The global industrial cables market is expected to witness significant growth over the forecast period owing to high capital spending and investments in industries worldwide. Declining raw material prices coupled with rapid industrialization is expected to drive the market growth over the forecast period. In recent times, several developing economies have witnessed rapid infrastructure development, which has further spurred the market growth. Additionally, increasing energy demand and utilization in emerging markets such as Asia Pacific is also projected to fuel market growth. Increasing electricity consumption paired with the consequent need to expand the distribution network may fuel the demand for the industrial cables industry.
Industrial cables comprise one or more electrical conductors running side by side and bonded, twisted, or braided together with an overall sheath. These cables are primarily used for the transmission of electrical power. The ends of the cable can be connected to two devices or stations, enabling the transfer of electrical signals or power from one end to the other. Slow growth across the downstream market along with overcapacity may hinder market growth significantly. In addition, economic recession and financial crisis in major developing countries is expected to pose a challenge to the global market. The cancellation of transmission expansion plans along with delays in orders is further anticipated to hamper industrial cables market demand over the forecast period. Furthermore, evolving technology and several stringent government policies are also estimated to impede market growth. The scarcity of skilled workforce and rising prices are also projected to pose a challenge to the global market growth over the next few years.
Government interest in the power sector is estimated to primarily drive the industrial cables market growth over the coming years. The market is poised for growth owing to strengthening of regional transmission networks paired with increasing electricity demand. Surging demand across the electric power industry, data communication, rail transit, automobiles, and shipbuilding industries are also expected to catapult market growth.
Manufacturers are expected to adopt strategies to counter the competition and survive in the market which primarily includes mergers and acquisitions. Manufacturers emphasize on customized and high-end product development coupled with exploration of new markets in order to remain competitive in the market. Companies increasingly focus on R&D and plant closures to cope with the evolving market.
Asia Pacific is estimated to witness high growth over the forecast period owing to rapid economic development and increasing government as well as private-funded investments in the power sector. Increasing population and equivalent energy consumption are expected to be key factors driving growth in the region. Key participants in the industrial cables market include Prysmian SpA, Nexans, General Cable, Baosheng Sci &Tech Innovation, Far East Smarter Energy, and Qingdao Hanhe Cable. The market is characterized by collaborations and strategic alliances. For example, In July 2014, Far Smarter Energy signed a cooperation agreement with Jiangsu Huabo Industrial Group to provide special wire and cable to Tesla for their new energy electric vehicle and charging equipment.
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The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.
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