Increase in usage of optical fiber cables, demand for underground cables, and rise in power grid units drive the growth of the global insulated wire and cable market. Asia-Pacific accounted for the highest share in 2019, and is projected to maintain its lead position by 2027. Total lockdowns and temporary shutdown of factories led to stoppage of manufacturing of insulated wires and cables across the globe.
Portland.OR, March 17, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global insulated wire and cable market garnered $160.54 billion in 2019, and is expected to generate $244.23 billion by 2027, witnessing a CAGR of 5.3% from 2020 to 2027. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, value chain, competitive landscape, and regional scenario.
Increase in usage of optical fiber cables, demand for underground cables, and rise in power grid units drive the growth of the global insulated wire and cable market. However, the negative impact of internet of things hinders the market growth. On the other hand, development of smart cities and rise in number of data centers present new opportunities in the coming years.
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Covid-19 Scenario:
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Total lockdowns and the temporary shutdown of factories led to stoppage of manufacturing of insulated wires and cables across the globe. The supply chain disrupted, which in turn, affected the production process due to unavailability of raw materials.
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However, the demand for insulated wire and cable increased significantly from the IT and telecom sectors for expanding data centers and internet networks.
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The ban on imports from China and manufacturing interruptions in European countries affected the market considerably. However, the market is expected to recover post-lockdown.
The global insulated wire and cable market is segmented into material, installation, voltage, end user, and region.
Based on materials, the plastic segment contributed to the highest market share, accounting for nearly two-fifths of the total market share in 2019, and is estimated to maintain its leadership status during the forecast period. However, the optical fiber segment is estimated to witness the fastest CAGR of 6.7% from 2020 to 2027.
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Based on end user, the telecommunication segment contributed to the highest market share in 2019, accounting for nearly one-third of the global insulated wire and cable market, and is expected to maintain its dominant share during the forecast period. However, the construction segment is projected to witness the fastest CAGR of 7.9% from 2020 to 2027.
Based on region, Asia-Pacific accounted for the highest share in 2019, contributing to more than one-third of the total market share, and is projected to maintain its lead position by 2027. Moreover, this segment is projected to portray the highest CAGR of 5.9% during the forecast period. The report also analyzes regions including North America, Europe, and LAMEA.
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Leading players of the global insulated wire and cable market discussed in the research include AFC Cable Systems Inc., Amphenol Corporation, Alpha Wire, Fujikura Ltd., CommScopeInc., Nexans, General Cable Technologies Corporation, Southwire Company, LLC, SAB Bröckskes GmbH & Co. KG, and Sumitomo Electric Industries Ltd.
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