Wire and Cable Market to Reach $220.9 Billion, Globally, by 2025 at 4.4% CAGR: Infinium Global Research

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Mar 03, 2020, 09:30 ET

PUNE, India, March 3, 2020 /PRNewswire/ -- Infinium Global Research has recently published a global report on "Wire and Cable Market (Type - Wire, and Cable; Voltage Type - Low Voltage, Medium Voltage, and High and Extra High Voltage; Applications - Power Transmission and Distribution, Transport, Data Transmission, Infrastructure): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024" published by Infinium Global Research", the reported study estimated the market for wire and cable will reach up to $220.9 billion, with a compound annual growth rate of 4.4%, in the forecast period (2018-2024).

A Continued Urbanization and Significant Investment in Infrastructure Development Bodes Well for The Global Wire and Cable Industry

The wire and cable industry have graduated from being dominated by unorganized sector players to the branded and quality players with international repute. Even though the wire and cable industry are largely volume-driven, quality and technical parameters with reputed brands play a dynamic role in determining the demand for various products. In the power cables arena, the high voltage (HV) & extra-high voltage (EHV) cable industry witnessed significant growth mainly due to acceleration in the implementation of ongoing projects in the pipeline. The demand for cable will be prompted by the improvements in the telecommunications market, as well as by the turnaround in electronic equipment shipments. The global wire and cable market are maturing and growing steadily, as increasing urbanization and rapidly growing building infrastructure across the world.

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Multiple Industry Growth Drivers Are in Place to Drive the Overall Market Performance Going Forward

The wires and cables are the terms that are commonly used in the electrical and communication field. A wire is a single conductor that is used to carry electricity, to bear the mechanical loads, to transmit telecommunication signals, for heating jewellery, clothing, automotive or any industrially manufactured parts like pins, bulbs, and needles. A cable consists of a hot wire carrying the current, a neutral wire to complete the loop and a grounding wire as well. Moreover, growth in the power distribution sector, power generation from renewable energy sources, and demand from automotive and non-automotive industries are the key factors expected to positively influence the demand for wire and cables.

Owing to increasing demand from retail consumers, on rapid urbanization and development of rural markets, the wire & cable market is growing very rapidly. Moreover, in order to cater to demand from the automobile industry, vendors are further developing fail-safe wiring & cabling system architectures, thereby aiding the expansion of the wire and cable market. The market has been growing progressively owing to the high growth in the power and infrastructure segments.

Rising Need and Demand from Varied Customer Base Spread Across Different Sectors

Another factor that is likely to boost the wire and cable market is the increasing investments in smart grids. The adoption of smart grid technology has satisfied the growing need for grid interconnections, considerably resulting in rising investments in the new submarine and underground cables.

Additionally, growing offshore wind farms, high voltage direct current links, and grid interconnections are anticipated to boost the growth of the market. Environmental regulations that observe the influence of electrical cables on the environment, the safety of electrical installations, implications for the health of the materials used for cable manufacturing have led to numerous innovations and new product development. On the other hand, the rising prices of raw materials can hamper the growth of the market. However, the rising demand for high voltage cables from oil & gas, telecom, aerospace, and defense industries is expected to provide huge opportunities for the growth of the market.

Wire and Cable Industry: Scope of The Report

Global wire and cable market segmented based on device type, voltage type, and applications. Type segment categorized into Wire, and Cable. The wire segment is further sub-segmented into a solid wire and stranded wire. Furthermore, the cable segment is also sub-segmented into twisted pair cable, multi-conductor cable, coaxial cable, and fiber optic cable. Based on the voltage type segment further bifurcated into low voltage, medium voltage, high voltage, and extra high voltage. The applications market further segmented into power transmission and distribution, transport, data transmission, infrastructure, and other application.

Asia Pacific Expected to Dominate the Wire and Cable Market, With China Constituting a Majority Share of Its Revenue

The market in the Asia Pacific region is anticipated to expand at the highest CAGR of 5.9% over the forecast period. China is expected to lead the wire and cable market in the region constantly throughout the forecast period as it has a significant number of vendors, and its production is more than twice that of the next largest wire and cable producing country. The rising demand for light, power, and communication is projected to fuel the expansion. The government initiatives such as "Go Green", and "Make in India" policy is anticipated to drive the market in India. According to the Indian Electrical Equipment Industry Mission Plan 2012-2022, the Indian government has planned to make the country one of the electrical equipment producers and obtain productivity of $100 billion by matching the exports and imports, hence, pouring the demand for cables in the near future.

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Global wire and cable Industry Coverage

Chapter - 1 Preface

Report Description
Research Methods
Research Approaches

Chapter - 2 Executive Summary

Wire and Cable Market Highlights
Wire and Cable Market Projection
Wire and Cable Market Regional Highlights

Chapter - 3 Global Wire and Cable Market Overview

Introduction
Market Dynamics
Porter's Five Forces Analysis
IGR-Growth Matrix Analysis
Value Chain Analysis of Wire and Cable Market

Chapter - 4 Wire and Cable Market Macro Indicator Analysis

Chapter - 5 Global Wire and Cable Market by Type

Wire
Cable

chapter - 6 Global Wire and Cable Market by Voltage Type

Low Voltage
Medium and High Voltage
Extra High Voltage

Chapter - 7 Global Wire and Cable Market by Applications

Power Transmission and Distribution
Transport
Data Transmission
Infrastructure
Other (Consumer Electronics)

Chapter - 8 Global Wire and Cable Market by Region 2018-2024

North America
Europe
Asia-Pacific
RoW

Chapter - 9 Company Profiles and Competitive Landscape

Hitachi Metals Ltd
Polycab Wires Private Limited
LS Cable & System Ltd
TPC Wire & Cable Corp
General Cable Corporation
Sumitomo Electric Industries, Ltd.,
Prysmian Group

Browse in-depth TOC on " Wire and Cable Market"

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Infinium Global Research is a business consulting and market research firm; a group of experts that caters to fulfilling business and market research needs of leading companies in various industry verticals and business segments. The company also serves government bodies, institutes and non-profit/non-government organizations to meet their knowledge and information needs.

Through our information services and solutions, we assist our clients to improve their performance and assess the market conditions to achieve their organizational goals. Our team of experts and analysts are engaged in continuously monitoring and assessing the market conditions to provide the knowledge support to our clients. To help our clients and to stay updated with the advances and inventions in technology, business processes, regulations and environment, Infinium often conducts regular meets with industry experts and opinion leaders. Our key opinion leaders are involved in monitoring and assessing the progress in the business environment, so as to offer the best opinion to our clients.

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