Wire and Cable Market growth outlook and forecasts 2022-2030
A new report covers wire and cable market outlook providing historical facts, current status and future development trends information along with data on leading players and regions.
A rise in similar advancements is expected to bolster wire and cable market size through the coming years. As per the latest report published by Global Market Insights Inc., the industry value is expected to record substantial growth through 2030.
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Recent trends in the wire and cable market are being driven by a rise in the steps taken by numerous industry organizations and associations. An instance of the same is Europacable, an association of leading regional players in Europe. In November 2021, the consortium welcomed the commitment by wholesalers to help in the promotion of fire safety and ensuring sales of CPR-compliant cables in the European Union. The step signified the active participation of wholesalers in educating the market.
Studies depict that researcher in Antarctica deploy low-bandwidth satellites for communicating and sharing their collected data with the other continents. Further, the amount of bandwidth available is limited and this leads researchers to use hard drives for data storage.
Such a scenario has created potential opportunities for wire and cable manufacturers and developers to design solutions that can be rolled out in the region. To cite an example, Antarctica’s largest U.S. research hub, the McMurdo station, could get high-speed internet post installation of submarine cables.
The Asia Pacific wire and cable market is expected to depict lucrative growth over 2022-2028. This rise can be attributed to an upsurge in the number of construction projects in the region. Considering an instance, in November 2021, Mitsubishi Heavy Industries Ltd., contracted Sumitomo Electric Industries, Ltd., for the supply of an assortment of cables for the Red Line Construction Project. The plan involved the development of a new traveler railway route in the Kingdom of Thailand.
In early 2021, Midal Cables supplied a total of 1,100 km of ACCC Warsaw conductor for the upgradation of the TenneT DIM-LLS 380kV ACCC reconductor project. Originally built in the 1960s, the twin-circuit line required upgradation for enhancing RE flows from offshore and onshore sources.
The telecom & internet industry is expected to record considerable growth in the following years. This is further set to be accompanied by a substantial rise in the urban population. Additional factors impelling wire and cable market outlook comprise an increase in consumer inclination toward the adoption of advanced metering infrastructure and real-time cloud-based data management.
Key participants contributing towards Wire and Cable Market growth include Prysmian Group, Riyadh Cable Group, Elsewedy Electric, Ducab, Power Plus Cables Co. L.L.C
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