Pune, India, Feb. 02, 2021 (GLOBE NEWSWIRE) -- The global wires and cables market is set to gain traction from the rising usage of renewable energy. Governments of various countries are also taking several initiatives for developing renewable power. This information is published by Fortune Business Insights™ in a new report, titled, “Wires and Cables Market Size, Share & COVID-19 Impact Analysis, By Voltage (Low Voltage, Medium Voltage, High Voltage, and Extra-High Voltage), By End-User (Aerospace & Defense, Construction {Commercial and Residential}, IT & Telecommunication, Power Transmission and Distribution, Oil & Gas, Consumer Electronics {High Tech Products, Small Appliances, Household Appliances, White Goods, HVAC, and Others}, Manufacturing {Industrial Machinery and Others}, Automotive {Passenger Vehicles and Utility Vehicles}, and Others), and Regional Forecast, 2020-2027.” The report further mentions that the market size was USD 184.92 billion in 2019 and is projected to reach USD 269.46 billion by 2027, exhibiting a CAGR of 5.0% during the forecast period.
COVID-19 May Hamper Demand Backed by Lockdown in Developing Nations
The COVID-19 pandemic has resulted in the complete halt of manufacturing processes worldwide. Developing countries, such as India and China are considered to be the major hubs for introducing advanced communication facilities, building smart infrastructure, and establishing new power plants. But, both these countries are under lockdown. It may obstruct the demand for wires and cables.
Request a Sample Copy of Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/wires-and-cables-market-103322
How Did We Conduct Our Research?
The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.
Drivers & Restraints-
Increasing Demand for Energy Worldwide to Aid Growth
The increasing urbanization across the globe is set to propel the demand for energy. The World Investment Report 2018 mentions that in 2017, Asia Pacific invested approximately USD 476 billion of inflow from foreign direct investment. The contributions were majorly given by Singapore and China. Hence, rising investments would also aid the wires and cables market growth in the coming years. However, the high prices of raw materials, especially copper, may hinder the demand for wire and cables.
Segments-
Medium Voltage Segment to Grow Rapidly Stoked by Rising Usage in Hospitals
Based on voltage type, the medium voltage segment earned 19.7% in terms of the wires and cables market share in 2019. This growth is attributable to the rising application of these wires and cables in universities & educational institutions, hospitals, commercial buildings, and mobile substation equipment.
Ask for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/wires-and-cables-market-103322
Regional Insights-
Asia Pacific to Remain at Forefront Fueled by High Demand for Electricity
Geographically, Asia Pacific procured USD 76.50 billion in 2019 in terms of revenue. The rising investments by India and China for broadening their transmission & distribution networks would accelerate growth. Also, the high demand for electricity will spur growth in this region.
On the other hand, North America is likely to retain its second position because of the rising energy efficiency and renewable energy generation. The U.S. Energy Information Administration (EIA), for instance, stated that in 2020, the total electricity generated in the U.S. by using renewables would reach 13%.
Competitive Landscape-
Key Players Focus on Bagging New Contracts to Gain a Competitive Edge
The market for wire and cable houses numerous reputed companies that are mainly aiming to compete with their rivals by introducing a wide range of products and services portfolios. Some of the others are also focusing on signing new contracts with prominent organizations to gain a competitive edge. Below are the two latest industry developments:
- July 2020: Nexans signed a contract worth €2.1 million with Coptech to provide 206 km of fire retardant power cables. These will be used for the new flue gas desulfurization unit located in Serbia.
- May 2020: Ailes Marines awarded a new contract to Prysmian Group to deliver submarine inter-array cable systems. The contract is worth USD 89.58 million.
A list of all the renowned manufacturers operating in the global market for wires and cables:
- Prysmian Group (Milan, Italy)
- Southwire Company (Georgia, U.S.)
- Nexans (Paris, France)
- Furukawa Electric Co., Ltd. (Tokyo, Japan)
- Fujikura Ltd. (Tokyo, Japan)
- Sumitomo Corporation (Tokyo, Japan)
- Belden Inc. (Missouri, U.S.)
- LS Cable & System (Anyang, South Korea)
- KEI Industries Ltd (Delhi, India)
- Cords Cable Industries Ltd. (Delhi, India)
- Marlin Steel Wire Products LLC (Maryland, U.S.)
- Amphenol (Connecticut, US)
- Finolex Cables Ltd (Maharashtra, India)
- Polycab (Maharashtra, India)
- Encore Wire Corp (Texas, U.S.)
Quick Buy- Wires and Cables Market: https://www.fortunebusinessinsights.com/checkout-page/103322
Major Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Wires and Cables Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Wires and Cables Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Voltage
- Low Voltage
- Medium Voltage
- High Voltage
- Extra-High Voltage
- Market Analysis, Insights and Forecast – By End-User
- Aerospace & Defense
- Construction
-
-
-
- Commercial
- Residential
-
-
-
-
- IT & Telecommunication
- Power Transmission & Distribution
- Oil & Gas
- Consumer Electronics
-
-
-
-
- High Tech Products
- Small Appliances
- Household Appliances
- White Goods
- HVAC
- Others
-
-
-
-
- Manufacturing
-
-
-
-
- Industrial Machinery
- Others
-
-
-
-
- Automotive
-
-
-
-
- Passenger Vehicles
- Utility Vehicles
-
-
-
-
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
-
Speak To Our Analyst- https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/wires-and-cables-market-103322
Have a Look at Related Research Insights:
Smart Solar Market Size, Share and COVID-19 Impact Analysis, By Service (Asset Management, Network Monitoring, Meter Data Management, Remote Metering, And Others), By Device (Smart Solar Meters, Intelligrid, and Radio-Frequency Identification [RFID]), By Application (Residential, Commercial & Industrial, and Utility), and Regional Forecast, 2020-2027
Impact of Covid-19 on the Oilfield Services Market Size, Share, Industry Analysis and Regional Forecast 2019-2027
Hydrogen Generation Market Size, Share & Industry Analysis, By Type (On-site and Portable) By Technology (Steam Methane Reforming, Water Electrolysis, Partial Oil Oxidation, and Coal Gasification), By Application (Ammonia Production, Petroleum Refinery, Methanol Production, Transportation, Power Generation, and Others), and Regional Forecast, 2020-2027
Heat Exchanger Market Size, Share & Industry Analysis, By Type (Shell & Tube, Plate & Frame, Air Coolers, Cooling Towers, and Others), By Application (Chemicals, Oil & Gas, Power Generation, HVAC, Automobile, Pharmaceuticals, Food & Beverage, Others), and Regional Forecast, 2019-2026
Oil and Gas Drill Bit Market Size, Share & Industry Analysis, By Type (Roller Cone Bits {Milled Tooth, Tungsten Carbide Inserts}, Fixed Cutter Bits {Polycrystalline Diamond Compact, Diamond Impregnated}), By Application (Onshore, Offshore), and Regional Forecast, 2019-2026
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1-424-253-0390
UK: +44-2071-939123
APAC: +91-744-740-1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs
Read Press Release https://www.fortunebusinessinsights.com/press-release/global-wires-and-cables-market-10124