According to a report recently published by Reportlinker, market demand for wire and cable will continue to grow steadily until 2028, with an expected CAGR of 6,6% during the period.
Wire and Cable Market Participants
The major stakeholders in the global electrical wires and cables market system are raw material suppliers., component suppliers and wire and cable manufacturers, etc. The main participants in the electrical cables market, como Sumitomo Electric Industries Ltd, Leoni AG, Prysmian Group y ZMS CABLE Ltd, are adopting various growth strategies.
This includes product launches, expansions, investments in future technologies, associations, acquisitions, etc. This is expected to boost global sales of wires and cables. Besides, A large number of fast-growing startups are expected to drive market growth during the forecast period. 2022 a 2028.
Key Factors Driving Cable Market
One of the key factors driving the market for power lines is the growing urbanization and infrastructure development. Increased demand for electricity and energy in the commercial sectors, industrial and residential will continue to contribute to the growth of this market. Besides, Increased investments in smart grid development and improvement of smart transmission and distribution systems will drive market expansion.
Electricity demand is increasing due to population growth. This means technological improvements to the grid are needed to reduce power outages due to accidents.. They are also needed to provide rapid restoration of services..
The smart grid is an electrical system that combines automation technology with computer systems. This system allows a more efficient transmission of electricity. The integration of smart grid technology has led to the use of various energy sources and the development of the Internet of Things (loT).
The market in residential areas is expected to see new demand due to the increasing use of IoT devices. There will be a demand for commercial quality loT products. The growth of the Industry 4.0 will boost demand for wires and cables.
Besides, The introduction of carbon neutrality targets has led some countries to increasingly use green energy to reduce the use of fossil fuels. The rapid development of solar and wind energy will increase the demand for special electrical cables. And offshore renewable energy technologies, like offshore wind farms, will stimulate the growth of the submarine cables market.
Wire and Cable Market by Regions
Asia-Pacific is the region that has the largest revenue share in the global wire and cable market in 2021. Population expansion and rapid industrialization are driving electricity demand.
Besides, India aims to become one of the world's leading producers of electrical equipment. The Indian market is expected to be boosted by government efforts such as initiatives “Make in India” Y “Green Initiative”.
Instead, Regions such as North America and Europe are turning to underground cables to replace overhead cables in cities. Underground cables can reduce placement space and provide more reliable power transmission.