Wire and Cable Market size is set to surpass USD 415 billion by 2030, according to a new research report by Global Market Insights Inc.
The increasing urban population along with the flourishing telecom & internet industry will augment the market growth. Growing consumer inclination toward adopting advanced metering infrastructure coupled with real-time cloud-based data management will foster the business spectrum. In addition, the rising demand for uninterrupted & reliable power supply will positively influence the industry expansion.
Ongoing developments in new building infrastructure along with the growing consumer inclination toward smart metering units will boost the business landscape
Rapid deployments across the internet and associated service-related sectors owing to the effective transmission of video & audio data will stimulate the coaxial wire and cable market demand. Furthermore, high durability combined with easy installation will accelerate the product installation. Moreover, the ability to transmit large data volumes at significant speeds will surge the product adoption across commercial establishments, campuses, and universities.
Rising electricity demand in line with the increasing deployment of renewable energy resources will drive the market trends
High-voltage cables will witness an exponential growth on account of the growing demand for long-distance bulk electricity transmission. Increasing investments in the development of clean energy and renewable projects have instituted a favorable business scenario. For instance, in December 2021, Nexans won a contract to deliver high-voltage cable solutions for the Moray West offshore wind farm project in Scotland. The project includes laying offshore cables along with providing electricity equivalent to the power consumed by 650,000 households.
Browse key industry insights spread across 460 pages with 586 market data tables & 35 figures & charts from the report, “Wire and Cable Market Size, By Product (Coaxial Cables/Electronic Wires, Fiber Optics Cables, Power Cables, Signal & Control Cable, Telecom & Data Cables), By Voltage (Low, Medium, High), By Application (Food & Beverages, Automotive, Material Handling/Logistics, Entertainment/Leisure, Utilities, Railways, Consumer Electronics, Building Infrastructure) COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Government initiatives to adopt cleaner & reliable power supply solutions will spur the market progression in European region
Europe wire and cable market is predicted to observe a 6% growth rate till 2030. Regulatory efforts toward energy efficiency & conservation targets along with government mandates for developing sustainable wires & cables will escalate the regional demand. For instance, in 2018, the EU amended its 2012 Energy Efficiency Directive (2012/27/EU), based on which Member States need to extend their existing energy efficiency targets from 20% by 2020 to 32.5% by 2030. Moreover, increasing investments by various countries in developing T&D corridors to ensure effective & reliable power transmission over long distances will enhance the industry demand.
Rising concerns toward power security in line with the replacement of aging infrastructure will proliferate industry outlook
The pandemic slightly affected industry growth due to the lockdown imposition and prohibition by governments in various construction sites. However, government guidelines along with ongoing vaccination drives and the restarting of various economies will increase the market dynamics. Additionally, smart city targets in line with the government targets of electrifying remote locations will positively sway the industry landscape.
Ongoing joint ventures along with partnerships and agreements among prominent players will fuel the market expansion
Strategic implications by major participants including partnerships, agreements, mergers & acquisitions, and contracts will propel the industry scenario. For instance, in January 2022, NKT acquired Ventcroft Ltd., a LV cables manufacturing company in the UK, to strengthen its market position within fire-resistant cable technologies. This acquisition is a crucial step in the company’s strategy to expand its business with a robust product portfolio including telecom power cables, fire-resistant power cables, and building wires. This acquisition enabled the company to expand its market presence and product range across the wire and cable industry.
Major companies functioning across the market include Prysmian Group, Sumitomo Electric Industries, Riyadh Cable Group, Elsewedy Electric, Ducab, Power Plus Cables, Belden, Brugg Cable, Nexans, HELUKABEL MiddleEast, Saudi Cable Company, Federal Cables, Bahra Cables, alfanar Group, Naficon, Jeddah Cables, Oman Cables Industry SAOG, KEI Industries Limited, Fujikura Limited, Midal Cables, NKT A/S, ZTT, and Ningbo Orient Wires & Cables.