Industry Background:
The rising growth of urbanization coupled with smart buildings is one of the factors for cumulating the market foe electric wires. The demand for energy-efficient power lines in the residential as well as commercial spaces has made necessary to purchase and hence the quality of these electrical wires. Moreover, the need for power grid interconnections in densely populated areas is creating a demand for submarine and underground cables. The underground cables reduce space required and offer reliable transmission of electricity. In addition to that, the initiative taken by the government organization to provide electricity in the rural area is the biggest milestone to drive the industry.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Leoni (Germany), Judd Wire (United States), Sumitomo Electric Industries (Japan), Furukawa Electric industries (Japan), General Cable Corporation (United States), Belden (United States), Cords Cable Industries Limited (India) and Finolex Cables (India) |
This growth is primarily driven by Increased Energy Needs in the Asia Pacific, the Middle East, and South America has Resulted in Rising Investments in Smart Grids and Rising Urbanization Globally is also Driving the Industry.
Globally, a noticeable market trend is evident Rising Adoption of Smart Grids in Different Sector of Markets
Major Manufacturers, such as Leoni (Germany), Judd Wire (United States), Sumitomo Electric Industries (Japan), Furukawa Electric industries (Japan), General Cable Corporation (United States), Belden (United States), Cords Cable Industries Limited (India) and Finolex Cables (India), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Electrical Wires is fragmented market .The global Electrical Wire and Cable Market Growth is anticipated to rise at a considerable rate
Key Developments in the Market:
In Oct. , 2020 Superior Essex Inc. the parent company of Essex Magnet Wire, and Furukawa Electric Co., Ltd. ("Furukawa"), both leaders in magnet wire product development and custom solutions, today announced the finalization of a global joint venture. The joint venture will expand upon a previous magnet wire partnership to create a global market leader. The combined company will operate as Essex Furukawa Magnet Wire LLC, using the "Essex Furukawa" brand.
In October 2023, Sumitomo Electric Industries, Ltd. has established Judd Wire Mexico, S.A. de C.V. (JMEX), a subsidiary focused on the manufacturing of tab leads for automotive lithium-ion batteries, as well as high-functionality and high heat-resistant electric wire
Influencing Trend:
Rising Adoption of Smart Grids in Different Sector of Markets and Adoption of new Products such as Halogen-Free Flame Retardant Compounds and Implement New Processes with Low Energy Consumption and Efficient use of Raw Materials
Market Growth Drivers:
Increased Energy Needs in the Asia Pacific, the Middle East, and South America has Resulted in Rising Investments in Smart Grids and Rising Urbanization Globally is also Driving the Industry
Challenges:
Shorter Life Cycle than Cables and High Cost for Maintaining these Wires
Restraints:
Concern Related Towards Volatile Metal Prices and Issue due to Corrosion of Copper Material
Opportunities:
Rising Economic Activity and Rapid Urbanization in Emerging Economies and The Need for Power Grid Interconnections in Densely Populated Areas is Creating a Demand for Submarine and Underground Cables
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Electrical Wires Market
- Analysis about New Entrants in Electrical Wires Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Electrical Wires Study Sheds Light on
The Electrical Wires Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Electrical Wires industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Electrical Wires industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.