Medium Voltage is Expected to Dominate the Global Industrial Building Wire and Cable Market
Industrial
Automation and IoT and Rapid Technological Advancements is a major factor
attributable to the growth of the market.
According to TechSci
Research report, “Global Industrial
Building Wire and Cable Market - By Region, Competition, Forecast &
Opportunities, 2028”. The
Global Industrial Building Wire and
Cable is anticipated to project robust growth in the forecast period with a
CAGR of 5.71% through 2028. The said
factors have impacted the power and energy demand in Industrial, industrial,
and residential sectors. Increased investments in smart upgrading the power
transmission and distribution systems and development of smart grids are
anticipated to drive the market's growth. Implementation of smart grid
technology has met the increasing need for grid interconnections, thus resulting
in rising investments in the new underground and submarine cables. The smart
grid is an electrical grid that includes controls, automation, computers, and
innovative equipment & technologies that function together and offer
efficient electricity transmission. The functioning of the entire globe depends
on the timely delivery of electric supply. Further, the increasing population
leads to a rise in demand for power. Technological advancement in grids is
necessary to reduce the frequency and duration of storm impacts, power outages,
and restore service quickly after outages. Smart grid helps generate efficient
renewable power, reliable power, reducing carbon print, using a mix of energy
sources, working with smart devices and smart homes, and encouraging the use of
electric vehicles.
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over xx market data Figures spread through 186 Pages and an in-depth TOC on " Global Industrial Building Wire and Cable Market"
The low voltage
segment accounted for the largest revenue share in 2022, with over 43% market
share. Owing to the high usage of low voltage cables in the building wires, LAN
cables, appliance wires, distribution networks, and others. These wires and
cables support the smart grids in delivering superior electric supplies and
offer an improved provision of electric supply for end-use consumers. The
energy and power sector across the world are experiencing a rapid alteration.
Most of the developing and developed countries are experiencing a heavy demand
for electricity and are moving towards incorporation of large-scale renewable
resources.
The high voltage wires
and cables are used for transmission of electricity from 1,000 volts. These
cables are coated with paper & oil, to avoid direct contact of the cables
with an individual or any other material. The quality of high voltage cables
depends upon the insulation material type used. High demand of these cables
from the end users such as power distribution oil & gas, telecom, aerospace
and defense is the major factor responsible for the growth of the high voltage
cable market over the forecast period.
Key
market players in the Global Industrial
Building Wire and Cable Market are following:-
- Sourhwire
- Cerrowire
- Encore Wire
- Copperweld
- Belden
- Prysmian Group
- Nexans
- Sumitomo Electric
- LS Cable & System
- Rowe Industries
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” Asia Pacific
accounted for the largest revenue share of the wires and cables industry in 2022,
with a 37.4% market share. The demand for wires and cables is observed to be
stable in North America, however, Europe is expected to grow over the forecast
period owing to the initiatives such as Digital Agendas for Europe 2025. In
addition, North America region have seen a vast increase in the data
consumption which have resulted in investments by the prominent
telecommunication companies such as AT&T and Verizon in fibre networks. For
instance, in April 2020, Belden Inc. developed new fiber solutions that allow
data centers to create a reliable, robust, and high-performance infrastructure.
These solutions include DCX Optical Distribution Frame, FiberExpress Flexible
Ribbon Cable, 1.6 mm Multi-Fiber Trunks, and Fiber MPO Trunks. Thus, these
significant investments in the IT & Telecommunications sector are expected
to drive the overall market.
The market in Asia
Pacific is anticipated to expand at the highest CAGR of 4.6% in the forecast
period. The growing demand for light, power, and communication is anticipated
to fuel the market over the forecast period. The government initiatives such as
“Make in India”, and “Go Green” policy is expected to drive the market in
India. According to Indian Electrical Equipment Industry Mission Plan 2012-2022,
the government of India has planned to make the country one of the electrical
equipment producers and obtain productivity of USD 100 billion by matching the
exports and imports, hence, driving the demand for cables over the period
2012-2022.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management
consulting firm.
Industrial Building Wire and Cable Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Voltage Rating (Low Voltage,
Medium Voltage, High Voltage, Extra-High Voltage), By Cable Type (Industrial
Wire & Cable and Power Cable), By Material (Metallic, Non-Metallic), By
Region, Competition 2018-2028 has
evaluated the future growth potential of Global Industrial Building Wire and Cable Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Industrial Building Wire and Cable Market.
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