Key Companies Covered are Encore Wire Corp (Texas, US), Finolex Cables Ltd (Maharashtra, India), Marlin Steel Wire Products LLC (Maryland, US), KEI Industries Ltd (Delhi, India), Belden Inc. (Missouri, US), Fujikura Ltd. (Tokyo, Japan), Nexans (Paris, France), Prysmian Group (Milan, Italy), Polycab (Maharashtra, India), Amphenol (Connecticut, US), Cords Cable Industries Ltd. (Delhi, India), LS Cable & System (Anyang, South Korea), Sumitomo Corporation (Tokyo, Japan), Furukawa Electric Co., Ltd. (Tokyo, Japan), Southwire Company (Georgia, US)., among others.
Pune, India -- (SBWIRE) -- 10/19/2020 -- The global wires and cables market size is projected to reach USD 273.68 billion by 2027, exhibiting a CAGR of 5.4% during the forecast period. Escalating demand for electricity worldwide will propel the growth of this market, suggests Fortune Business Insights™ in its report, titled "Wires and Cables Market Size, Share & COVID-19 Impact Analysis, By Voltage (Low Voltage, Medium Voltage, High Voltage, and Extra-High Voltage), By Installation (Overhead, Underground, and Submarine), By End-User (Construction, IT & Telecommunication, Power Transmission and Distribution, Oil & Gas, Aerospace & Defense, and Others), and Regional Forecast, 2020-2027".
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According to the 'Stated Policies Scenario' of the International Energy Agency (IEA), electricity demand is predicted to rise by 2.1% annually till 2040. The total share of electricity in global energy consumption, therefore, is expected to increase to 24% by 2040 as compared to 19% in 2018. In the IEA's 'Sustainable Policies Scenario', on the other hand, the share of electricity in the final energy consumption is expected to reach 31% by 2040. Wires & cables will play a critical role in the transmission and distribution of electricity across cities and villages around the world and with increasing access to electricity in remote areas, the adoption of wires and cable is set to skyrocket in the foreseeable future.
As per the report findings, the value of the global market was at USD 184.92 billion in 2019. The report also shares the following:
- Comprehensive evaluation of the market drivers and restraints and their role in shaping the growth pattern of the market;
- Detailed analysis of all market segments;
- Thorough profiling of market players and microscopic study of their key strategies; and
- Actionable insights and research into the regional developments influencing the market.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this market. Please visit: https://www.fortunebusinessinsights.com/enquiry/covid19-impact/wires-and-cables-market-103322
List of Key Players Profiled in the Wires and Cables Market Report:
- Encore Wire Corp (Texas, US)
- Finolex Cables Ltd (Maharashtra, India)
- Marlin Steel Wire Products LLC (Maryland, US)
- KEI Industries Ltd (Delhi, India)
- Belden Inc. (Missouri, US)
- Fujikura Ltd. (Tokyo, Japan)
- Nexans (Paris, France)
- Prysmian Group (Milan, Italy)
- Polycab (Maharashtra, India)
- Amphenol (Connecticut, US)
- Cords Cable Industries Ltd. (Delhi, India)
- LS Cable & System (Anyang, South Korea)
- Sumitomo Corporation (Tokyo, Japan)
- Furukawa Electric Co., Ltd. (Tokyo, Japan)
- Southwire Company (Georgia, US)
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Precipitous Decline in Energy Demand Worldwide to Dampen Market Spirits
The wires and cables market growth is expected to be severely affected owing to the sharp fall in the demand for energy worldwide triggered in the wake of the coronavirus pandemic. The IEA's 'Global Energy Review 2020', released in April 2020, found that countries imposing nationwide lockdowns experiencing a steep decline of 25% in the demand for energy per week. Furthermore, the IEA is also forecasting a massive drop in global energy investment of USD 400 billion compared to investment levels in 2019. More worrying is fall in power demand in developing countries. For example, in May, power demand in India fell by 20%, according to the data released by the country's Power System Operation Corporation. Downward slide in power demand coupled with contracting investments in the energy industry will inevitably hinder the adoption of wires & cables in the immediate future.
Evolving Power Infrastructure in India and China to Augment Market Growth in Asia Pacific
Asia Pacific, where the market size in 2019 was at USD 76.50 billion, is expected to dominate the wires and cables market share during the forecast period. Its leading position is mainly attributable to the massive investments made by India and China in strengthening and modernizing their power infrastructure over the past few decades. Moreover, financial support from regional institutions such as the Asian Development Bank is also favoring the regional market growth.
In North America, the primary market drivers include the increasing power generation from renewables and shifting focus towards energy efficiency. In Europe as well, grid up-gradation to integrate renewable technologies is anticipated to propel the market in the region.
Securing Contracts to be the Key Focus of Top Players
Key players in this market are taking various measures to expand their operations geographically. One of the most preferred strategies for achieving this end is securing of contracts from different agencies in countries that are looking to transform their energy sector in the coming years.
- May 2020: Italy-based Prysmian Group bagged a contract from Ailes Marines, the company in charge of the offshore wind farm in the bay of Saint-Brieuc, worth €80 million. Under the contract, Prysmian will be responsible for delivering submarine inter-array cable to the aforementioned wind farm.
- May 2020: France-based Nexans was awarded a contract worth more than €220 million to manufacture and install a 335 km subsea high voltage direct current cable system for Ariadne Interconnection based in Greece. The project is aimed at accelerating Crete's transition to renewable energy.
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