The global wire and cable market is catering to a wide range of diverse demands as emerging countries and developed countries significantly differ in product application. For example, regions such as North America and Europe have become mature markets and the demand for fiber optics and innovations in the use of copper are key dynamics in these regions. On the other hand, Asia Pacific, Latin America, the Middle East, and Africa are witnessing a growing demand for copper- based solutions to meet the needs of the expanding construction industry. New residential complexes and rapidly growing commercial establishment are driving the markets in emerging regions.
However, growing urbanization, digitization, and innovation like autonomous vehicles are expected to drive demand in all the regions during 2018 – 2026. The global wire and cable market is predicted to rise at a CAGR of 4.1% during 2018-2026, and reach valuation of US$235.9 Bn by the end of the forecast period.
Autonomous Vehicles Drive Demand for High Quality Special Cables
Technological innovations, government support for initiatives like smart cities, and growing disposable income have led the demand for next-generation autonomous vehicles. Automobiles are also increasingly expected to offer more comfort, safety, and enriching features. In order to produce autonomous vehicles, the automotive industry requires high quality special cables. These cables can potentially transfer large amounts of data in a reliable manner between sensors, control units, and key vehicle components. The new demand for the auto industry is a lucrative opportunity and expected to drive growth of the global wire and cable market.
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Transformational Change in Communication Drives Growth of Optical Fiber Cable
Large industry sectors like telecom and households depend on technologies such as resistance to electromagnetic interference, high bandwidth, low power loss, and low security risk in order to enhance everyday communication. Digitization and rising frontiers such as intelligence of things (IOT) are expected to become a game-changer for optical fiber cable. The optical fiber cable embeds the advantages mentioned above plus provides potential scalability by nearly matching light speed in data transfer application. Rising demand for optical fiber cable in communication is expected to provide a major boost to the global wire and cable market.