Wire and Cable Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)

– For instance, in February 2019, Google announced its plans to invest USD 13 billion for building four new data center facilities with major expansion at three other locations in the United States.

– Some of the prominent players in the industry through strategic partnerships have been able to further the growth of the wire and cable market. For instance, Facebook, Amazon, and several global telecom firms joined their forces to lay an undersea Internet cable between the U.S. and Asia. The wire is expected to extend roughly 8,700 miles beneath the Pacific Ocean.

– The increasing initiative by the governments and the related regulatory bodies to expand the transmission lines is expected to fuel the adoption of the wire and cable market. For instance, in January 2019, according to the Indian Brand Equity Foundation, the central government of India announced its plans to roll out Rs 16,000-cr power-transmission projects in 2019 for nearly 20 power transmission project.

– However, due to the recent global coronavirus outbreak, the demand for wire and cables across the globe is expected to weaken. Also, the global supply may be adversely impacted due to the significant and ongoin disruptions across the world, especially in Wuhan, the origin of the pandemic.

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Key Market Trends

Power Infrastructure is Expected to Witness Significant Growth

– The energy and power sector is one of the largest adopters of wires and cables contributing immensely to the growth of the market. This is evident from the fact of new power projects being initiated by the governments to meet the electricity requirement.

– For instance, according to the World Nuclear Association, Annual electricity demand in the United States is projected to increase to 5000 TWh in 2030, with the country’s nuclear reactors producing 807 billion kWh in 2018, the government announced its plans to construct two reactors by the end of 2021.

– According to the International Energy Agency’s Global Energy & CO2 Status Report of 2018, electricity continued to position itself as the “fuel” of the future, with global electricity demand growing by 4% in 2018 to more than 23 000 TWh. This rapid growth is pushing electricity towards a 20% share in the total final consumption of energy, thereby fueling the market growth over the forecast period.

Asia-Pacific is Expected to Register Significant Growth

– The increasing initiatives by the Government and the related regulatory bodies to promote greener options of electricity transmission cables is expected to drive the adoption of the wires and cables over the forecast period.

– For instance, in March 2019, The Power Ministry of India announced its plans to issue new norms for bringing greener options of electricity transmission cables like aluminum to protect the environment from ill-effects of lead-based equipment. Also, it has awarded bids for 12 GW of transmission lines since December 2018 with further 16 GW and 38 GW bids to be out by December 2020.

– The increasing investments by China in Infrastructure is expected to bolster the wire and cable adoption in the region throughout the forecast period. For instance, since December 2018 the National Development and Reform Commission (NDRC) has approved 16 projects, worth at least USD 163.2 billion. Also, the government announced its plans to invest USD 119 billion for railway construction.

Competitive Landscape

The competitive rivalry in the wire and cable industry is high owing to the presence of some key players such as Finolex, Belden, Prysmian, amongst others. Through research and development, these players have been able to innovate the offerings that have enabled them to achieve competitive advantage. Strategic partnerships and mergers & acquisitions these players have achieve stronger foothold over the market.

– March 2020 – Nexans donates wires and cables valued at RMB 1.08 million to support the city of Suzhou to improve public health service joining the fight of the coronavirus outbreak. Nexans China realized the importance of disease prevention and public health service to local inhabitants, and made the decision of donation.

– August 2019 – Sequel Wire and Cable, a startup wire and cable company, is expected to launch its operations at the Argos Manufacturing Center in Marshall County, IN, in 2020. Sequel will invest approximately USD 53 million over the next few years to purchase and equip the newly-constructed, 50,000-square-foot Argos Manufacturing Center, and the expanded facility, which is expected to be operational in early 2020, will house manufacturing equipment to produce the company’s wire and cable products.

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