Transparency Market Research delivers key insights on the global wire and cable market. In terms of revenue, the global wire and cable market is estimated to expand at a CAGR of 5.3% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global wire and cable market.
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The global wire and cable market is broadly affected by several factors, including extensive usage of wires and cables in power transmission, signal transmission, and transportation. Thus, the demand for wires and cables is projected to rise across the globe in the near future owing to the rising trend of electrification and digitization.
Wire and Cable Market: Dynamics
Wires and cables are generally used to interconnect various components in electronic systems. Wire is a good conductor, but it is not perfect because it has some resistance. Different types of materials such as copper, silver, gold, and sometimes aluminum, is used, while a wide variety of metals are used for wiring. Different materials are likely to have different resistances.
In the global wire and cable industry, copper is a highly preferred material globally. Aluminum is expected to substitute copper in a few applications; however, it is anticipated to maintain its dominance in buildings and power transmission & distribution networks that make up more than half of the global wire and cable revenue. High electrical conductivity, durability, ability to undergo stress with minimum signs of wear and tear, and superior ductile and tensile strength make copper an irreplaceable material in the wire and cable industry.
In telecommunication, communications cable is a type of cable that is used to convey data using currents of various frequencies. Communication cables differ from power cables in that they are built for low voltage and low currents, while power cables are meant for high voltage and high currents. Data transmission, electronic circuits, Ethernet connections, and networking are all typical applications for communication cables.
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Wire and Cable Market: Prominent Regions
In terms of region, the global wire and cable market has been segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa. The market in Asia Pacific and Middle East & Africa is projected to expand at a notable CAGR during the forecast period. Asia Pacific is estimated to account for a major share of the global wire and cable market, in terms of revenue, during the forecast period, owing to the demand from developing countries for power transmission, where residential and commercial infrastructure development and corresponding expansion in power networks are driving the global wire and cable market. However, North America and Europe are considered to be mature markets for wire and cable; however, ageing transmission systems also offer significant opportunities for wire and cable market in these regions.
Countries, such as the China, India, Korea, and other developing countries in Asia Pacific are offering lucrative opportunities for manufacturers on a long-term basis owing to the rising population and demand in the region.
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Wire and Cable Market: Key Players
Key players operating in the global wire and cable market include Prysmian Group, Hengtong Optic-Electric Co Ltd., Furukawa Electric Co., Ltd., Sumitomo Electric Industries, Ltd., General Cable Corporation, Jiagnan Group, TPC Wire & Cable Corp, LS Cable & System Ltd, Polycab Wires Private Limited, Southwire Company, LLC, Hitachi Metals Ltd, Nexans S.A., Leoni AG, and Far East Cable Co., Ltd.
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