Selbyville, Delaware, April 27, 2022 (GLOBE NEWSWIRE) --
The wire and cable market size is expected to record a valuation of USD 415 billion by 2030, according to the most recent study by Global Market Insights Inc.
The market growth is attributed to the growing utilization of smart AI systems along with developments in government programs to stimulate the overall power supply. Moreover, the ongoing integration of renewable mix coupled with robust demand for interactive and smart services by end-users will surge the industry dynamics. Increasing investments in infrastructure development in line with a rising necessity for reliable & continuous power supply will further favor the business outlook.
The COVID-19 outbreak resulted in supply chain disruptions and delays in various construction projects. However, the wire and cable market is anticipated to rise owing to the rising focus on the adoption of renewable energy along with the ongoing expansion of grid infrastructures. Furthermore, rising consumer awareness of energy security and continuous power supply will fuel the industry scenario.
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The wire and cable market is poised to witness a significant growth on account of the low-voltage capability along with wide applicability for signal transmission across the building & construction industry. In addition, the introduction of IoT in industrial operations coupled with the increasing usage of smart technologies across industrial & utility applications will boost the product demand. Moreover, a rapid rise in the telecommunication and IT sectors has instituted a favorable business scenario.
The growing urban population and the rising service sector industry along with ongoing developments in sustainable building infrastructure have positively influenced the construction & infrastructure sector. Additionally, the robust construction of various engineering establishments including smart buildings, amusement parks, museums, and entertainment facilities will sway the industry progression. Increasing public & private investments across the real estate sector for the development of advanced infrastructures will foster the market demand for wires and cables.
North America wire and cable market is estimated to attain a 5% growth rate through 2030 due to the growing investments in service and manufacturing sectors along with the adoption of IoT & smart technologies for various applications. Furthermore, the governments’ focus on the development of new systems with secured & high data storage has instituted a favourable the business scenario. Increasing advancements in consumer electronics, automotive, and communication systems will further propel the industry outlook.
Prominent players operating across the wire and cable market include NKT A/S, Nexans, Prysmian Group, Sumitomo Electric Industries, Riyadh Cable Group, Elsewedy Electric, Ducab, Power Plus Cables, Belden, Brugg Cable, HELUKABEL MiddleEast, Saudi Cable Company, Federal Cables, Bahra Cables, alfanar Group, Naficon, Jeddah Cables, Oman Cables Industry SAOG, KEI Industries Limited, Fujikura Limited, Midal Cables, ZTT, and Ningbo Orient Wires & Cables.
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Some key findings of the wire and cable market report include:
- The shifting inclination toward the acceptance of renewable energy sources along with growing urbanization rates will accelerate the market progression.
- Increasing investments in the expansion and development of electric infrastructures in line with rising consumer spending on electronics will spur the business spectrum.
- The ongoing expansion of telecom and communication networks coupled with rising construction activities will enhance the industry landscape.
- The flourishing real estate sector in line with increasing renewable deployments and growing electricity demand will escalate the market expansion.
Table of Contents (ToC) of the report
Chapter 3 Wire and Cable Market Insights
3.1 Industry ecosystem analysis
3.2 Innovations & technology landscape
3.2.1 Prysmian Group
3.2.2 Sumitomo Electric Industries, Ltd.
3.2.3 Belden Inc.
3.2.4 Nexans
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Flourishing telecom and internet industry
3.5.1.2 Adoption of smart grid network
3.5.1.3 Growing infrastructure investments
3.5.2 Industry pitfalls & challenges
3.5.2.1 High import dependency
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape, 2021
3.9 PESTLE Analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/wire-and-cable-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
