The wire and cable market size was valued at USD 169.27 billion in 2019 and expected to hit over USD 237.06 billion by 2027 at a CAGR of 4.3% from 2020 to 2027.
OTTAWA, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Precedence Research, Recently Published Report on “Wire and Cable Market (By Type: Medium and High Voltage (MV & HV), Low Voltage (LV), and Optical Fiber Cable; By Material: Aluminum, Copper, and Glass: By Application: Data Transmission, Building, Power Transmission, and Transport) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027”.
A wire is a single conductor used to carry electricity, transmits signal from one place to other, and to bear the mechanical load. However, a conductor refers to the multiple wires jacketed together to provide protection from external disturbances. Wires and cables are an important component in the electrical and electronic devices as they establish communication between various systems.
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Growth Factors
With the rise in the urbanization and globalization transport sector has witnessed profound growth in the recent past. Introduction of electric vehicle and rising adoption of autonomous vehicles pertaining to regulate the carbon emission are the key strategies adopted by the governments of various regions that drive the market growth. There are different types of wire technologies used in the transport system that include clutch wires, brake wires, accelerator wires, gear wires, and many more. Implementation of these wire technology enables mobility of a vehicle. Furthermore, increased spending on automobile sector to enhance its safety, aesthetics, and comfort drives the demand for advanced wire technology.
Fluctuation in the price of raw materials such as copper, rubber, plastic, and aluminum may hamper the market growth. Variation in price directly impacts the overall price of the cable that is a major problem for the wire and cable manufacturers to maintain stability. However, with the increasing demand for flame retardant cables along with advanced cable technology that offer minimum data loss predicted to create alluring opportunities in the coming years.
Report Highlights
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North America and Europe are the matured markets still witness significant growth over the forecast period due to significant government initiatives in these regions.
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The Asia Pacific is the most attractive region in the global market due to increasing demand for power, light, and communication network.
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Based on type, optical fiber cable expected to have profound demand owing to its numerous advantages that include low security risk, high bandwidth, and many more.
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In terms of material, copper is the most preferred material across the world due its superior ductile &tensile strength, high electrical conductivity, and many other properties.
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Power transmission led the wire and cable industry with nearly half of the revenue share in 2019 owing to replacement of conventional T&D system with more reliable one.
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Building application register the fastest growth over the forecast period due to increasing population along with high rate of construction and development in the Asian countries.
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Regional Snapshots
North America and Europe are the most prominent revenue contributors in the global wire and cable market for the year 2019 and anticipated to exhibit profound growth over the forecast period. This is mainly due to significant technological advancements in the field of transportation, construction, communication, and energy & power. These regions are expected to be the matured markets, yet experience high rate of deployment for advanced cable technology in the regions. Introduction of electric vehicle transformed the mobility sector; in addition, it significantly spurs the demand of advanced wire & cable technology to interconnect various complex systems in the vehicle.
On the other hand, the Asia Pacific exhibits the highest growth rate over the analysis period owing to presence of large consumer base and proliferating demand of advanced technologies in the region. Consumer awareness towards the application of smart and advanced products to enhance efficiency and reduce efforts has significantly driven the need for advanced technologies. In addition, rising investment on energy & power sector to develop compatible infrastructure in support of renewable generation again triggers the growth of the market.
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Key Players & Strategies
The global wire and cable market is a matured market and dominated by the presence of few major industry players. Besides this, it offers attractive opportunity to the other industry participants to expand their business through strategic partnership, and merger & acquisition with different end-use industries. For instance, in December 2017, Prysmian Group acquired General Cable Corporation and announced to close the deal by third quarter of 2018. Similarly, Southwire Co, LLC expanded its product portfolio of wire and cable through DCN Cables, LLC. Furthermore, product innovation and development is the other most prominent strategy adopted by the market players to cater the rapid changing consumer demand due to introduction of advanced technologies in the market.
Some of the key players operating in the market are Hengtong Optic-Electric Co Ltd., Prysmian Group, Sumitomo Electric Industries, Ltd., Furukawa Electric Co., Ltd., Leoni AG, Jiagnan Group, General Cable Corporation, LS Cable & System Ltd, TPC Wire & Cable Corp, Southwire Company, LLC, Polycab Wires Private Limited, Nexans S.A., Hitachi Metals Ltd, and Far East Cable Co., Ltd. among others.
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