative product creations and developments.
Industry development
March 2019: India’s Department of Energy announces plans to enact new regulations to encourage the use of greener materials in power transmission devices and to protect the environment from the harmful effects of traditional lead-based devices.
List of Key Players Featured in Wire & Cable Market Report:
- Nexans
- Belden Inc.
- Finolex Cables Ltd.
- Encore Wire Corp.
- Polycab
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Table of Contents:
- introduction
- Research scope
- Market segmentation
- Research methodology
- Definitions and Assumptions
- Summary
- Market dynamics
- Market leader
- Market restrictions
- Market opportunities
- Important insights
- Important new trends – for important countries
- Latest technological advancement
- Regulatory landscape
- Industry SWOT analysis
- Porter’s Five Forces Analysis
- Qualitative Analysis – Effects of COVID-19
- Impact of COVID-19 on the Wire and Cable Market
- Government Steps to Overcome the Impact
- Key developments from industry players in response to COVID-19
- Potential opportunities and challenges due to the COVID-19 outbreak
- Global Wire and Cable Market Analysis (USD Billion), Insights and Forecasts, 2016-2027
- Main results / summary
- Market analysis, insights and forecasts – after tension
- Low voltage
- Medium voltage
- High voltage
- Extra high voltage
- Market analysis, insights and forecasts – by end user
- Aerospace & Defense
- construction
- IT & telecommunications
- Energy transmission and distribution
- Petrol
- Consumer electronics
- High tech products
- Small devices
- domestic appliances
- White goods
- HVAC
- Other
- Manufacturing
- Industrial machines
- Other
- automobile
- Passenger vehicles
- commercial vehicles
- Other
- Market analysis, insights and forecasts – by region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Table of contents continued.
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