An outlook on the power distribution industry shows that in 2020, the global market for cable and wire is estimated to be worth 183.14 billion US dollars. It is expected to increase at a compound annual growth rate (CAGR) of 4.4% between 2021 and 2028. Some of the most influential forces that are driving the market are global trends such as urbanization and infrastructural growth. The aforementioned variables have affected the demand for electricity and energy in all three industries (commercial, industrial, and residential). In addition to the development of smart grids, it is anticipated that rising expenditures on the intelligent upgrade of energy transmission and distribution systems will propel market expansion.
The development of smart grid technology has aided in meeting the rising demand for grid interconnections, resulting in a rise in expenditures for the construction of additional underground and submarine cables. The rising demand for electricity in South America, the Middle East, and the Asia-Pacific region has resulted in a rise in smart grid investments in each of these regions. Consequently, the need for low voltage cables will expand. Other factors that influence the growth of low voltage cables include the expansion of the power production industry, the expansion of the power distribution sector to incorporate renewable energy sources, and the demand from automotive and non-automotive enterprises. Urbanization and industrialization are the most significant elements leading to the growth of the total market. The necessity of electricity grid interconnections in high-population-density areas is creating a demand for subterranean and submarine cables. Many regions of the world, including North America and Europe, are transitioning from the usage of overhead cables to underground cables. Not only does the use of underground cables conserve space, but it also ensures the efficient transmission of electrical current.
india wires and cables market report
The financial report indicated that the market for electric wire and cable in India has the potential to grow to be worth 1.65 billion USD between 2021 and 2025, and the industry's growth pace is expected to accelerate at a CAGR of 3.80 percent during this time period. The market activists require some knowledge on the effects that covid has had on the market, which will assist enterprises in evaluating their business tactics. In addition to this, we need to thoroughly investigate how the market can be segmented based on the end-user (railway, electricity, construction, telecommunications, and other industries). and the kind (power cable and specialty cable). We need information on several market vendors, such as Apar Industries Ltd., Finolex Cables Ltd., Havells India Ltd., KEI Industries Ltd., Panasonic Corp., Polycab India Ltd., RR Kabel Ltd., Sterlite Power Transmission Ltd., Syska Led Lights Pvt. Ltd., and V-Guard Industries Ltd., amongst others, in order to gain a better understanding of the primary trends in this market. The expansion of the renewable power production industry in India is a significant driver driving the growth of the electric wire and cable market in India; however, market expansion could be hampered by factors such as the need to comply with various laws.
The market for electric wire and cable in India is highly competitive, and as a result, the vendors are employing growth methods such as low pricing in order to differentiate themselves from one another. Market vendors should concentrate more on the growth prospects in the rapidly increasing segments while preserving their positions in the slowly growing segments in order to make the most of the chances and recover from the effect that was caused by post-COVID-19.
wire and cable industry analysis pdf
A worldwide market research agency conducted a recent study on the wire and cable industry, and their findings indicated that overhead installation and low voltage applications are the primary drivers of market trend. In the year 2020, the low voltage industry had the largest revenue share, accounting for around 43 percent of the market. Wiring in buildings, local area networks (LAN), home appliances, and distribution networks all frequently make use of low voltage cables. The improved quality of power that is provided to end customers by smart grids is made possible by the wires and cables described below. The global markets for energy and electricity are undergoing rapid transformation. The majority of emerging countries as well as industrialized nations have a strong demand for electricity and are beginning to implement renewable energy on a significant scale.
Electricity at a voltage of one thousand volts is transmitted using wires and cables of high voltage. Paper and oil have been used to shield these cables to prevent anyone or anything from coming into direct touch with them. The insulation of high voltage cables determines the quality of the wires. The high voltage cable market is being driven by the increased demand from end users in industries such as power distribution, oil and gas, telecommunications, aerospace, and defense. In the year 2020, the overhead installation method held a market share of 64 percent. Installation from above is the most typical method used everywhere. Installing wires and cables in the ceiling is both the easiest and most cost-effective option. In countries with a low population density, overhead installation is the norm. Overhead cables are commonly used in nations that have a high risk of natural disasters such as earthquakes and floods.
wire and cable market
in the worldwide important market of wire and cable analysts often need to distinguish the main determining factors and impediments of the market one such factors is the deployment of green energy technologies.
The deployment of green energy technologies by governments all across the globe to reduce the usage of fossil fuels is rising. The escalating establishment of solar farms and wind turbines boosts the demand for wires and cables. Moreover, the development of offshore renewable technologies such as offshore wind farms is anticipated to boost market growth as wires and cables are laid underground in seafloors to deliver power. The growing demand for renewable energy is likely to bolster the global wires and cables market growth. The increasing demand for wires cables from IT facilities and data centers due to the growing demand for Big Data is expected to favor market growth. The rising adoption of cloud computing by companies to eliminate maintenance and other miscellaneous costs is likely to stimulate market growth. The escalating investments in transmission and distribution sector for effective power transmission is likely to be a major growth driver for the wires and cables market. Moreover, the rising investments in the industrial sectors are anticipated to benefit the market. However, volatile raw material costs may hinder the market growth.
