The International market research organization TMR recently released a cable market research report that the global cable market annual compound growth rate in 2018-2026 is close to 4.1%.
The cables in the report include low-voltage cables, medium-voltage cables, high-voltage cables, and fiber-optic cables, including energy cables and data cables made of copper, aluminum, and fiber.
The report believes that by 2026, the global cable market will continue to be affected by a range of macroeconomic and industry-specific factors. The Asia-Pacific region may continue to be at the forefront of global demand, and the region's market will grow at a compound annual growth rate of 4.8% by 2026, higher than the global average.
The global demand for cables is directly dependent on the expansion of industrial sectors and infrastructure development in power generation and transmission, telecommunications, residential and commercial sectors. Rapid urbanization and a growing global population have increased the demand for these industries, providing multiple opportunities for the global cable market.
The global cable market can be broadly segmented by type, material, and application. In terms of type, the low-voltage wire and cable division is expected to occupy a major market share between 2018 and 2026. The advancement of urbanization promotes the expansion of transmission and distribution networks and the increase in residential and commercial buildings, which is a major factor in the high share of this segment. In addition, the growing demand for low-voltage wires in automotive electrical installations is another factor that affects its dominance throughout the forecast period.
However, among all types, the fiber optic cable portion is expected to expand at a significant compound annual growth rate of 6.1% due to its increasing use in telecommunications systems, television transmission, and data networks.
Based on materials, cables based on copper conductors dominated the market in 2017 and are expected to lead the wire and cable market during the forecast period. Excellent electrical conductivity and high ductility and tensile strength make copper a versatile material for wires and cables. In addition to high performance and durability, copper also has the ability to withstand stress with minimal wear and requires less maintenance. Therefore, despite the high cost of metals, cables with copper conductors as the main material is expected to account for 64.3% of the total cable market share in 2026.
In terms of applications, residential and commercial buildings and transmission and distribution accounted for 64.3% of the market share in 2017. Rapid urbanization, particularly in the Asia-Pacific and the Middle East, is driving the demand for wires and cables in the residential and commercial building and distribution industries. In addition, government-effective measures that have been added globally to improve existing transmission and distribution networks have furthered the development of the transmission and distribution sector.
From the perspective of regional markets, the Asia-Pacific region dominated the global cable market in 2017, with China accounting for the majority of its revenue. The region's dominant position in the market is attributed to its large population base, growing industrialization and urbanization, the development of transmission and distribution networks, increased production of renewable energy, large-scale automobile production, and government support for expansion or upgrades. Infrastructure initiatives.
As far as the country is concerned, China is expected to lead the wire and cable market in the region throughout the forecast period. The country has a large number of wire and cable manufacturers, producing more than twice as much as the second largest wire and cable producer. In addition to China, countries including India, South Korea, and Japan are also expected to make significant contributions to the wire and cable market in the Asia Pacific region. The Indian market is expected to expand at a rapid compound annual growth rate of 5.1% during the forecast period.
In 2017, North America and Europe accounted for a total of 34.2%. Due to the relatively mature wire and cable market in Europe and the United States, it is expected that its market share will decline slightly during the forecast period.
Reprinted from www.cableabc.com