According to a new report published by UnivDatos Markets Insights the copper wire and cable market is expected to grow at a CAGR of around 6% from 2021-2027.
According to a new report published by UnivDatos Markets Insights the copper wire and cable market is expected to grow at a CAGR of around 6% from 2021-2027. The analysis has been segmented into type (wire and cable); voltage (low, medium, and high); application (building wires, communication cables, co-axial cables, power cables, and specialty and industrial cables); region/country.
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The copper wire and cable market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the copper wire and cable market. The copper wire and cable market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the copper wire and cable market at the global and regional levels.
Market Overview
The global market for copper wire and cable is showcasing growth on account of increasing construction of residential, commercial, and industrial units; rising urbanization; improving spending power resulting in more per-capita energy consumption; government policies related to infrastructure and renewable energy. Further, increasing investment in the communication front to provide high-quality calling and data connection to a large population and rapid development in 5G technology are encouraging industry players to increase their production capacity to meet the growing demand for copper wire and cable.
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the wire and cable end-use industries. The COVID-19 pandemic has significantly affected the copper wire and cable market as companies operating in the market across the globe faced financial losses due to stringent steps adopted by the governments in order to curtail the spread of the disease.
The global copper wire and cable market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· 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.
Moreover, increasing demand for cables from the renewable sector like solar extra-high voltage cable coupled with a high cost of cable compared to wires is another key factor for its significant share in the market.
· 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.
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Copper Wire and Cable Market Geographical Segmentation Includes:
· North America (the United States, Canada, and the Rest of North America)
· Europe (Germany, the United Kingdom, France, Italy, Spain, and the Rest of Europe)
· Asia-Pacific (China, India, Australia, Japan, and the Rest of Asia-Pacific)
· Rest of the World
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.
The major players targeting the 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.
· Prysmian S.p.A.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the copper wire and cable market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the copper wire and cable market?
• Which factors are influencing the copper wire and cable market over the forecast period?
• What are the global challenges, threats, and risks in the copper wire and cable market?
• Which factors are propelling and restraining the copper wire and cable market?
• What are the demanding global regions of the copper wire and cable market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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