Wire and Cable Market – Growth, Trends | Global Industry Outlook 2031
The global wire and cable market was valued at US$ 150.02 Bn in 2020. It is estimated to expand at a CAGR of 5.3% from 2021 to 2031. The global wire and cable market is expected to reach the value of US$ 285.05 Bn by the end of 2031.
Apart from construction, telecommunication, and utilities industries, manufacturers in the wire and cable market are diversifying their output capacities in aerospace, oil & gas, and consumer electronics to generate income sources. The ever-expanding construction industry is creating stable revenue streams for manufacturers of wires and cables. The construction of industrial units, office spaces, commercial buildings, and residential townships is offering considerable value-grab opportunities for wire and cable manufacturers.
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The electrification of automobiles, industrial processes, building heating systems, and transportation sector is estimated to augment market growth.
Mission-critical applications such as fire alarm systems and healthcare facilities are helping manufacturers in the wire and cable market to stay afloat during the coronavirus outbreak. Although the semiconductor industry has not been much affected by the pandemic, volatility in supply and demand trends is being experienced even in 2022. Hence, manufacturers in the wire and cable market are adopting the plug-and-play mode to keep economies running during volatile demand and supply.
Countries such as China, India, and the U.K. are struggling with a new wave of the COVID-19 pandemic. Hence, companies are adopting strategic measures such as entering into agreements to manage debt and investment in new technologies to efficiently manage finances.
The wire and cable market is largely fragmented with the presence of regional and local players. This indicates that emerging players pose as a tough competition to leading players. However, companies need to address the issue of plastic disposal.
Growing concerns about plastic leading to increased environmental impact acts as a barrier for companies in the wire and cable market. Hence, companies should adopt alternative methods to streamline their production practices. For instance, manufacturers in the wire and cable market are adopting cost-effective methods of recycling black plastic waste and converting it into carbon nanotube electrical cables.
The recycling plastic waste is serving as a cost-efficient way for manufacturers in the market for wires and cables to overcome the issue of plastic disposal. Companies are increasing their scope for incremental opportunities by manufacturing flexible electronics fabrics that create energy. They are tapping opportunities by developing antennas for 5G networks to prevent incidence of electric shocks in spacecraft.
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Significant shifts are being witnessed in the wire and cable market. Manufacturers are tapping into revenue opportunities for high-income submarine power transmission projects in countries of Asia Pacific to broaden their supply chains. National power grid organizations are recognizing the importance of such projects and helping wire & cable manufacturers with funds for the same. Stakeholders are concentrating on timely delivery and completion of such mission-critical projects.
On the other hand, stakeholders are entering into mergers and acquisitions to grow conscious about the U.S. localization of the production footprint of submarine cables. Such developments are being recognized by environmental organizations.
