The global wires and cables market is expected to reach USD 232.6 billion by 2025, according to a new report by Radiant Insights, Inc. It is anticipated to expand at a CAGR of 4.9% during the forecast period. Increasing funds for upgrading infrastructure coupled with the demand for refined power transmission and distribution systems are expected to be the key factors driving the growth.
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Increasing investments in smart grids and renewable energy generation are the other factors driving the overall market. Various types of cables are used for several applications based on their voltage, resistance and flexibility such as Poly Vinyl Chloride (PVC) cables are mostly used in food industry owing to their mechanical strength and resistance. Rising economic activity and rapid urbanization in emerging economies will lead to industrial growth. Sectors such as telecom and aerospace and defense are moving towards new infrastructure and construction, driving the demand for wires and cables used in construction activities. Technological upgrades require various services such as communication and internet access. Expansions and upgrades in these will directly boost the demand for communication cables, instrumentation cables, and Ethernet cables among others.
Government initiatives in rural electrification also play a vital role in the growth of the wires and cables market. Rural electrification involves major actions such as improved communication, setting electricity infrastructure, and providing connectivity to households. Rural electrification is expected to drive the product demand in the forthcoming years. For instance, according to the Ministry of Power-Government of India, 26.3 million homes below poverty line in the country have been electrified under the Rural Electrification section of Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY). Smart grids diminish the general cost incurred in traditional including operational cost incurred due to loss of power and it lowers the pressure on energy prices and total customer bills.
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Indian government under the “Make in India” campaign has targeted installation of 130 million smart meters by 2021 under Smart City Initiatives. In addition, the installation will be done at the consumer base where the monthly consumption is above 200 units by 2019. There are various steps taken by the government in other countries such as U.S. to encourage the implementation of smart grid.
Further key findings from the report suggest:
• Low voltage emerged as the fastest growing segment over the forecast period
• Overhead emerged as the largest segment in 2018 and is estimated to generate revenue of over USD 148.21 billion by 2025
• Asia Pacific held the largest share of the wires and cables market in 2018. Government initiatives such as Make in India, Smart Cities, and Sansad Adarsha Gram Yojana in the region are anticipated to drive the growth
• Key players include Prysmian S.p.A; Nexans; Belden Inc.; LS Cables & System Ltd.; Furukawa Electric Co., Ltd.; Fujikura Ltd.; Sumitomo Corporation; Leoni AG; and NKT A/S; among others accounted for the majority market share in 2018.
Browse More Related Reports in Energy Industry:
1) HVDC Transmission Systems Market – https://www.radiantinsights.com/research/global-hvdc-transmission-systems-market-research-report-2019-2023
2) Underfloor Heating Manifold Market – https://www.radiantinsights.com/research/global-underfloor-heating-manifold-market-research-report-2019-2023
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