It is estimated that the global wire and cable market will reach US$ 173.5 billion by 2022
The report "Global Market Opportunities and Strategies for Wires and Cables to 2022" has been added to the products of Research and Markets. The new report describes and evaluates the global wire and cable market. It covers two five-year periods: 2014-2018 is called the historical period and 2018-2022 is called the forecast period.
According to analysts, the global wire and cable market reached nearly 136.7 billion US dollars in 2018, growing at a compound annual growth rate (CAGR) of 3% since 2014, and is expected to grow to nearly 173.5 billion US dollars by 2022 with a CAGR of 6.2%.
According to a study and market summary of the report, "the growth in the historical period is due to the increase in electricity consumption, the renewal of transmission networks, the growth of the automobile industry and the economic growth of emerging markets. The factors influencing the growth in historical period are the fluctuation of metal prices and the challenges faced by supervision. Looking ahead, the increasing popularity of Ethernet, the continuous development of medical equipment industry and the progress of communication technology will promote growth. It is estimated that the factors that may hinder the development of the wire and cable market in the future are the reduction of free trade and the rise of interest rates.
"The market is divided into optical cables, coaxial cables and other cables according to product types. Other cable segments, including insulated cables, accounted for the largest share of the wire and cable market in 2018, accounting for 72.6%, or about US$ 99.2 billion. It is expected that the fiber optic cable segment market will grow fastest in the future, with a compound annual growth rate of 20.3%.
"The market is subdivided into energy, industrial manufacturing, telecommunications, construction, automobiles, medical equipment, etc. according to the end-use industries. The energy segment accounted for the largest share of the wire and cable market in 2018, at 34%, or about US$ 46.4. The telecom segment is expected to grow fastest in the future, with a compound annual growth rate of 15.9%.
"The Asia-Pacific region is the largest wire and cable market, accounting for 42% of the global market in 2018. Western Europe, North America and other regions are closely followed. Looking ahead, Africa and South America will be the regions with the fastest growth in the wire and cable market, with compound annual growth rates of 11.4% and 8.4% respectively. The rapid growth in the electricity and cable markets in Africa and South America can be attributed to the expected economic growth and the growing demand for energy and telecommunications infrastructure in these regions. The Middle East and the Asia-Pacific region are closely followed, which are expected to grow at compound annual growth rates of 7.3% and 6.5% respectively.
Source: China Wire and Cable Network