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Wires and Cables Market 2021 Latest Trends, Demand, Growth, COVID-19 Impact, Opportunities & Outlook till 2028

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Swapnil GVR
Wires and Cables Market 2021 Latest Trends, Demand, Growth, COVID-19 Impact, Opportunities & Outlook till 2028

The global wires and cables market size was estimated at USD 183.14 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 4.4% from 2021 to 2028. Rising urbanization and growing infrastructure worldwide are some of the major factors driving the market. The said factors have impacted the power and energy demand in commercial, industrial, and residential sectors.

 

Increased energy demands in the Asia Pacific, Middle East, and South America have resulted in rising investments in smart grids in these regions. This will fuel the demand for low voltage cables. The other factors that influence the growth of low voltage cables are the growth in the power generation, power distribution sector from renewable energy sources, and demand from automotive and non-automotive industries. Urbanization and industrialization are the major reasons for increasing the overall market growth. The need for power grid interconnections in areas with a dense population is creating a demand for underground and submarine cables. Regions such as North America and Europe are switching towards the adoption of underground cables instead of overhead cables. The underground cables reduce the space required and offer reliable transmission of electricity.

 

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Key Player Mentioned:

·       Belden Inc.

·       Fujikura Ltd.

·       Furukawa Electric Co., Ltd.

·       Leoni AG

·       LS Cables & System Ltd.

·       Nexans

·       NKT A/S

·       Prysmian SpA

·       Sumitomo Corporation

Increased investments in smart upgrading of the power transmission and distribution systems and the development of smart grids are anticipated to drive the market 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.

Regional Segment Analysis:

 

·        North America

·        Europe

·        Asia Pacific

·        Latin America

·        Middle East & Africa

 

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The COVID-19 outbreak has impacted the wires and cables market growth due to a few minor shifts that occurred in communication technologies. Online courses and classes conducted by universities and colleges due to the worldwide closure, introduction of telehealth in the healthcare industry to reduce in-person visits, and companies working remotely and abiding by WFH (Work from Home) policy are some of the prominent examples that have been witnessed across the globe. Thus, connectivity and communication technologies have accelerated in the span of the pandemic. The telecommunications industry has highly benefitted from the situation as the pandemic has highlighted the true value of connectivity. 5G progress in connections and deployments has continued despite the pandemic and resulting economic downturn.

The market is highly competitive and concentrated, with the top three companies accounting for the majority revenue share in 2020. Belden Inc.; Nexans; and Fujikura Ltd. are some of the dominant market players. The vendors in the market focus on expanding their customer base to obtain a competitive edge. Therefore, key companies take various strategic initiatives, including partnerships, mergers & acquisitions, collaborations, and new product/technology development. 

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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