From 2018 to 2026, the compound annual growth rate of global wire and cable will exceed 4%

Transparency Market Research, an international market research institution, released the latest report that the global wire and cable market will grow at a compound annual rate of about 4.
1% from 2018 to 2026, and it is expected that the global wire and cable market demand will reach $235.
9 billion by 2026.

The report believes that the global wire and cable market will continue to be affected by a series of macroeconomic and industry-specific factors
.
Asia Pacific is likely to continue to be at the forefront of global demand, with the market in the region growing at a CAGR of 4.
8%
during the forecast period.

Globally, the expansion of the construction sector, power generation and distribution networks are driving the continued development
of the global wire and cable market.
Demand for wires and cables is directly dependent on the expansion
of industries and infrastructure in the power generation and transmission, telecommunications, and residential and commercial sectors.
At the same time, rapid urbanization and increasing global population are increasing the demand in these regions, thereby providing multiple opportunities
for the global wire and cable market.

The global wire and cable market can be segmented
on the basis of type, material, and application.
In terms of product type, the low-voltage wire and cable industry is expected to hold a dominant market share
between 2018 and 2026.
Expansion of transmission and distribution networks and rise of residential and commercial buildings with increasing urbanization are the major factors
for the high share of the sector.
Moreover, rising demand for low-voltage lines for automotive electrical equipment is another factor
dominating the entire forecast period.
However, due to its increasing applications in telecommunication systems, television transmission, and data networks, the fiber optic cable market is expected to grow at a CAGR of 6.
1%.

In terms of materials, copper cable held a significant market share in 2017 and will further 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 has the ability to withstand stress with minimal signs of wear and maintenance
.
Therefore, despite the high cost of metals, copper wire is expected to account for 64.
3% of
the total wire and cable market by 2026.

In terms of application, in 2017, residential and commercial buildings and power transmission and distribution accounted for 64.
3% of the market share
.
In particular, rapid urbanization in developing countries in Asia Pacific and the Middle East is driving the demand for wire and cable in residential and commercial buildings and power distribution sectors
.
In addition, the development of the transmission and distribution sector has been further boosted by increasing government initiatives around the world to update existing transmission and distribution networks
.

From the perspective of market area, in 2017, the Asia-Pacific region dominated the wire and cable market, with China accounting for the main share
of its revenue.
The region dominates the market due to its large population, accelerating industrialization and urbanization, development of power transmission and distribution networks, increasing renewable energy production, large-scale automobile production, and government initiatives to support the expansion or upgrading of existing infrastructure
.
In terms of countries, China is expected to continue to dominate the wire and cable market
in the region throughout the forecast period.

China has a large number of wire and cable manufacturers, which produce more than
twice as much as the second largest wire and cable producer.
Apart from 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
rapidly at a CAGR of 5.
1% during the forecast period.
North America and Europe together accounted for 34.
2%
of the market share in 2017.
Due to the mature wire and cable market in Europe and the United States, its market share is expected to decline
slightly by 2026.

The report also analyzes the leading companies operating in the global wire and cable market on attributes such as company profiles, business strategies and
developments.
According to the report, the major players in the global wire and cable market are Prysmian, Nexans, Sumitomo Electric, Furukawa Electric, Minami Cable, General Cable (acquired by Prysmian), LS Cable, and Nktor Cable
.
In addition, major regional manufacturers such as China Far East Cable (now renamed "Smart Energy"), Hengtong Optoelectronics, TPC Wire & Cable Company, Polycab Cable, LEONI Cable, etc.
are also expanding their business through strategic acquisitions and cooperation with several end-user industries to join the fierce international market competition
.