Wires and Cables Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

Wires and Cables Market Outlook - 2027

Wires and cables are required in almost every industry. Wire is an elongated large piece of metal, which generally carries electric current. It is also used to carry telecommunication signals and mechanical or electrical loads. Electrical wires are generally circular in shape. Cables are two or more electric wires assembled together in a bundle. There are three important components of cable wires, cable jacket, wire insulation, and stripped wire. Two or more devices can be connected with the help of electrical wires.

COVID-19 scenario analysis:

• The demand for wires and cables is expected to decrease in 2020 due to low demand from different industries, such as construction and electronics, due to the lockdown imposed by governments of many countries.
• Coronavirus has affected the import and export of construction materials. China is the largest exporter of construction materials globally. Negative trends in the economy of China are anticipated to reduce the global import and export across the globe.
• Demand for new construction materials has witnessed a massive negative shift since the outbreak in December 2019, with manufacturers and investors anticipating an excessively receding economic growth.
• Travel prohibitions across the globe have affected the trade of construction materials. Thus, the supply and demand for construction materials are almost halted across the globe.
• Construction materials manufacturing companies located in China are the major sufferers of the outbreak, owing to lockdown and unavailability of logistics in the region.
• The major hindrance for the global construction materials market comes from the orders of home quarantine by respective governments, which led to the discontinuation of production of construction materials.
• Decreased consumer demand and consumption led to reduction and slow down of sales of construction materials across the globe over the course of the current economic year.
• Therefore, the wires and cables market is expected to be negatively affected in 2020.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

Electrical wires and cables are considered to be an integral part of any electrical or electronic system. Without using wires and cables, running these devices is not possible. The wires are produced by using the drawing technique. In this process, the metal is drawn through the hole in draw plate or die. Electric wire is available in different forms such as braided, stranded, and stranded. Wire is used as raw material for different applications such as wire cloth spinning, making of wire cloth, engineered springs, and in the wire netting industry. Wire cloth is used for various purposes such as window screens, paper pulp draining, and sifting & screening machinery. Wire cloth comes with different mesh fineness and degrees of strength. In the telecommunication industry, steel, nickel, copper, and aluminum wires are widely used in data cables and telephone cables. In electric power transmission, wire is used as conductors.

Electrical cables enable the power or electrical signal transfer between two devices. As cables are used for the connection of two devices, it is also referred as connector. There are different types of electrical cables such as undersea cables, power cables, and high voltage cables. Electrical cable is used for various purposes and the cables are produced according to the requirement of cable in specific application. Use of electrical cables in electronic device for signal and power circuit is very common. Undersea cables are used as a communication medium for long-distance communications. Direct current power and alternate current power are transmitted in bulk by using high-voltage power cables. In addition, electric cables are also used in building wiring for control & power circuits and lighting, which are installed in buildings. Electrical cables are generally coated with some fire-redundant material to reduce the danger of short circuit.

Key driving and restraining factors for the growth of the wires and cables market

The use of internet across the globe is increasing at a rapid pace. For internet connection, wire and cables are an important component; therefore, the demand for wires and cables is expected to increase during the forecast period. The Government of India under its smart city project is aiming to install 130 million smart meters by 2021. This is estimated to be the key driving factor for the growth of the wires and cables market. However, at present, wireless devices are used in large numbers across the globe. Therefore, this is estimated to be the factor that hampers the growth of the wire and cables market.

Key benefits of the report:

• This study presents the analytical depiction of the wires and cables market along with current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the wires and cables market share.
• The current market is quantitatively analyzed  to highlight the wires and cables market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years. 

 Wires and Cables Market: Global Opportunity Analysis and Industry Forecast, 2020-2027 Report Highlights