Major companies in the wires and cables market include Sumitomo Electric Industries Ltd; Prysmian Group; Furukawa Electric; Leoni AG and Southwire Company LLC. The global wires and cables market is expected to grow from $213.
New York, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wires And Cables Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06027712/?utm_source=GNW
38 billion in 2020 to $232.13 billion in 2021 at a compound annual growth rate (CAGR) of 8.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $308.02 billion in 2025 at a CAGR of 7%.
The wires and cables market consists of the sales of new wires and cables by entities (organizations, sole traders and partnerships) that manufacture insulated fiber optic cables which are network cables containing strands of glass fibers inside an insulated case, and coaxial cables and other insulated nonferrous wires which are copper and aluminum wires used by industries including energy, automotive, telecoms and others.The wires and cables market does not include sales from services, repair and maintenance of wires and cables.
The wires and cables market is segmented into coaxial cables; fiber optical cable and other cables.
Asia Pacific was the largest region in the global wires and cables market, accounting for 52% of the market in 2020.North America was the second largest region accounting for 18% of the global wires and cables market.
Africa was the smallest region in the global wires and cables market.
The demand for miniature connectors is growing rapidly in industries such as mobile technology, aerospace, defense and medical equipment to enhance connectivity and minimize space in electrical and electronic devices.Miniature connectors’ also known as micro connectors include subminiature, micro miniature and ultra-micro miniature connectors.
Micro connectors are rectangular cross sections that carry power and data.Miniature connectors can handle about 10 Gbps data and advance miniature board to board connectors can handle about 20 Gbps data.
For instance, some of the major companies offering miniature connectors include AMETEK, Omnetics, Amphenol and molex.
Many developed and developing economies are imposing restrictions on free trade, which are expected to hinder the growth of the wires and cables market in the forecast period.Post Brexit, trade restrictions between the UK and other European countries are likely to increase, while the new trade agreement between the USA, Canada and Mexico, USMCA, imposed by the US government, is expected to increase the prices of metal components imported from Mexico.
The increase of tariffs on foreign steel especially from China by the US government in 2018 to 25% has increased the production costs for wire and cable manufacturers. Therefore, reduction in the world free trade is expected to hinder the growth of the wires and cables market due to expected increase of the production costs and tariffs.
Technological advances in the communication industry are expected to be a key driver of the wires and cables market.Advances in fiber optic networks, and rising investments in high-capacity network infrastructure and wired broadband technologies will lead to an increase in the demand for fiber optic cables.
Fiber optic cables support higher bandwidths and faster data transmission than standard coaxial cables. Therefore, an increase in fiber optics demand will support the manufacturers of new and advanced fiber optic cables.
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