Delray Beach, FL, Sept. 20, 2024 (GLOBE NEWSWIRE) -- The Wire & Cable Market is projected to grow from USD 201.0 billion in 2024 to USD 266.2 billion by 2029, at a CAGR of 5.8% during the forecast period, as per the recent study by MarketsandMarkets. Due to the pressing need for cables in the renewable energy sector, governments worldwide are investing significantly in renewable energy projects, particularly offshore wind energy. The rising emphasis on renewable energy in the power sector creates substantial demand for wires and cables in various regions, leading to market growth and innovative developments.
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Browse in-depth TOC on "Wire & Cable Market"
120 - Market Data Tables
60 - Figures
312 - Pages
List of Key Players in Wire & Cable Market:
Prysmian (Italy)
Belden Inc. (US)
Fujikura Ltd. (Japan)
Furukawa Electric Co., Ltd (Japan)
Leoni Ag (Germany)
Nexans (France)
Emerson Electric Co. (US)
Hellenic Cables (Greece)
KEI Industries (India)
Sumitomo Electric Industries, Ltd. (Japan)
NKT A/S (Denmark)
Finolex Cables Ltd (India)
Helukabel (Germany)
LS Cable and System (South Korea)
Drivers, Restraints, Opportunities and Challenges in Wire & Cable Market:
Drivers: Rising demand for cables from renewable energy sector
Restraints: Fluctuating raw material prices
Opportunity: Surge in demand for cables in EV infrastructure
Challenge: Enhancing insulation durability
Key Findings of the Study:
Infrastructural development and rapid urbanization to drive demand for underground cable installation
Rising dependence on computers and high–end automobiles to boost demand for electronic wires.
Excellent electrical conductivity of metal cables to drive market.
Rising applications of low-voltage cables in residential and commercial settings to drive market.
Increasing offshore wind energy projects to boost demand for energy and power industries.
Fast economic growth and investments in power generation to boost demand for wires and cables in Asia Pacific.
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Based on Installation, the wire & cable market is divided into three types namely, overhead, underground, and submarine. The underground installation has the maximum demand in the wires & cables market. ...
