Global wires and cables market forecast to $173.5 billion at 6.2% CAGR by 2022
Through the forecast period per Research and Markets (Dublin, IE) analysis, the wires and cables market size will gain the most in China at $10.34 billion.
The "Wires And Cables Global Market Opportunities And Strategies To 2022" report has been added to ResearchAndMarkets.com's (Dublin, IE) offering. The new report describes and evaluates the global wires and cables market. It covers two five-year periods; 2014 to 2018, termed the historic period, and 2018 through 2022, the forecast period.
According to the analyst, the global wires and cables market size reached a value of nearly $136.7 billion in 2018, having grown at a compound annual growth rate (CAGR) of 3% since 2014, and is expected to grow at a CAGR of 6.2% to nearly $173.5 billion by 2022.
Per a Research and Markets summary of the report: "Growth in the historic period resulted from the rise in electricity consumption, renewal of power transmission networks, growth in the automobile industry, and economic growth in emerging markets. Factors that negatively affected growth in the historic period were volatility in metal prices and regulatory challenges. Going forward, the increasing popularity of Ethernet, growing medical devices industry, and advances in communications technology will drive growth. Factors that could hinder the growth of the wires and cables market in the future are the expected reductions in free trade and rising interest rates.
"The market is segmented by product type into fiber optic cables, coaxial cables and other cables. The other cables segment which includes insulated cable wires accounted for the largest share of the wires and cables market in 2018 at 72.6% or $99.2 billion. The fiber optic cables segment is expected to be the fastest-growing segment going forward at a CAGR of 20.3%.
"The market is segmented by end-use industry into energy, industrial manufacturing, telecoms, building and construction, automotive, medical equipment and others. The energy segment accounted for the largest share of the wires and cables market in 2018 at 34% or $46.4 billion. The telecoms segment is expected to be the fastest-growing segment going forward at a CAGR of 15.9%.
"Asia-Pacific is the largest market for wires and cables , accounting for 42% of the global market in 2018. It was followed by Western Europe, North America and then the other regions. Going forward, Africa and South America will be the fastest growing regions in the wires and cables market, where growth will be at CAGRs of 11.4% and 8.4% respectively. Such rapid growth of the wires and cables market in Africa and South America can be attributed to the expected economic growth and growing demand for energy and telecoms infrastructure in these regions. These will be followed by the Middle East and Asia-Pacific where the markets are expected to grow at CAGRs of 7.3% and 6.5% respectively.
"The market for wires and cables is relatively consolidated with a small number of entities holding significant market share and a large number of small entities with minor shares. These small companies are mainly local manufacturers within a country; however, some manufacturers operate in geographies other than their local regions. Players in the market include Furukawa Electric Industries Ltd, General Cable Corporation, Broadcom ltd, Hitachi, Corning Inc, Prysmian Group and Sumitomo Electric Industries Ltd.
"The global electrical equipment market, of which the wires and cables market is a segment, reached a value of nearly $1,047.4 billion in 2018, having grown at a CAGR of 5% since 2014, and is expected to grow at a CAGR of 7.9% to nearly $1,433.2 billion by 2022. The wires and cables market is the fourth largest segment of the electrical equipment market accounting for 13.1% of the electrical equipment market. The electric lighting equipment manufacturing segment is expected to be the fastest growing segment in the electrical equipment market growing at a CAGR of 9.5% during 2018-2022.
"The top opportunities in the global wires and cables market by segment will arise in the fiber optic cables segment, which will gain $21.14 billion of global annual sales by 2022.The top opportunities in the global wires and cables market by end use industry will arise in the energy segment, which will gain $13.13 billion of global annual sales by 2022.
"The wires and cables market size will gain the most in China at $10.34 billion. Wires and cables market-trend-based strategies include increasing investments in technologies to offer customized polymer optic fibers, and increasing the production of fire-resistant cables. Player-adopted strategies in the wires and cables industry include developing innovative products, expanding into new geographies, and strengthening the distribution network."
Companies mentioned in the report include:
- Amphenol Corporation
- Business of General Cable
- Corning Inc.
- Furukawa Electric Industries Ltd.
- General Cable
- Gulf Coast Downhole Technologies
- JDR Cables
- Leoni AG
- Oman Cables Industry
- Prysmian Group
- South Wire Company LLC
- Standard Motor
- Sumitomo Electric Industries Ltd.
- Tele-Fonika Kable
- TPC Wire & Cable Corp.
- United Copper Industries
For more information about the report, visit https://www.researchandmarkets.com/r/ilppz0.