Wire and Cable Market size to Exceed $260bn by 2026
Published Date: November 13, 2020 Authors: Ankit Gupta, Nikhil Paranjape
Wire and Cable Market size is expected to surpass USD 260 billion by 2026, as reported in the latest study by Global Market Insights, Inc.
Wire and cable industry will witness substantial growth on account of rapid investment toward the development of grid infrastructure along with escalating power demand from commercial and residential sector. Proclivity toward the improvement and replacement of old electric infrastructure across the developing economies has created a positive business scenario for wires and cables. The emergence of optical fiber network will further offer a considerable growth to the Internet industry across the globe, thereby driving the market demand for high-speed communication cables.
However, the unforeseen pandemic of COVID-19 has created a substantial turmoil in the wire and cable market. Lockdowns imposed by government has not only obstructed the production statistics of regional cable manufacturers but also affected the demand across numerous end use applications. Although, the situation has improved considerably and it has been projected that by 2021, the industry will reclaim its strength and observe significant growth over the forecast timeline
Soaring demand for mobile internet and Wi-Fi broadband will boost the market demand for fiber optic cable
Fiber optic cable installation is set to witness considerable growth on account of rapid investments toward telecom infrastructure coupled with mounting demand for internet connections. Resistance to electromagnetic interference and high bandwidth are some of the vital features which will fuel the industry statistics over the forecast timeframe. Moreover, growing number of data center facilities will significantly increase the number of installed servers, which in turn will proliferate the market statistics for fiber optic cables.
Browse key industry insights spread across 400 pages with 392 market data tables & 45 figures & charts from the report, “Wire and Cable Market Analysis By Product (Coaxial Cable/Electronic Wire, Fire Optics Cable, Power Cables, Signal & Control Cable, Telecom & Data Cables), Voltage (Low, Medium, High), Application (Food & Beverages, Automotive, Material Handling & Logistics, Entertainment/Leisure, Utilities, Railways, Consumer Electronics, Building Infrastructure, Others), Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026”in detail along with the table of contents:
Increasing adoption of small-scale renewable energy systems will flourish the market statistics of medium voltage cables
Medium voltage wire and cable market is projected to witness over 6% CAGR through 2026. In the recent years, rising electricity demand on account of growing urbanization is projected to create a favorable business scenario for medium voltage cable. Rising penetration of renewable sources such as solar and wind energy, require new grid networks which is set to stimulate the market dynamics. Over the coming years, electrification programs by policy makers are anticipated to accelerate the global market demand.
Shifting trends toward digitalization coupled with rising disposable income will proliferate product installation across the consumer electronic sector
Advancements in communication technology and wearable devices coupled with rising disposable income is anticipated to influence the wire and cable market across consumer electronics segment. Technological innovations and government focus on promoting locally manufactured electronic products will augment the market demand for various category of cables. The burgeoning electronic sector is further set to increase the demand for low-voltage components including capacitors, wires, and communication cables across the globe.
Rising investments toward development of smart technologies and rising adoption of IoT will propel the market statistics of wires and cables across North America
North America wire and cable market is anticipated to register over 8% CAGR through 2026. Adoption of IoT and smart technologies across various applications will stimulate the demand for telecom and data cables. Moreover, the government focus towards the development of new systems with secured and high data storage is set to augment the usage of various coaxial and other electronic cables. In the recent years, technological advancements in consumer electronics, automotive, and communication systems have significantly instituted a favorable business scenario for regional cable manufacturers, thereby propelling the business outlook of wire and cable industry.
Eminent players operating across wire and cable market include Finolex Cables Ltd., Sumitomo Electric Industries Limited, General Cable Corporation, Prysmian Group, JDR Cable Systems Ltd., Leoni Group, Parker-Hannifin Corporation, and Ningbo Orient Wires & Cables Co. amongst others. Long term agreements and strategic collaborations along with technological advancements are the imperative strategies followed by key market players to achieve a competitive edge over other competitors in wire and cable business.