The wire and cable market is expected to grow from US$ 153,334. 35 million in 2022 to US$ 224,402. 27 million by 2028; it is estimated to grow at a CAGR of 6. 6% from 2022 to 2028. A cable comprises two or more insulated wires wrapped in a single jacket that allows the charge to pass through, whereas a wire is a single conductor.
New York, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wire and Cable Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and End Use Industry" - https://www.reportlinker.com/p06316360/?utm_source=GNW
One of the key market-driving elements is the world’s growing urbanization and infrastructure.
As a result, the demand for power and energy in the commercial, industrial, and residential sectors has increased.Market expansion is also predicted to be fuelled by rising investments in smart grid development and smart system upgrades for power transmission and distribution.
The smart grid is an electrical system that combines modern machinery and technology with computer systems, automation, and controls to transmit electricity more effectively as timely delivery of electric supplies is essential.Smart grid technology implementation has satiated the growing need for grid interconnections, increasing expenditures on new underground and submarine cables.
Moreover, the demand for power is rising due to the growing population. Technological improvement in grids is required to lessen the frequency and length of storm impacts and power outages and swiftly restore service after outages. The integration of smart grid technology has resulted in the utilization of various energy sources, lowered carbon footprint, utilization of smart gadgets and smart homes, and promotion of the use of electric vehicles.
Several governments are increasingly implementing green energy technology to reduce the use of fossil fuels.The installation of solar farms and wind turbines is expanding, which increases the demand for wires and cables.
In addition, when wires and cables are buried beneath seafloors to transmit power, the development of offshore renewable technologies such as offshore wind farms is predicted to spur the wire and cable market growth.The market is expected to develop due to the rising demand for renewable energy.
Moreover, the rising popularity of Big Data is predicted to fuel the need for wires and cables from data centers and IT facilities.The market is projected to rise as more businesses are using cloud computing to reduce maintenance and other ancillary costs.
It is expected to witness significant growth due to the rising investments in the transmission & distribution sector for efficient power transmission. Moreover, the wire and cable market share will also profit from the increasing investments in industrial sectors.
Growth in ethernet technologies that can deliver data and meet the higher performance requirements in smart buildings along with advancements in intelligent power, cooling, and airflow management for mission-critical data center operations is also bolstering the market growth in the US, Canada, and Mexico.The US is leading in high performance networking and machine connectivity in the Industrial sector.
Consumers are increasingly demanding products that provide reliability and confidence of performance for a wide range of industrial automation applications.
Furthermore, the rapidly expanding communication and increasing investments in modernization of power and grid infrastructures is anticipated to stimulate the growth of wire and cable market growth in North America.Further, government investments in this field is further accelerating the market growth.
For instance, in March, 2021 the US government introduced a US $2 trillion plan for the upgradation of the nation’s infrastructure, with an aim to create the most resilient, innovative economy in the world. The plan further includes 20,000 miles of rebuilt roads, repairs to the 10 important bridges, and projects to build a more resilient electricity transmission system to achieve carbon-free electricity generation by 2035. Such initiatives are likely to provide a significant boost to the regional wire and cable market size
The major stakeholders in the global wire and cable market ecosystem include raw material suppliers/component suppliers, wire and cable market manufacturers, and end users.The raw material supplier is a crucial stakeholder in the ecosystem of the wire and cable market.
The major raw materials are rubber and plastic-based ingredients such as PVC grains.Copper, aluminum, thermoplastic, thermostats, and other plastics are common raw materials used to make wires and cables.
The major raw material suppliers include CHINALCO HENAN LUOYANG ALUMINUM FOIL CO., LTD; RusAL; Rio Tinto; Codelco; and Southern Copper & Supply Company Inc. For instance, in February 2021, Lubrizol India Private Limited launched a new halogenated, flame retardant grade polymer compound to be used in wire and cable applications. This new compound does not use halogens, thus enhancing drying time and temperature.
APAC led the global wire and cable market with the highest revenue share in 2021.Population expansion and fast industrialization are driving the demand for electricity, which will spur wire and cable market share throughout APAC.
The rise of the market’s revenue is complemented by the robust development of the manufacturing & service sector businesses and the availability of low-cost labor.Over the forecast period, the wire and cable market size is expected to be driven by the rising demand for communication, power, and light.
Moreover, India wants to become one of the world’s leading producers of electrical equipment.The Indian market is anticipated to be fuelled by government efforts such as "Make in India" and the "Go Green" program.
The Indian government intends to increase productivity to US$ 100 billion by matching exports and imports, which will increase the demand for wire and cable market, as stated in the Indian Electrical Equipment Industry Mission Plan 2012-2022.
The overall size of the wire and cable market has been derived using both primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Wire and cable market.
The process also serves the purpose of obtaining an overview and forecast for the wire and cable market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, including valuation experts, research analysts, and key opinion leaders—specializing in the wire and cable market.
The key companies operating in the wire and cable market and profiled in the report include ASK Automotive Pvt. Ltd; R KABEL; Bergen Cable Technology; Elliott Manufacturing; Carl Stahl Sava Industries, Inc.; LEXCO CABLE; Cablecraft; TOP CABLE; Guangdong Jinlianyu Cable industrial Co., Ltd; and HENAN SANHENG INDUSTRIAL CO., LTD.
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