Pune, July 28, 2020 (GLOBE NEWSWIRE) -- 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”.
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.
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Covid-19 Pandemic to Halt Trade Activities Associated with Oil and Gas
The recent coronavirus outbreak has created major economic crises across the world. Due to the measures taken to control the spread of the disease, several business operations have been forced to shut down, not just temporarily, but also on a permanent basis. With bans on international travels and flights, global trade activities have been put on hold for the time-being. This has had an adverse effect on the companies in the oil storage terminal market. Furthermore, given the manner of unlock procedures in several countries; the market will take a long time to recover these losses.
To get to know more about the short-term and long-term impacts of COVID-19 on this market,
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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.
Market Restraint
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.
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Regional Insights
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.
Competitive Landscape
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.
Industry Developments:
- 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.
List of the Leading Companies Operating in the Wires and Cables Market 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)
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Wires and Cables Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Wires and Cables Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Voltage
- Low Voltage
- Medium Voltage
- High Voltage
- Extra-High Voltage
- Market Analysis, Insights and Forecast – By Installation
- Overhead
- Underground
- Submarine
- Market Analysis, Insights and Forecast – By End-User
- Construction
- IT & Telecommunication
- Power Transmission & Distribution
- Oil & Gas
- Aerospace & Defense
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Low Voltage Cable Market Size, Share and Industry Analysis, By Installation (Overhead, Underground), By voltage (1V-240V, 241V-440V, 441V-1000V), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2026
Hybrid Cables Market Size, Share and Global Trend By Cable Type (Fiber Optics Cables, Coaxial Cables, Copper Cables, Others), By Power Transmission Type (AC Power, DC Power), By Application (Onshore, Offshore), By End-Use Industry (Telecommunication, Power Transmission, Oil & Gas, Railways, Medical, Others) and Geography Forecast till 2026
Power Cables Market Size, Share & Industry Analysis, By Installation (Overhead, Underground and Submarine) By Cable Type (Low Voltage Cable, Medium Voltage Cable, High Voltage Cable), By Voltage (Up to 240V, 240V-1kV, 1kV-15kV, 15kV-100kV, 100kV-250kV, Above 250kV), By Application (Residential, Commercial, Industrial and Utility), and Regional Forecast, 2020-2027
Cables & Accessories Market Size, Share and Global Trend By Voltage (Low, Medium, High), By Installation (Overhead Cables and Accessories, Underground Cables & Accessories), By End-User (Commercial & Residential, Transportation, Utilities, Oil & Gas, Mining & Metals, Chemical & Petrochemicals, Renewables, Others), and Geography Forecast till 2026
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