Pune, India, Oct. 19, 2021 (GLOBE NEWSWIRE) --
global wire and cable market size is projected to register substantial growth during the forecast period owing to the rising number of investments made by governments to renovate the existing grid networks. Most regions are witnessing a notable rise in power consumption, leading to high need for having a stable and uninterrupted supply of electricity.
Many companies operating in the power sector are conducting research and development activities to discover ways to generate electricity with the help of renewable energy sources. These factors will propel the installation of high-quality wires and cables. The trends that will boost the industry potential are mentioned below:
- Asia Pacific increases adoption of medium voltage wires and cables:
Asia Pacific wire and cable market share from medium voltage wires and cables will grow at a commendable pace as these components will find high use across large scale commercial, utility, and industrial areas. Organizations in the region are heavily investing in the expansion of grid-connected networks and the need to have a stable supply of electricity is growing among the regional population.
As customers are becoming more cautious about their energy consumption, they are opting for renewable energy generation systems to power their homes and manufacturing plants. These systems will use medium voltage wires and cables on a large scale.
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- High application of wires and cables across APAC entertainment sector:
Wire and cable components will find robust application across the entertainment sector in APAC region. As the region is witnessing an economic and cultural transition, live concerts are on the rise. On the other hand, trade shows by organizations are increasing as they will help bring opportunities for commerce in the region.
Several companies are organizing live product launches and other recreational activities associated with the events. The entertainment sector is also going through some technological advancements to attract large crowds. The above-mentioned factors will stimulate the adoption of strong wires and cables to withstand the electricity load at its peak as well as deliver internet.
- China wire and cable market share witnesses significant progress:
China market size is expected to grow considerably as the government is increasing the adoption of various renewable technologies to reduce the overall carbon emissions. The authorities have set some important energy targets and these sustainable technologies will help them achieve their goals.
The Chinese administration is introducing important policies to support the expansion of a sustainable and strong energy generation infrastructure. They are boosting their investments in making sure that there are minimal power transmission and distribution (T&D) losses to facilitate its smooth supply. These aspects will augment the use of high voltage wires and cables in the country.
- Low voltage wires and cables gain traction in Europe:
Europe is witnessing a substantial rise in electricity consumption across the residential sector. This factor is responsible for the extensive use of low voltage wires and cables to reduce excessive power generation and consumption. These products are widely used across sectors including telecommunication, automotive, consumer electronics, and other low voltage applications. Low voltage wire connections ensure efficient yet cost-effective supply of power across industrial and residential areas.
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- European railways will use wires and cables on a large scale:
The railways sector in Europe will make significant use of wires and cables to increase the interconnectivity across different nations in the region. Many traction systems in trains use medium voltage power while some operate at low voltage capacity. The manufacturing & services sector is growing in the region, prompting the authorities to enhance the working of railway systems. Their main aim is to make the railway networks as efficient and safe as possible, thereby increasing the adoption of secure wires and cables.
- Use of signal and control cables across industries in Europe:
Based on product, signal and control cables will be highly demanded in Europe due to the introduction of various high-end technologies such as AI, IoT, and machine learning across industrial sectors. These cables are used to transmit signals across residential and commercial setups to control and monitor the functioning of the systems installed.
- 5G technologies boost telecom and data cables production in North America:
5G technologies are being introduced across North America, resulting in many customers opting for IoT products. This factor will drive the production and sales of telecom and data cables in the region. Telecom users heavily spend on big data center cables to help them store and process data. These cables can be used in high temperature conditions and provide key benefits to the end-users such as high resistance to corrosion and waterproof properties.
- Canada market share will augment:
Canada wire and cable market size will grow in the future as the government is increasing its focus on developing new systems that will facilitate safe storage of high volumes of data. Energy-efficiency projects are rising in the country and investments are increasing to improve the performance of existing transmission and distribution networks. Government initiatives are supporting the installation of smart metering systems across residential and commercial buildings, thereby fostering the use of suitable cables.
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- High voltage cables used for electric refurbishments in North America:
Governments across North America are using high voltage cables on a large scale to refurbish the existing electric networks. Renewable and sustainable sources of energy are being increasingly sought after and wind and solar energy are gaining widespread acceptance across various regional sectors.
Infrastructure development and grid integration projects will make use of high voltage cables. For instance, SOO Green HVDC Link project selected Prysmian group, in June 2021, to supply around 2,700 miles of paired ± 525 kV cross linked polyethylene class cables.
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