SAN FRANCISCO, May 20, 2019 /PRNewswire/ -- The global wires
and cables market size is expected to reach
USD 312.51 billion by 2025,
according to a new report by Grand View Research, Inc. The market
is estimated to witness a healthy CAGR of 6.4% over the
forecast years. Increasing urbanization and rapidly growing
building infrastructure are the major factors driving the
market.
Key suggestions from the report:
- The wires and cables market accounted for USD 186.09 billion in 2017 and is expected to
progress at a CAGR of 6.4% from 2018 to 2025
- Low voltage is expected to emerge as the fastest-growing
segment in the coming years
- Overhead installation segment led the market in 2017 and is
estimated to expand further over the projected period
- Asia Pacific was the
largest regional market in 2017 and is expected to grow further
over the coming years. Government initiatives, such as Make in
India and Smart Cities, are
anticipated to drive the region's growth
- Key companies in the market include Prysmian Group; GE
Cables; Nexans S.A.; Southwire Company, LLC; Belden, Inc.; LS Cable & System; The
Furukawa Electric Co., Ltd.; Fujikura Ltd; Sumitomo Electric
Industries, Ltd.; Leoni AG; and NKT Holding
Read 120 page research report with TOC on "Wires and Cables
Market Size, Share & Trends Analysis Report By Voltage (Low,
High, Extra High), By Installation (Overhead, Underground), By End
Use (Automotive, Energy & Power), And Segment Forecasts, 2018 -
2025" at:
https://www.grandviewresearch.com/industry-analysis/wire-and-cable-market
These have impacted the energy and power demand in residential,
commercial, and industrial sectors. Increased investments in smart
grids and upgrading power transmission and distribution systems are
expected to drive the market further.
Wires and cables utilize various raw materials including copper,
aluminum, tungsten, alloys, and plastics, such as Polyvinyl
Chloride (PVC) and polypropylene (PP). The material costs consist
of over 60% of the total cost of the product. The raw materials and
work-in-progress cost consume a large portion of the financial
resources. Unstable supply and cost of raw materials, due to
exploration cost, labor price hikes, relationships between
governments and mining companies, will be a burden to cable
manufacturers. The manufacturers must either absorb the additional
costs, find new ways to handle these expenses, or increase the cost
of the end-product. However, increased products costs hamper the
overall sales, hindering the market growth.
These factors cause difficulties for companies to procure raw
materials needed for the production of cables. Manufacturers must
collaborate with suppliers and customers to keep the products,
components, and materials in circulation. This will create a chain,
where the industry waste can be reused as raw materials. Funding
constraints for large investments is also a major factor hindering
the global market. To overcome funding issues, the government of
India has begun to focus primarily
on public-private partnerships with major infrastructure
projects.
Grand View Research has segmented the global wires and cables
market on the basis of voltage, installation, end use, and
region:
- Wires and Cables Voltage Outlook (Revenue, USD Billion, 2015
- 2025)
-
- Low
- Medium
- High
- Extra High
- Wires and Cables Installation Outlook (Revenue, USD Billion,
2015 - 2025)
-
- Wires and Cables End-use Outlook (Revenue, USD Billion, 2015
- 2025)
-
- Aerospace & Defense
- Automotive
- Building & Construction
- Oil & Gas
- Energy & Power
- IT & Telecommunication
- Others
- Wires and Cables Regional Outlook (Revenue, USD Billion,
2015 - 2025)
-
- North America
-
- Europe
-
- Asia Pacific
-
- South America
-
- Middle East & Africa
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About Grand View Research
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
ahead.
Contact:
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James
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Grand View Research, Inc.
Phone: +1-415-349-0058
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Email: sales@grandviewresearch.com
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https://www.grandviewresearch.com
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SOURCE Grand View Research, Inc.