Fire Resistant Cable Market size is likely to follow a rising trend in the coming years due to increasing infrastructural projects. In 2007, the global infrastructural investment was about USD 1.5 trillion and is likely to USD 4 trillion by 2040. Rising construction activities would likely increase the demand in the fire resistant cable market as they are extensively used in commercial and residential applications where electrical and fire safety is of utmost importance. The global construction market is likely to propel and cross USD 15 trillion by 2030. This growth will be majorly driven by progress in countries like China, India and the U.S. which will account for more than 50% of the construction market value. Government initiatives like Smart City Mission and the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) in India, energy efficient & green building development targets released by the China government, etc. are some of the factors that will significantly help in expanding the sale of fire resistant cables in the future.
Another growth enabler in the fire resistant cable market share is developments in the automotive market. The product is used in automotive electric circuits of passenger cars, motorcycles, trains, etc. As the fire resistant cables are reliable in high temperature environment, it helps in ensuring the safety of travelers. The global production of motor vehicles has increased from about 77 million units in 2010 to more than 95 million units by 2018. This production growth was majorly contributed by Asia pacific countries like China, India and Japan which saw a significant rise in automotive production. This was due to rising population, increasing per capita income and expanding urbanization. This increase in the production of motor vehicles will in turn increase the demand for fire resistant cables in the future.
The fire resistant cable market is segmented based on material, application and region. The different types of material used for insulation purpose are polyvinyl chloride, cross-linked polyethylene, low smoke zero halogen, ethylene propylene rubber and others. The low smoke zero halogen segment is likely to gain a significant growth rate in the coming years due to its superior properties as compared to other materials. It is made of thermoset or thermoplastic compounds which releases minimum smoke & no halogen when they are exposed to high heat. Hence, they are highly preferred for indoor applications, low ventilation areas, public spaces, etc.
Based on application, the fire resistant cable market size is categorized into building & construction, energy, manufacturing, electrical & electronics, automotive & transportation, and others. Energy segment is likely to propel in the coming years due to extensive use of fire resistant cables for the purpose of power transmission. Fire resistant cable has high thermal resistance, abrasion resistance, flexibility, etc. This makes it suitable to be used in power generation and distribution applications. Rapidly growing world population along with economic development and urbanization has resulted in significant increase in energy demand in the past years. The rise in worldwide energy generation has not been able to keep its pace with rising electricity demand for several years. In 2018, the global electricity demand has increased by 4% year-on-year which is growing about twice as fast as the overall energy generation capability.
Europe holds a significant share in the fire resistant cable market size due to presence of key participants. As this region is greatly focused on sustainable development and environmental protection, the EU regulations have greatly influenced various industries to meet higher standards. The energy market of this region has switched to renewable sources to meet their energy demands in a better and sustainable way. This would increase the demand for fire resistant cables in the coming years. New developments in other industries like digitalization, vehicle electrification, increasing security related regulations are some factors which will further boost the demand in the fire resistant cable market due to its high quality and superior performance in vulnerable environment.
Some of the key players of fire resistant cable market share are TPC Wire & Cable Corp., Prysmian Group, RSCC Wire and Cable, etc.
Fire Resistant Cable Market, By Material, 2014-2025 (USD Million)
Fire Resistant Cable Market, By Application, 2014-2025 (USD Million)
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