Chicago, June 20, 2023 (GLOBE NEWSWIRE) -- The Fire-Resistant Cable Market size to grow from USD 1.8 billion in 2021 to USD 2.1 billion by 2026, at a CAGR of 3.3% from 2021 to 2026, as per the recent study by MarketsandMarkets™. According to Cavivel S.p.a, a key European cable manufacturer, “Fire-resistant cables are designed to work during the fire. The emission of smoke in this situation is free from corrosive gas and they have low density to guarantee people's safety and protection for equipment. Its typical applications include hotels, theatres and cinemas, museums, hospitals, shopping centers, skyscrapers, offices, schools, airports, undergrounds and tunnels, railways stations, computer centers, alarm systems, traffic control systems, and fire-fighting systems.” The growth of the fire-resistant cable market is attributed to the increasing awareness regarding fire safety, the rapid pace of industrialization and urbanization, and the implementation of fire safety regulations by governments across the globe. However, volatile prices of raw materials and the availability of low-quality and inexpensive fire-resistant cables may restrict the growth of the market.
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Browse in-depth TOC on "Fire-Resistant Cable Market”
276- Market Data Tables
56- Figures
256- Pages
List of Key Players in Fire-Resistant Cable Market:
- Prysmian Group (Italy)
- Nexans S.A. (France)
- NKT Group (Denmark)
- Leoni AG (Germany)
- LS Cable & System Limited (South Korea)
- Elsewedy Electric Company (Egypt)
- Others
Drivers, Restraints, Opportunities and Challenges in Fire-Resistant Cable Market:
- Drivers: High demand for fire-resistant cables for fire safety & protection
- Restraints: Volatility in raw materials prices
- Opportunity: Increase in demand for fire-resistant cables for power generation
- Challenge: Availability of cheap and inferior quality fire-resistant cables
Key Findings of the Study:
- In terms of value & volume, XLPE is estimated to lead the fire-resistant cable market in 2020
- Building & Construction is estimated to be the largest segment in the fire-resistant cable market in 2020.
- The APAC region is projected to account for the largest share in the fire-resistant cable market during the forecast period.
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The market for fire-resistant cable is segmented, on the basis of insulation material, into XLPE, LSZH, PVC, EPR, and others. XLPE is projected to dominate the market for fire-resistant cable by 2026, in terms of value. High thermal short circuit rating, excellent electrical property maintained under full temperature range, resistance to thermal deformation at high temperatures, excellent water resistance and low permeability to water, excellent chemical resistance, high durability, and long operational life are some of the properties fueling the growth of the XLPE insulation material segment.
On the basis of the end-use industry, building & construction is projected to be the largest segment in the fire-resistant cable market during the forecast period. Fire-resistant cable can be used for wiring and for interconnected purposes in residential and non-residential areas. The cables are easy-to-install and maintain the reliability of the electrical circuits, and can withstand at high temperature & during fire ensuring human safety. The growing building safety awareness among the masses has led to an increase in demand for fire-resistant cables. Fire-resistant cables find application in the distribution of power in almost every commercial and residential building. The increasing construction activities are driving the fire-resistant cable market in the building & construction industry.
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The fire-resistant cable market is studied for five regions, namely, North America, APAC, Europe, Middle East & Africa and South America. The APAC region accounted for the largest market share in 2021, in terms of both value and volume. Furthermore, the market for fire-resistant cable in the APAC region is projected to grow at the highest CAGR from 2021 to 2026, in terms of both value and volume.
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