Pune, India, May 27, 2021 (GLOBE NEWSWIRE) -- The global wires and cables market size is expected to reach USD 269.46 billion by 2027, exhibiting a CAGR of 5.0% during the forecast period. In 2019, the market value stood at USD 184.92 billion. With the emergence of urbanization and globalization, the transportation sector has seen rapid growth in recent years, shares Fortune Business Insights™ in its 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, Manufacturing, Automotive, and Others), and Regional Forecast, 2020-2027”.
The benefits of cable transportation and the social atmosphere around pollution are allowing for a transition away from cars and their use. They were, however, a niche mode of transportation for many years, used mainly in difficult-to-operate environments for automobiles. Now that cable transportation projects (CTP) are becoming more popular, the social implications are becoming more apparent. For example, after more than two years of construction, the world's highest 3S cablecar was inaugurated in Zermatt, Switzerland, in 2018. The "Matterhorn Glacier lift" is another name for this cablecar, which takes passengers to the top of the Klein Matterhorn range. The initiation of such projects is augmenting the employment of wires and cables in the logistics sector and propelling the growth of this market.
COVID-19 Impact-
The COVID-19 pandemic outbreak may positively impact the wires and cables market growth. Due to the worldwide closing of universities and schools, the implementation of teleconferencing platforms has skyrocketed as they eliminate in-person meetings and visits and allow businesses to operate remotely. Since the pandemic has revealed the true importance of connectivity, the telecommunications industry has reaped significant benefits from the situation. Despite the pandemic and the subsequent economic downturn, the progress on 5G connections and implementations has persisted. However, disruptions in the supply chain of essential materials, instruments, and equipment as a result of lockdowns are likely to hamper the growth of this market.
Segments-
By voltage type, the market is segmented into low voltage, medium voltage, high voltage, and extra-high voltage. By end-user analysis, the market is categorized into aerospace & defense, construction, IT & Telecommunication, power transmission & distribution, oil & gas, consumer electronics, manufacturing automotive, and others. By geography, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Report Highlights
The report provides an in-depth diagnosis of the leading companies that are reshaping the market's dynamics. It also offers an insightful market assessment by highlighting data on a range of factors such as growth drivers, opportunities, trends, and roadblocks. Further, it also encompasses the global market size by studying historical data and presenting qualitative and quantitative analyses.
Drivers & Restraints-
Significant Growth in Power Transportation to Drive the Market
The power and resource industry is one of the most active adopters of wires and cables, contributing significantly to the market's expansion. Governments are launching new projects to meet the soaring need for electricity. For example, according to the World Nuclear Association, the annual electricity demand in the United States is expected to rise to 5000 TWh by 2030, with nuclear reactors generating 807 billion kWh in 2018, pushing the government to install more nuclear plants in the coming years. Moreover, the wire and cable industry is rapidly expanding due to the increased demand from retail customers, rapid urbanization, and the growth of rural markets. Vendors are also designing fail-safe wiring and cabling architectures to meet demand from the auto industry, helping to expand this market.
Regional Insights-
Asia Pacific to Make Steady Headway Backed by Growing Demand for Utilities
The Asia Pacific region led the wires and cables market share in 2019, featuring a market size of USD 76.50 billion. The regional market is fueled by the rising demand for light, electricity, and communication infrastructures, underpinned by the surging economic growth of India and China. The increasing adoption of digital technologies in public utilities will be one of the most prominent growth-accelerating factors for the Asia Pacific market. For example, according to the Indian Electrical Equipment Industry Mission Plan 2012-2022, the Government of India intends to make India a major producer of electrical equipment and achieve a productivity of USD 100 billion by balancing exports and imports, resulting in increased demand for cables from 2012 to 2022.
Initiatives such as the Digital Agendas for Europe 2025 are expected to boost the demand for wires and cables in Europe over the forecast period. Furthermore, in North America, a significant rise in data use has prompted major telecommunication companies such as AT&T and Verizon to invest in the fiber network, which favors this market.
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Competitive Landscape-
Novice Companies to Tap Exciting Innovation Opportunities
The global market has evolved and is dominated by a small number of major players. However, this market provides compelling opportunities for newer entrants to grow their businesses through strategic partnerships and mergers and acquisitions with various end-use industries. Strict environmental regulations, the set standards for the protection of electrical installations, and the health consequences of the materials used in the manufacturing of wires and cables have resulted in a slew of innovative product creations and developments.
Industry Development-
March 2019: India's Power Ministry announced plans to issue new regulations to encourage the use of greener materials in electricity transmission equipment to protect the environment from the harmful effects of the traditional lead-based equipment.
List of Key Players Profiled in the Wires and Cables Market Report:
- Nexans
- Belden Inc.
- Finolex Cables Ltd
- Encore Wire Corp
- Polycab
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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
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