Portland, OR, Dec. 15, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global fire resistance cable market was estimated at $1.8 billion in 2020 and is expected to hit $2.5 billion by 2030, registering a CAGR of 3.5% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Surge in demand for fire-resistance cables for fire safety & protection and commercialization of renewable energy drive the growth of the global fire resistance cable market. On the other hand, increase in raw materials prices impedes the growth to some extent. However, upsurge in demand for fire-resistance cables for power generation is expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- Temporary halt in industrial operations led to a steep decline in demand for fire resistance cables, thereby impacting the global fire resistance cable market negatively.
- However, as the global situation gets ameliorated, the market is projected to revive soon.
The global fire resistance cable market is analyzed across insulation material, end-use industry, and region.
Based on insulation material, the cross-linked polyethylene segment accounted for more than two-fifths of the total market share in 2020, and is expected to rule the roost by 2030. The same segment would also garner the fastest CAGR of 4.0% throughout the forecast period.
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Based on end-use industry, the building & construction segment contributed to nearly two-fifths of the total market revenue in 2020, and is projected to lead the trail by 2030. The same segment would also exhibit the fastest CAGR of 3.9% during the forecast period.
Based on region, the market across Asia-Pacific held the major share in 2020, garnering around two-fifths of the global market. LAMEA, on the other hand, would manifest the fastest CAGR of 4.4% throughout the forecast period.
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The key market players analyzed in the global fire resistance cable market report include Furukawa Electric Co., Ltd., Leoni AG, LS Cable & System Limited, EL Sewedy Electric Company,Nexans S.A., NKT Group, Tratos Limited, Prysmian Group, Relemac Technologies Pvt. Ltd, and TPC Wire & Cable Corp. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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