International market research institute TMR recently released a cable market research report, saying that the global cable market annual compound growth rate is close to 4.1% in 2018-2026.
The cables in the report include low-voltage cables, medium-voltage cables, high-voltage cables, and fiber-optic cables, including energy cables and data cables made of copper, aluminum, and fiber.
The report believes that by 2026, the global cable market will continue to be affected by a range of macroeconomic and industry-specific factors. The Asia-Pacific region may continue to be at the forefront of global demand, and the region's market will grow at a compound annual growth rate of 4.8% by 2026, higher than the global average.
The global demand for cables is directly dependent on the expansion of industrial sectors and infrastructure development in power generation and transmission, telecommunications, residential and commercial sectors. Rapid urbanization and a growing global population have increased the demand for these industries, providing multiple opportunities for the global cable market.
The global cable market can be broadly segmented by type, material and application. In terms of type, the low-voltage wire and cable division is expected to occupy a major market share between 2018 and 2026. The advancement of urbanization promotes the expansion of transmission and distribution networks and the increase in residential and commercial buildings, which is a major factor in the high share of this segment. In addition, the growing demand for low-voltage wires in automotive electrical installations is another factor that affects its dominance throughout the forecast period.
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.