Projected to grow at a CAGR of over 16%, electric wire and cable market is expected to witness significant
growth over the forecast period owing to growth across the power transmission
& distribution sector. For example, in state of Jammu, India government is
working on upgrading transmission & distribution network to tide over
T&D losses. Also, the government has taken a Tk 676-crore project to expand
the 3G network of Teletalk to all upazilas, growth centres and educational
institutions, and 2.5G network to all villages in India.
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Surging demand across several applications areas such as transmission,
braking, engine, lights, seat heaters and air conditioners is expected to drive
the global electric wire and cable market over the forecast period. Growing
demand for in-vehicle wiring applications is also expected to considerably fuel
market demand in the long run. Rapid urbanization and infrastructure
development along with increasing transmission grid capacity are also expected
to serve as a driver to market growth. Favorable government initiatives
pertaining to the housing sector provide several market growth opportunities.
Additionally, surge in demand across telecommunication sector is also expected to
favorably impact the electric wire and cable market demand in the long run.
Technological innovations in cables such as making the cables safe,
fire-resistant, fire-retardant, non-toxic and, lead and halogen free is
expected to have a positive impact on the environment. Insulated cables are
made from PVC Polymers that restrict the toxic gases and smoke as they are self
extinguishing and do not allow fire to spread. Furthermore, wires used for
space applications are anticipated to drive the market over the forecast
period.
Growing environmental concerns related to recycling and disposal of
automotive wires and cables may pose a challenge to market growth over the
forecast period. Further, increasing usage of wireless devices may also hinder
the electric wire and cable market demand. In addition, growing popularity of
fiber-optic cables may also pose a threat to market growth in the long run.
The market can be segmented on the basis of product type, insulation
type, material type and end-use segment. On the basis of product type, the wire
market can be divided into triplex wires, main feeder wires, panel feed wires,
non-metallic sheathed wires and single strand wires. Cable type consist of
non-metallic sheathed cable, underground feeder cable, metallic sheathed cable,
multi-conductor cable, coaxial cable, unshielded twisted pair cable, ribbon
cable, direct buried cables, twin lead cables, twin axial cables, paired cable
and twisted cable. Copper, aluminum and gold wires and cables are available in
the market. On the basis of insulation, the wires and cables are insulated with
the materials such as Polyvinyl Chloride (PVC), Polyethylene (PE) and
thermosetting compounds such as cross-linked polyethylene (XLPE) and ethylene
propylene rubber (EPR). The wires are used in telecommunication, satellites,
transmission, automobiles and home applications.
Asia-Pacific is expected to exhibit high growth over the forecast
period, which can be attributed to demand rise in countries such as China and
India. Key players in the electric wire and cable market include Finolex
Cables, Havells India, Polycab Wires, Sterlite Technologies, Cords Cable
Industries, Diamond Power Infrastructure, KEC International Ltd., Belden Inc,
Torrent Cables, Chongqing Yuneng, Taishan Electric Wire and Cable, Enfield
Cables, LS Cable & System, Hitachi Cable and Marlin Wire.
In April 2016, Polycab Wires planned to enter into home appliances
category with products such as irons and mixer grinders as part of their
diversification strategy.
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