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Wires and Cables Market to Reach USD 269.46 Billion by 2027; Rising Government Initiatives to Develop Renewable Power will Favor Growth: Fortune Business Insights™

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Pune, India, Feb. 02, 2021 (GLOBE NEWSWIRE) — The global wires and cables market is set to gain traction from the rising usage of renewable energy. Governments of various countries are also taking several initiatives for developing renewable power. This information is published by Fortune Business Insights™ in a new 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 {High Tech Products, Small Appliances, Household Appliances, White Goods, HVAC, and Others}, Manufacturing {Industrial Machinery and Others}, Automotive {Passenger Vehicles and Utility Vehicles}, and Others), and Regional Forecast, 2020-2027.” The report further mentions that the market size was USD 184.92 billion in 2019 and is projected to reach USD 269.46 billion by 2027, exhibiting a CAGR of 5.0% during the forecast period.COVID-19 May Hamper Demand Backed by Lockdown in Developing NationsThe COVID-19 pandemic has resulted in the complete halt of manufacturing processes worldwide. Developing countries, such as India and China are considered to be the major hubs for introducing advanced communication facilities, building smart infrastructure, and establishing new power plants. But, both these countries are under lockdown. It may obstruct the demand for wires and cables.
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How Did We Conduct Our Research?The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.Drivers & Restraints-Increasing Demand for Energy Worldwide to Aid GrowthThe increasing urbanization across the globe is set to propel the demand for energy. The World Investment Report 2018 mentions that in 2017, Asia Pacific invested approximately USD 476 billion of inflow from foreign direct investment. The contributions were majorly given by Singapore and China. Hence, rising investments would also aid the wires and cables market growth in the coming years. However, the high prices of raw materials, especially copper, may hinder the demand for wire and cables.Segments-Medium Voltage Segment to Grow Rapidly Stoked by Rising Usage in HospitalsBased on voltage type, the medium voltage segment earned 19.7% in terms of the wires and cables market share in 2019. This growth is attributable to the rising application of these wires and cables in universities & educational institutions, hospitals, commercial buildings, and mobile substation equipment.
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Regional Insights-Asia Pacific to Remain at Forefront Fueled by High Demand for ElectricityGeographically, Asia Pacific procured USD 76.50 billion in 2019 in terms of revenue. The rising investments by India and China for broadening their transmission & distribution networks would accelerate growth. Also, the high demand for electricity will spur growth in this region.On the other hand, North America is likely to retain its second position because of the rising energy efficiency and renewable energy generation. The U.S. Energy Information Administration (EIA), for instance, stated that in 2020, the total electricity generated in the U.S. by using renewables would reach 13%.Competitive Landscape-Key Players Focus on Bagging New Contracts to Gain a Competitive EdgeThe market for wire and cable houses numerous reputed companies that are mainly aiming to compete with their rivals by introducing a wide range of products and services portfolios. Some of the others are also focusing on signing new contracts with prominent organizations to gain a competitive edge. Below are the two latest industry developments:July 2020: Nexans signed a contract worth €2.1 million with Coptech to provide 206 km of fire retardant power cables. These will be used for the new flue gas desulfurization unit located in Serbia.May 2020: Ailes Marines awarded a new contract to Prysmian Group to deliver submarine inter-array cable systems. The contract is worth USD 89.58 million.A list of all the renowned manufacturers operating in the global market for wires and cables:Prysmian Group (Milan, Italy)Southwire Company (Georgia, U.S.)Nexans (Paris, France)Furukawa Electric Co., Ltd. (Tokyo, Japan)Fujikura Ltd. (Tokyo, Japan)Sumitomo Corporation (Tokyo, Japan)Belden Inc. (Missouri, U.S.)LS Cable & System (Anyang, South Korea)KEI Industries Ltd (Delhi, India)Cords Cable Industries Ltd. (Delhi, India)Marlin Steel Wire Products LLC (Maryland, U.S.)Amphenol (Connecticut, US)Finolex Cables Ltd (Maharashtra, India)Polycab (Maharashtra, India)Encore Wire Corp (Texas, U.S.)
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Major Table of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends – For Major CountriesLatest Technological AdvancementRegulatory LandscapeIndustry SWOT AnalysisPorters Five Forces AnalysisQualitative Analysis – Impact of COVID-19Impact of COVID-19 on the Wires and Cables MarketSteps Taken by the Government to Overcome the ImpactKey Developments by Industry Players in Response to COVID-19Potential Opportunities and Challenges due to COVID-19 OutbreakGlobal Wires and Cables Market Analysis (USD Billion), Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By VoltageLow VoltageMedium VoltageHigh VoltageExtra-High VoltageMarket Analysis, Insights and Forecast – By End-UserAerospace & DefenseConstructionCommercialResidentialIT & TelecommunicationPower Transmission & DistributionOil & GasConsumer ElectronicsHigh Tech ProductsSmall AppliancesHousehold AppliancesWhite GoodsHVACOthersManufacturingIndustrial MachineryOthersAutomotivePassenger VehiclesUtility VehiclesOthersMarket Analysis, Insights and Forecast – By RegionNorth AmericaLatin AmericaEuropeAsia PacificMiddle East and AfricaTOC Continued..
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