Posted On: 2020-05-13
Asia Pacific wires and cables market is expected to surge in the coming years on account of infrastructure development in various developing economies in the region- 6Wresearch
The massive growth in the infrastructural development due to government and public investments, along with rapid industrialization would augment the growth of the wires and cables market in Asia Pacific. Moreover, growing demand for uninterrupted electricity would further escalate the demand for wires and cables market in the APAC region.
According to 6Wresearch, Asia Pacific Wires and Cables Market size is projected to grow at a CAGR of 6.6% during 2020-26. The market would decline during the year 2020 on account of economic slowdown caused due to coronavirus, however, the market is expected to recover post 2020. There is a growing trend of fire-resistant cables as the cable manufacturing companies are aiming to increase the production of fire-resistant cables due to their increasing demand in the construction industry. These wires are mainly designed for limiting propagation of flames. These wires are incorporated with sheets in order to limit the smoke and toxic gases released during fire accidents. These wires and cables are majorly used for electricity transmission but also have application in the data transmission segment due to increased utility in fiber optic cables as well.
According to Prithu Chawla, Senior Research Analyst, 6Wresearch, “low voltage market portrays dominance in the Asia Pacific wires and cables market owing to rapid urbanization synergized by increasing demand for reliable power supply which will encourage the product growth in the aforementioned segment. The medium voltage segment is anticipated to grow significantly in terms of revenue share due to its application in the renewable energy sector.
“Building and construction sector accounts for significant wires and cables utility due to efforts from private and public associations for bringing infrastructural growth in the region. This triggers the demand for wires and cables for construction sites.” Prithu further added.
According to Siddharth Saxena, Research Associate, 6Wresearch, “The overhead cables would show dominance in the Asia Pacific wires and cables market although the underground cables would show the maximum growth in within the installation segment owing to increase in adaptability of underground systems along with cost benefits in association with maintenance in comparison with overhead wired and cables.”
“Asia Pacific wires and cables (2020-2026)" provides an in-depth analysis with 35 figures, covered in 75 pages. The report estimates and forecasts the overall Asia Pacific wires and cables market by voltages, by installation, by products, by material and by end user. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.