According to a research report released by market research firm Market and Research, the compound annual growth rate of the wire and cable market from 2019 to 2026 is about 6.45%, and the increasing demand for wires and cables from various end users is the main factor driving the growth of this market.
The report believes that the acceleration of urbanization and industrialization processes in developing countries is one of the main factors driving this market push. Meanwhile, the increasing demand for clean energy, vehicles, including new energy vehicles, is another important factor driving the growth of this market.
From the perspective of voltage levels, high-voltage/ultra-high voltage cables will grow at the highest compound annual growth rate during the forecast period, mainly due to the increasing demand for long-distance, low loss transmission, as well as the upgrading of aging transmission facilities in developed markets, which will also stimulate the development of this market. From the perspective of market revenue, the medium and low voltage cable market will become the largest revenue market during the forecast period, and the demand for upgrading and improving power infrastructure in developing markets is the main factor driving the development of this market.
The high cost of raw materials and the instability of prices are the biggest constraints facing the development of this market.
From the perspective of manufacturers, the wire and cable market is highly fragmented, with major manufacturers increasing their market footprint through new product development, market expansion, joint venture acquisitions, and other means. During the forecast period, companies such as Prudential, Nexen, Sumitomo Electric, LS Cable, Fujikura Cable, and Koga Electric will become wire and cable manufacturers.