Global Analysis on Wires and Cables Market
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 Nations
The 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.
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.
Regional Insights-
Asia Pacific to Remain at Forefront Fueled by High Demand for Electricity
Geographically, 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 Edge
The 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.)