Wire and Cable Market Likely To Experience A Tremendous Growth In Near Future
According to a new market report published by Transparency Market Research, the global wire and cable market is expected to reach US$ 235.9 Bn by 2026, expanding at a CAGR of 4.1% from 2018 to 2026. According to the report, the global market is expected to continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific is likely to continue to be at the forefront of global demand, with the market in the region expanding at the CAGR of 4.8% through 2026.
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Expansion in the Building Sector, Power Generation, and Distribution Networks is driving the Global Wire and Cable Market:
The demand for wire and cables is directly reliant on the expansion of the industrial sector and infrastructure development in the power generation and transmission, telecommunication, and residential and commercial sectors. Rapid urbanization and rising global population have increased the demand in these areas, thereby offering multiple opportunities to the global wire and cable market.
Wire and Cable Market: Scope of the Report
The global wire and cable market can be broadly segmented bybased on type, material, and application. byIn terms of type, the low voltage wire and cable segment is consistently expected to constitute a dominant market share between 2018 and 2026. Increasing urbanization, which is resulting in the expansion of power transmission & distribution networks and rise in residential & commercial buildings, is a major factor attributed to the segment’s high share. Moreover, rising demand for low-voltage wires in electrical installations of automobiles is another factor accounting for its dominance throughout the forecast period. However, out of all types, the optical fiber cable segment is expected to expand at a significant CAGR of 6.1% owing to its increasing applications for telecommunication systems, television transmission, and data networks. byBased on material, the copper segment held a prominent share of the market in 2017 and is further expected to lead the wire and cable market during the forecast period.
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