Advancement in technology across different sectors has made the manufacturing and production process completely machine-oriented. The demand for wires and cables has been persistently increasing all over the world, as a result of certain factors including automation of network distribution system, adoption of smart grid, rising investment in the renewable energy sector, surging urbanization, enhancement of telecommunication sector to name the few.
According to MarkNtel Advisors’ research report “Global Cables and Wires Market Analysis, 2020”, the global cables and wires market is anticipated to grow at a CAGR of around 5% during 2020-25. Rapid urbanization, growing productivity and ongoing construction projects in the developing countries such as China, India, South East Asia, etc. are the key factors determining the growth of the cables and wires industry.
Government Initiatives Presenting Growth Opportunities
Further, government efforts towards the development of rural areas and availing basic recreational facilities to the rural civilians have been majorly contributing to the growth of the wires and cables market. Government initiatives for rural electrification has enable the distribution of electricity to every household in the region. Under the several rural electrification schemes such as Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY), the Government of India has provided the power supply to about 26.3 million households reeling under the poverty line.
Further, the recreational projects and the national visions of the governments across several countries would be generating immense growth opportunity for the players in the global wires and cable market. For instance, India Electric Automotive Mission 2030, is targeting to transform the country into wholly E- vehicle-based. Similarly, the Saudi Arabia Vision 2030, Qatar Vision 2030, focuses on the development of the country’s tourism and the overall economic infrastructure of the country.
According to MarkNtel Advisors’, the growth in the infrastructure development in the developing regions including Asia-Pacific and Middle East and Africa are expected to generate the highest demand for wires and cables in the upcoming years. During 2020-25, Asia-Pacific region is projected to attain the highest growth rate. However, in 2019, the market was dominated by the North America region.
Some of the key competitors operating in the Global Cables and Wires market includes Prysmian S.p.A, Furukawa Electric Co. Ltd., Nexans, Fujikura Ltd., Sumitomo Corporation, Southwire Company, Leoni AG, NKT A/S, Belden Inc., LS Cable & System Ltd., and KEI Industries Ltd., etc.
Increasing Adoption smart grid transmission system is offering growth opportunities across the globe. The key players are receiving huge contracts and agreements. For instance, Power Grid Company of Bangladesh (PGCB), assigned a cable project to LS Cable & System Ltd. In the year 2017. The overall project worth USD 60 billion, under which the wire manufacturing company had to manufacture and supply the cables and products along with the installation of transmission towers.
“Global Cables and Wires Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decision, hotspots and opportunities available for Cables and Wires providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Voltage (Low Voltage, Medium Voltage, High Voltage, Extra High Voltage)
2. By Installation (Overhead, and Underground)
3. By End User (Oil & Gas, Energy & Power, IT & Telecommunication, Building & Construction, Aerospace & Defense, Industrial Sector, Commercial Sector, and Others)
4. By Region (North America, South America, Europe, Middle-East and Africa, Asia-Pacific)
5. By Country (US, Canada, Mexico, Brazil, Argentina, Germany, Italy, UK, France, Russia, Saudi-Arabia, UAE, South Africa, China, India, Australia and Japan)
6. By Company (Nexans, Fujikura Ltd., Sumitomo Corporation, Southwire Company, Leoni AG, NKT A/S, Belden Inc., LS Cable & System Ltd., and KEI Industries Ltd., etc.)
Key questions answered in the study:
1. What are the current and future trends of the Global Cables and Wires industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Global Cables and Wires industry?
5. What are the customer orientation, purchase behavior, and expectations from the Cables and Wires suppliers across various regions?