The global copper wire and cable market is likely to showcase a growth of around 6% during the forecast period. Globally, 25,300 metric tons of refinery copper produced in 2020 which is further increased to around 26,000 in 2021, according to the United States Geological Survey (USGS). A large amount of copper and copper alloy is used due to its electrical conductivity. For instance, according to Copper Development Association Inc., more than 60% of all copper and copper alloys consumed are used because of electrical conductivity. Wires and cables are among the largest application area of coppers, it is extensively used in building wires, communication cables, co-axial cables, power cables, and specialty and industrial cables. Its high electrical conductivity, ductility, and tensile strength make it an ideal metal in the wire and cable industry. Therefore, the development of new buildings and rapid expansion of communication line activities are taking place, the industry is witnessing increasing demand for copper wires and cables.
Download Free Sample of this Report - https://univdatos.com/get-a-free-sample-form-php/?product_id=23149
According to UnivDatos Market Insights (UMI)’ research report “Global Copper Wire and Cable Market”, the market is expected to showcase a growth of around 6% during the forecast period. Increasing demand for new buildings, large and growing end-use industries, and limited substitutes or high preference in residential and commercial settings are some of the key attributable factors to the growth of the market.
Based on type, the market is categorized into wire and cable. Among these two, cable accounted for a prominent share in the market owing to its usage in various forms like communication cables, co-axial cables, power cables, and specialty and industrial cables. Further, cables commonly consist of more than one conductor, therefore in areas where more reliability and safety are required. For instance, power cables are used for the transmission and distribution of electricity from power generators to sub-stations and thereon for power supply to end-user segments, such as residential, commercial, and industrial units.
Based on voltage, the market is categorized into low, medium, and high voltage. Among these, the low voltage segment accounted for a significant share in the market and is expected to showcase significant growth during the forecast period. This can be attributed to the increased usage of low voltage wires and cables in building wires, appliance wires, LAN cables, and distribution networks. Also, the high voltage category is likely to propel substantially during the forecast period owing to the increasing number of large-size power plants and infrastructure projects.
Download Free Sample of this Report - https://univdatos.com/get-a-free-sample-form-php/?product_id=23149
Asia-Pacific is expected to demonstrate robust growth during the forecast period
Asia-Pacific accounted for a significant share in the market and is expected to showcase robust growth over the forecast period owing to large and robust growth in end-use industries in countries like India, China, and ASEAN countries. Further, strategic decisions taken by the regional government to improve the economy are fueling the markets for wire and cables. For instance, in India, under the Housing for All scheme, 60 million houses are to be built, which include 40 million in rural areas and 20 million in urban areas by 2022. This is expected to bring USD 1.3 trillion in investment in the housing sector by 2025. Further, the Chinese government tripled investment in solar power projects in the first quarter of 2022, putting the nation on track to install record amounts of new clean energy capacity. According to the National Energy Administration, investment in solar was USD 4.3 billion (RMB 29 billion) in q1 of 2022, about 204% higher than compared to the same period of the prior year. Such factors eventually increase the market for wires and cables for the distribution and transmission of energy, thus boosting the market for copper wire and cable.
For More Informative Information, Please Visit Us – https://univdatos.com/report/copper-wire-and-cable-market/
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global copper wire and cable market include Southwire Company LLC., CommScope Inc., Elcowire Group AB, Hitachi Metals Ltd., Luvata, Nexans S.A., Ningbo Jintian Copper (Group) Co. Ltd., LS Cable & System Ltd., Tatung Co., and Prysmian S.p.A. These companies are taking several strategic decisions to meet the growing demand and increase their market share.
“Global Copper Wire and Cable Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Type (Wire and Cable)
- By Voltage (Low, Medium, and High)
- By Application (Building Wires, Communication Cables, Co-Axial Cables, Power Cables, and Specialty and Industrial Cables)
- By Region (North America (the United States, Canada, Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World)
- By Company (Southwire Company LLC., CommScope Inc., Elcowire Group AB, Hitachi Metals Ltd., Luvata, Nexans S.A., Ningbo Jintian Copper (Group) Co. Ltd., LS Cable & System Ltd., Tatung Co., and Prysmian S.p.A.)
Key questions answered in the study:
- What are the current and future trends of the global copper wire and cable industry?
- How the industry has been evolving in terms of type, voltage, and application?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global copper wire and cable industry?
- What are the customer orientation, purchase behavior, and expectations from the global copper wire and cable suppliers across various region and countries?