On the basis of voltage, the market is fragmented into extra-high voltage, high voltage, medium voltage, and low voltage. On the basis of end-user, the market is categorized into manufacturing, consumer electronics, automotive, oil & gas, power transmission. and distribution, IT & telecommunication, construction, aerospace & defense, and others. Geographically, the market is classified into the Middle East & Africa, Latin America, North America, Europe, and Asia Pacific.
north america wire and cable market
Between the years 2021 and 2027, it is anticipated that the North American market of Wire and Cable will expand at a compound annual growth rate (CAGR) of over 6%. Wires and cables are utilized in the food and beverage industry, the automobile industry, the material handling industry, the railway industry, the utility industry, and building infrastructure in order to transfer power, carry mechanical loads, and transmit communications signals. By enhancing the functionality of the grid network, wires and cables will make the industry more competitive. Boosting the amount of money spent on restoring and replacing aging grid facilities is going to be beneficial to the expansion of industry. The combination of smart grids and renewable energy sources will be beneficial to the economy. As a result of technological advancements, reductions in the cost of capital, favorable changes in government regulation, and lower rates for power will all be beneficial.
to the industrial spectrum.The presence of multiple companies within a sector will be increased thanks to ongoing collaborations, strategic alliances, and agreements. In the coming years, the industry forecast will be driven by strategic ramifications, organic expansion, and mergers. In February of 2020, SAB North America introduced the SABmed line, which is comprised of flexible and biocompatible medical wires. Wires are able to tolerate high temperatures, high levels of humidity, and harsh handling. The development of these cables has provided the corporation with a significant advantage over its rivals in the market. The trend in the sector should be driven by strategic efforts as well as other growth sources. Industry leaders in North America include companies such as Commscope, Nexans, LAPP North America, Southwire Company, Elsewedy Electric, LS Cable & System, Furukawa Electric, Belden, igus GmbH, Jave Yuan Electric Wire, HELUKABEL GmbH, SAB North America, Prysmian Group,
wire and cable industry outlook
In 2020, the energy and power industry owned around 37 percent of the market share, contributing to its revenue share being the highest. In recent years, the electrical transmission and distribution ecosystem has experienced a number of technological advancements to reduce the amount of energy lost owing to transmission losses.
The conversion of older transmission lines to high or even extra-high voltage lines is one example. In contrast to the variable nature of renewable energy sources, these changes are intended to stabilize the ecosystem. In addition, the advent of new technologies like as synchronized charging of electric vehicles and net metering for solar households has had a substantial impact on the utilities sector of the economy. Nonetheless, the increasing power capacity of renewable energy sources and the production of energy have heightened the need for nations to interconnect their transmission systems. Through the export and import of electricity, it is projected that this connection would achieve balance between power generation and consumption. It is anticipated that the trade of electricity would increase as a result of the increase in renewable energy generation, which will lead to the creation of high-capacity interconnection connections, which will drive the market. During the forecast period, it is estimated that the building and construction segment would experience the highest CAGR of 5%. In contrast, global rehabilitation of existing commercial, residential, and industrial buildings, as well as new construction, contribute to the expansion of the market. Developing countries in the Middle East and Africa, South America, and the Asia-Pacific region are undertaking new major infrastructure projects. These projects include rail signaling, rail tunneling, and power generating and distribution expansion. The market for wire and cable is anticipated to expand over the period covered by this forecast due to a number of factors, including the expansion of infrastructure and economies in emerging nations, as well as the rise in internet access.
swot analysis of wire and cable industry in india
A thorough analysis of the swot aspect of Indian wire and cable market and industry, covering size, application, cable types, end users, and exports and imports helps us understand the important effects safety and security and predictions in strategic decisions have on the direction in the market. The research is advantageous to wire and cable makers, retail chains, raw material producers, and new market entrants. Due to retail and government investment, India's wires and cables industry generated millions of INR during the 2013 fiscal year. The inclusion of new wires and cable producers contributed to a 14.5 percent growth in industry revenues compared to FY'2013's INR million. Each segment of the wires and cables industry, including power cables, control cables, and communication cables, is susceptible to revenue-determining factors such as price reductions and unit sales. The Indian wires and cables market rose by 16.7 percent during FY'2009 to FY'2014.
In India, imports from China that are widely available and less expensive represent a threat to the cable and wire sector. In 2014, electrical cables accounted for % of the Indian wires and cables market, which totaled INR million, while communication cables only accounted for percent. In 2014, building wires and cables contributed percent and car cables provided percent. Independent enterprises design and produce India's wires and cables. In India, Polycab wires, Sterlite technologies, Finolex cables, KEI Industries, and Havells India dominate the wires and cables market. One million units were sold by Polycab in 2014, followed by Sterlite technologies. Technological breakthroughs, product innovation, and competitive factors are transforming the market. In India, the wires and cables market is estimated to reach INR million by FY'2019, representing an 18.5% CAGR between FY'2014 and FY'2019. Existing companies will likely offer more new products in the next years, with an emphasis on specialized applications and convenience, such as fire-resistant wires and cables, optical fiber cables, and others.