New York (US), July 26, 2023 (GLOBE NEWSWIRE) -- Wire and Cable Voltage Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Wire and Cable Voltage Market Information by Voltage, Installation, End Use, and Region - Forecast till 2032”, The wire and cable voltage market will be increasing from USD 207.3 Billion in 2023 to USD 294.8 Billion by 2032, capturing a CAGR of 4.50% during the appraisal period (2023 - 2032).
Market Synopsis
A cable is an arrangement of wires, whereas a wire is a single electrical conductor that can be used in an electrical circuit. For the transmission of electrical power and communication signals between industry verticals, various cables, including coaxial cables, are frequently utilized. The predicted timeframe will see the wires and cables market increase due to rising investments in electric power transmission and distribution as well as rising demand from data centers and the telecom sector.
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Market Competitive Landscape:
The top manufacturers of wire and cable voltage systems in the market are
- Belden Inc.
- Fujikura Ltd.
- Furukawa Electric Co. Ltd.
- Leoni AG
- LS Cables & System Ltd.
- Nexans
- NKT A/S
- Prysmian S.p.A
- Sumitomo Corporation
- Among others.
Report Scope:
| Report Attribute | Details |
| Market End Use 2032 | USD 294.8 Billion |
| Compound Annual Growth Rate (CAGR) | 4.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising urbanization, increased investments in smart upgrading the power transmission and distribution systems and development of smart grids |
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Market USP Covered:
Market Drivers:
Governments have set ambitious goals for implementing green energy technology to lessen reliance on fossil fuels. The market will probably have a fantastic possibility if different nations adhere to exceeding the necessary targets. The installation of wind turbines and solar farms has resulted in an increase in the need for wires and cables. The capacity of renewable energy in the world increased by 10.23% from 2,542,035 MW in 2019 to 2,802,004 MW in 2020, according to IRENA.
Additionally, offshore renewable technologies like offshore wind farms have become more prevalent. The power cables that connect the offshore wind turbines must be buried in the seafloors to convey power. Additionally, subsea umbilical connections are needed for the ongoing upkeep of these wind turbines. Similar to this, floating PV—a form of solar power—is now constructed on water instead of on land. The floating PV system is connected by subsea power lines and anchored to a floating platform using an anchoring method in bodies of water. The need for wires and cables has surged as a result of the global infrastructure for renewable energy being developed at an enormous rate.
Networking, communications, and IT services depend on data centers. The storing of data at data centers and the routing of traffic via them are essential functions. Data centers are currently in high demand as a result of the development of Big Data, and this need is being fueled in part by the Big Data phenomenon. In order to save money and avoid the headache of operating data centers, which would cost billions of dollars, businesses have started favoring cloud storage. The need for wires and cables will expand as there are more data centers, which will boost the availability, security, and inexpensive connection of IT infrastructure.
In the upcoming years, hyperscale data center deployments are expected to be popular. The common network cables that are projected to be used in data centers are AC/DC power, ground, copper, and fiber optic. As of January 2021, there were around 8,000 data centers worldwide, with the majority located in the United States, the United Kingdom, Germany, China, Canada, and the Netherlands, according to CloudScene data of 110 countries with information accessible.
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Market Restraints:
Rubber and chemicals derived from plastic, such as PVC granules, are the main basic materials used to make cables. Silicone rubber and fluorine plastic are the two most common organic polymer materials, but copper is necessary for wires. The profit margin of the manufacturers of wires and cables is directly affected by an increase in the price of raw materials, particularly copper, which limits market expansion.
COVID 19 Analysis
Globally, COVID-19 has had an adverse impact on business, particularly in the automotive and aviation sectors. Manufacturing operations are typically exempt from the lockdown restrictions since they are thought to be crucial to the development of underdeveloped economies worldwide. As a result, there has been a steady need for wires and cables in this industry. The global industry is seriously threatened by the spread of COVID-19.
Market Segmentation
By Voltage
Low voltage, medium voltage, high voltage, and extremely high voltage are the voltage-based market segments for wire and cable. Due to the widespread usage of low-voltage cables in distribution networks, LAN cables, appliance wires, and building wiring, the low-voltage segment dominated the global market in 2022.
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By Installation
Overhead and underground installations are included in the segmentation of the wire and cable voltage market based on installation. In 2022, the overhead segment dominated the whole market.
By End-Use
Aerospace & Defence, building & construction, oil & gas, energy & power, technology & telecommunication, and others are included in the segmentation of the wire and cable voltage market based on end use. In 2022, the market for wire and cable voltage was dominated by the energy & electricity segment.
Regional Insights
In 2022, the global market was headed by North America (45.80%). Major telecommunications companies like AT&T and Verizon have invested in fiber networks as a result of the region's dramatically increased data usage. For instance, in April 2020 Belden Inc. developed new fiber solutions that let data centers construct a dependable, robust, and high-performance infrastructure. The United States holds the biggest market share, while the market in Canada will note the quickest rate of expansion.
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