Insulated Wire and Cable Market Expected to Reach $244.23 Billion By 2027

According to a new report published by Allied Market Research, titled, “Insulated Wire and Cable Market By Material, Installation, Voltage, and End User: Global Opportunity Analysis and Industry Forecast, 2020–2027”, the global insulated wire and cablemarket size was valued at $160.54 billion in 2019, and is projected to reach $244.23billion by 2027, registering a CAGR of 5.3%.Asia-Pacific is expected to be the leading contributor to the global insulated wire and cablemarket during the forecast period, followed by North America and Europe.

Insulated wire and cable are coated with an electrical insulator, which has wide range of application in almost all kinds of industries. These multi core cable are produced using high grade of raw material, which guarantee durability at its client end. Various insulated wires are used particularly in tools & electric machinery, represented by motors & transformers. In recent time, improvement has been made in both the level of performance, and miniaturization characteristics of these tools & machinery. These insulated wires are often used by bundling them into a very thin space.Polyvinyl Chloride and Semi-Rigid PVC are most widely used as a insulation wire and cable materials.

The global insulated wire and cable market is anticipated to witness significant growth during the period of forecast. Factors such as growth in urbanization and rise in investments toward infrastructure development projects worldwide growth of the insulated wire and cable market. The working of the whole world relies upon the timely delivery of electric supply. High usage of insulated wire and cable has been seen in power sector in the recent time. Further, the expanding population leads to rise in demand for power. However, growing wireless technologies is a major restraint to global insulated wire and cable industry. In addition, North American is expected to create opportunities for the insulated wire and cable industry, owing to vast increase in data consumption.

Moreover, economically developed nations tend to witness high penetration of insulated wire and cabletechnology in energy & power. Reasonssuch as switching toward the adoption of underground cables as a replacement for of overhead cables, incentives in the Union Budget worldwide, owing to COVID-19 pandemiccontribute toward the insulated wire and cablemarket growth in the coming years.

The global insulated wire and cable market is segmented into material, installation, voltage, end user, and region. By material, the market is segmented into metal, plastic, and optical fiber. The installation segment is divided into overhead, underground, and submarine. By voltage, the market is fragmented into low voltage, medium voltage, and high voltage. Depending on end user, the market is segregated into telecommunication, energy & power, electronics, construction, automotive, and others.

Region wise, the insulated wire and cablemarket trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA.Asia-Pacific contributed maximum revenue in 2019. Also, between 2019 and 2027,the market in Asia-Pacificis expected to grow at a faster rate as compared to other regions. This is attributed to increase in investment from the emerging economical countries such as India, China, Japan, Australia, andSouth Korea.

COVID-19 Impact Analysis

The COVID-19 has impacted severely on the global electronics and semiconductor sector, due to which production facility have stalled which in turn have the significant demand in the industries. The operations of the production and manufacturing industries have been negatively impacted, but demand for cables has been increased in IT & telecom sector owing to expansion of internet networks and data centers by the outbreak of the COVID-19 disease; thereby, overall market growth almost remain unchanged in 2020.

Key Findings of the Study

• The high voltage segment is projected to be the major application during the forecast period followed by low voltage. Rise insmart grids industry is anticipated to drive the demand in the future.
• Asia-Pacific and North Americacollectively accounted for more than 60% of the Insulated wire and cablemarket share in 2019.
• Construction industry is anticipated to witness highest growth rate during the forecast period.
• U.S.wasthe major shareholder in the North Americaregion in 2019.

The key players profiled in the report include AFC Cable Systems, Inc., Alpha Wire, Amphenol Corporation, CommScope, Inc., Fujikura Ltd., General Cable Technologies Corporation, Nexans, SAB Bröckskes GmbH & Co. KG, Southwire Company, LLC, Sumitomo Electric Industries Ltd.These players have adopted various strategies such as product launch, acquisition, and expansion to expand their foothold in the industry.