Based on materials, cables based on copper conductors dominated the market in 2017 and are expected to 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 also has the ability to withstand stress with minimal wear and requires less maintenance. Therefore, despite the high cost of metals, cables with copper conductors as the main material are expected to account for 64.3% of the total cable market share in 2026.
In terms of applications, residential and commercial buildings and transmission and distribution accounted for 64.3% of the market share in 2017. Rapid urbanization, particularly in the Asia-Pacific and Middle East, is driving the demand for wires and cables in the residential and commercial building and distribution industries. In addition, government-effective measures that have been added globally to improve existing transmission and distribution networks have furthered the development of the transmission and distribution sector.
From the perspective of regional markets, the Asia-Pacific region dominated the global cable market in 2017, with China accounting for the majority of its revenue. The region's dominant position in the market is attributed to its large population base, growing industrialization and urbanization, the development of transmission and distribution networks, increased production of renewable energy, large-scale automobile production, and government support for expansion or upgrades. Infrastructure initiatives.
As far as the country is concerned, China is expected to lead the wire and cable market in the region throughout the forecast period. The country has a large number of wire and cable manufacturers, producing more than twice as much as the second largest wire and cable producer. In addition to 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 at a rapid compound annual growth rate of 5.1% during the forecast period. In 2017, North America and Europe accounted for a total of 34.2%. Due to the relatively mature wire and cable market in Europe and the United States, it is expected that its market share will decline slightly during the forecast period.