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Increasing Growth in Construction Sector to Create Growth Opportunities for Wire and Cable Market Players during 2022–2028
According to our latest market study on “Wire and Cable Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End Use Industry,” the market is expected to grow from US$ 1,53,334.35 million in 2022 to US$ 2,24,402.27 million by 2028; it is estimated to grow at a CAGR of 6.6% from 2022 to 2028.
With significant investment in commercial construction and infrastructural and institutional projects such as railway stations, bus terminals, airports, and educational institutions, the construction industry is expanding dramatically in developing countries of APAC, MEA, and SAM. This is driving the wire and cable market. A few economies intend to grow their industrial sectors by fostering a welcoming business environment for foreign investors and providing assistance to domestic firms. Further, a few initiatives were taken by governments to assist industrialization, including Made in China 2025, Make in India, Saudi Arabia's National Industrial Development & Logistics Program, and the UAE Strategy for the Fourth Industrial Revolution. Moreover, several multinational companies are shifting their manufacturing operations to low-cost economies in ASEAN, which is expected to increase the number of industrial buildings, which supports the demand for wire and cables across the wire and cable market.
Cable manufacturing businesses are increasing their capacity to produce fire-resistant cables to meet the rising demand for products from the construction industry. Flame spread is prevented by using fire-resistant cables. The Prysmian Group, Nexans, TPC Wire & Cable Corp., Cavicel, and Cleveland Cable provide fire-resistant cables. Thus, the growth in the construction sector is driving the demand for wire and cable, which is fueling the wire and cable market growth.
The wire and cable market is segmented into type, end use industry, and geography. Based on type, the market is segmented into cable, wire, and push-pull controls. Based on end use industry, the market is categorized into aircraft, transportation, medical, marine, and construction. Based on geography, the wire and cable market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Further, APAC accounted for a significant share of the overall wire and cable market size.