WIRE AND CABLE MARKET
The terms cable and wire are very different from each other in concept. A wire is a single electric conductor whereas a group of wires is known as a cable. They are used to carry electrical currents from one point to another, thus playing a vital role in day today lives. With the rapidly increasing urbanisation and industrialisation, the global market is set to witness remarkable growth in the years to come. The major requirements of wires and cables are in the field of power transmission, urban settlements and transportation. Smart city proposals by the government coupled with the expansion in residential and commercial areas have estimated the market to grow by 4.1% CAGR during the forecast period. Furthermore, increased use of conducting wires in distribution channels, fibre optical cables in signal transmission and polyvinyl chloride (PVC) in healthcare and electronics sector is expected to boost the market growth in the upcoming years.
On the basis of type, the market is majorly segmented into high voltage, medium voltage, and low voltage. By application, the market is categorised into automotive, power transmission, telecommunication, and construction. By Region, the market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Growing industrial and technological advancements at a faster rate is the key factor driving the market, thereby increasing the demand of high voltage cables. The growth is attributed to government initiatives such as renewal of existing power stations to automated networks, inclination towards renewable wind farms and (EHVC) Extra High Voltage Current links lines. Additionally, growing use of medium and low voltage cables such as PVC (polyvinyl chloride), rubber & XLPE jacket (cross linked polyethylene insulation wires) in automotive sector is positively impacting the market growth. Furthermore, copper optical fibre is the most favourable in telecommunication industry owing to high conductivity and durability. Major challenges faced by the market are huge capital investment for the initial installation of circuits coupled with operational and maintenance costs of highly energy-efficient cables. In addition to this, growing trend of wireless devices such as Wi-Fi, Bluetooth, wireless mouse, earphones, and portable medical electronics is another restraining factor which is anticipated to hamper the growth of market during the forecast period. However, rapid digitalisation and rising (IoT) internet of things, demanding high speed data transfer are the major opportunities expected to bolster the market in the near future.
North America is dominating the market with their adoption of underground cables, halogen-free flame retardant component, coaxial cables in wide range of industries. Europe has emerged as a huge revenue contributor in recent years owing to developments in networking technology with the advent of Industrial Control Systems (ICS) and implementation of embedded systems. Asia Pacific is projected to witness a significant growth in the market with its huge investments in EHV (Extra High Voltage) wires, hydel and biomass based power plants and among others in the forthcoming years. Middle East & Africa are undergoing infrastructure developments and expansion in transmission networks which results to increase the use of wires and cables.
Comments
Post a Comment