The global copper wire and cable market size was worth around USD 158.9 billion in 2021 and is predicted to grow to around USD 249.1 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.77% between 2022 and 2030.
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➤ Market demand will be stimulated by the expansion of the building and construction industry.
The global copper wire and cable market is anticipated to capitalize on the expansion of the building and construction sector, which is presently experiencing one of its most prosperous periods in recent years. The construction sector’s high demand for copper cables and wires is influenced by a variety of critical factors, including the increasing population, pervasive commercialization, industrialization, and the proliferation of infrastructural development projects. The global population surpassed 8 billion in 2022 and is anticipated to exceed 9.5 billion by 2050.
➤ The characteristics of shock and fire hazards that serve to limit market expansion
Copper wires or cables are generally regarded as hazardous, particularly when they are not adequately maintained. Copper wires are susceptible to fire and shock hazards due to their effectiveness as electrical transmitters. The uttermost attention and care are required when handling these cables. Negligence can result in grievous and irreparable harm, including the loss of life. For example, the incorrect connection between aluminum and copper wiring is responsible for nearly 50% of residential fires in the United States, according to official data.
➤ Increasing the focus on the development of infrastructure for renewable energy in order to stimulate market growth
The global copper wire and cable market is expected to gain from the increasing investments in renewable energy, which will result in the energy sector becoming one of the largest consumers of copper cables and wires. The demand for electricity and power has experienced a significant increase as a result of the swiftly expanding industrialization and the growing population. Non-renewable energy sources may be unable to meet the ever-increasing demands in the years ahead. Consequently, governments, international organizations, and regional bodies are prioritizing investments in renewable energy sources.
➤ Changing the prices of primary materials to impede market expansion
The copper wire and cable industry participants may encounter significant obstacles due to the frequent fluctuations in the prices of raw materials, particularly copper. As a commodity for the commercial market, its price is subject to fluctuation and is influenced by a variety of factors, including the political and economic conditions of the regions involved in the trade. The revenue generated by market participants may be affected by the process of navigating these price fluctuations.
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The Global Copper Wire and Cable Market is segmented based on product, application and region
Global Copper Wire and Cable Market: Product Segment Analysis
● Copper Cable
● Copper Wire
Global Copper Wire and Cable Market: Application Segment Analysis
● Communication Wire
● Power Distribution
● Building Wire
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The global Copper Wire and Cable market profiles key players such as:
● Alan Wire Company
● Prysmian Group
● Ningbo Jintian Copper (Group) Company
● Nexans
● Tongling Jingda Electromagnetic Wire Company Limited
● Aviva Metals
● SH Copper Products Co. Ltd.
● Sumitomo Electric Industries Ltd.
● General Technologies Corporation
● Schneider Electric SE
● Hitachi Metals Ltd.
● Belden Inc
???? Recent Developments:
• Polycab Limited, India’s foremost producer of wire and cable, introduced CAT 6 UTP (UNSHIELDED TWISTED PAIRS) Solid Copper Cables in March 2022 through its Telecom division. The new range has been introduced by the company as part of its current portfolio of network solutions. The company has also introduced patch connections that can be secured in addition to the new products.
• In December 2020, Belden Inc., a prominent provider of transmission and networking solutions, introduced FiberExpress (FX), a hybrid copper-fiber cable. The latest release is capable of transmitting data and low-voltage power, and it can be utilized with a variety of devices, including wireless access points, sensors, security cameras, monitors, and phones.
➤ The Asia-Pacific region is expected to become the primary market.
Asia-Pacific is currently the dominant region in the global copper wire and cable market, and it is anticipated that this trend will persist throughout the forecast period. China is currently one of the largest consumers and producers of copper wires and cables, despite the fact that the market is geographically dispersed, making it difficult to pinpoint a single leading region. Rapid industrialization and the nation’s ambition to emerge as a dominant superpower within the next few years are the primary factors that are propelling regional growth.
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