The demand for wires and cables is positively impacted by growing urbanization trend
Albany, NY -- (SBWIRE) -- 06/14/2018 -- The wire and cables market is likely to grow at a CAGR of 4.1% during the assessment period 2018-2026, according to a new research study added to the comprehensive repository of Market Research Reports Search Engine (MRRSE). The report titled, "Wire and Cable Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026" is a comprehensive source of information and analysis on the wire and cables market.
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According to the study, the demand for wires and cables is positively impacted by growing urbanization trend. Urbanization is leading to construction of new buildings, both in the commercial and residential sector. The rate of urbanization was nearly 56% in 2016, and this is likely to reach nearly 60% by the end of 2030. The use of branch circuit wiring and investment in renewing existent power transmission network is creating opportunities for the wires and cables market.
In addition to the construction sector, demand for wires and cables is also likely to be impacted by the growth in the automotive industry. The automotive industry is going through a period of resurgence in the US, with 2017 proving to be a successful year. Further, growth of the industry in China and India – two of the fastest growing economies in the world – has also augured well for the growth of the market. The steady demand from automotive industry is likely to create sustained growth opportunities for players in the wire and cables market.
The demand for wires and cables market is also positively impacted by growing industrialization in various countries. The focus on industrialization has meant that demand for electricity has grown manifold, and this is likely to provide an impetus to growth during the assessment period.
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According to the research study, copper will remain the top-selling product in the wires and cables market. A notable growth in demand for aluminum has been observed, however, copper is likely to maintain its revenue share in the market. Among the various types of wires and cables available in the market, demand for optical fiber cables is likely to remain resurgent on account of low power loss and low security risk.
The study also offers detailed analysis on the key players operating in the market. According to the research study, some of the leading players in the market include Prysmian Group, General Cable Corporation, TPC Wire & Cable Corp, Hitachi Metals Ltd, Jiagnan Group, Hengtong Optic-Electric Co Ltd., LS Cable & System Ltd, Southwire Company, LLC, Furukawa Electric Co., Ltd., Polycab Wires Private Limited, Sumitomo Electric Industries, Ltd., Nexans S.A., Leoni AG, and Far East Cable Co., Ltd.
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