Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Aluminum Cable Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The aluminum cable industry is experiencing a significant surge with the latest market research report indicating a robust growth trajectory. According to the comprehensive analysis, the market is set to expand from $56.34 billion in 2023 to an impressive $70.95 billion by 2027, registering a CAGR of 5.9%. This growth is attributed to several key factors, including innovative product developments and the escalating demand for electrical vehicles that utilize aluminum cables.
Emerging Trends and Market Innovations
The industry is witnessing a wave of product innovations as major players strive to maintain competitive advantage. A noteworthy example is the introduction of a new range of low-carbon aluminum distribution grid cables, designed to significantly lower greenhouse gas emissions. These advancements reflect the sector's commitment to environmental sustainability and acknowledge the crucial role of aluminum cables in building a greener future.
Acquisitions are also shaping the market landscape, with prominent manufacturers expanding their reach and strengthening their product portfolios. These strategic moves enhance the development and delivery of high-quality, safe cables, further bolstering the industry's growth prospects.
North America Leading the Charge
North America is currently the largest regional player in the aluminum cable market and continues to dominate due to sustained investments and a robust infrastructure. Additionally, regions such as Asia-Pacific, Western Europe, and Eastern Europe are also making significant strides, contributing to the global growth narrative.
Electric Vehicles Fueling Demand
- The rapid expansion of the electric vehicle (EV) market is a major driver for the aluminum cable industry. As the automotive sector continues to shift towards electric power, the need for efficient, lightweight aluminum wiring is more vital than ever.
- Global EV Sales: Statistics show a record-breaking increase in electric car sales, with millions of units sold, thereby pushing the demand for aluminum cables to unprecedented levels.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $56.34 billion |
| Forecasted Market Value (USD) by 2027 | $70.95 billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Finolex Cables Limited
- Polycab Wires Pvt Ltd.
- Prysmian SpA
- Sumitomo Electric Industries Ltd.
- General Cable Technologies Corporation
- ABB Ltd.
- Encore Wire Corporation
- Nexans SA
- NKT Cables AS
- Kaiser Aluminum Corporation
- Southern Cable Group
- Southwire Company LLC
- Sam Dong Inc.
- Radcliff Wire Inc.
- Emmflex
For more information about this report visit https://www.researchandmarkets.com/r/omwtke
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