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According to a report released by the market research institute Reportlinker.
com a few days ago, due to the continuous development of urbanization and infrastructure, the global wire and cable market demand will continue to grow steadily by 2028, and the compound annual growth rate is expected to reach 6.
6%
during the period.
Increasing demand for electricity and energy in the commercial, industrial, and residential sectors is a major factor
contributing to the growth of this market.
At the same time, increasing investments in smart grid development and intelligent system upgrades for transmission and distribution will also drive market expansion
.
In addition, due to the growth of the population, the demand for electricity is also increasing
.
Technical improvements to the grid are needed to reduce the frequency and length of storm impacts and outages, and to quickly restore service
after outages.
The convergence of smart grid technologies has led to the use of various energy sources, reduced carbon footprint, utilized smart gadgets and smart homes, and promoted the use of
electric vehicles.
Some governments are increasingly implementing green energy technologies to reduce fossil fuel use
.
The installation of solar farms and wind turbines is expanding, which is increasing the demand for wires and cables, while the development of offshore renewable energy technologies such as offshore wind farms will stimulate the growth of
the wire and cable market.
The growing adoption of big data is expected to drive the demand for
wires and cables in data centers and IT facilities.
The market is expected to rise as more and more enterprises use cloud computing to
reduce maintenance and other ancillary costs.
The market share of wire and cable will also benefit from the increase in investment in the
industrial sector.
Consumers are increasingly demanding products that can provide reliability and performance confidence for a wide range of industrial automation applications
.
In addition, rapidly expanding communications and investments in modernization of power and grid infrastructure are expected to stimulate the growth of
the wire and cable market in North America.
Moreover, government investments in this area are further accelerating the market growth
.
According to a report released by the market research institute Reportlinker.
com a few days ago, due to the continuous development of urbanization and infrastructure, the global wire and cable market demand will continue to grow steadily by 2028, and the compound annual growth rate is expected to reach 6.
6%
during the period.
Increasing demand for electricity and energy in the commercial, industrial, and residential sectors is a major factor
contributing to the growth of this market.
At the same time, increasing investments in smart grid development and intelligent system upgrades for transmission and distribution will also drive market expansion
.
In addition, due to the growth of the population, the demand for electricity is also increasing
.
Technical improvements to the grid are needed to reduce the frequency and length of storm impacts and outages, and to quickly restore service
after outages.
The convergence of smart grid technologies has led to the use of various energy sources, reduced carbon footprint, utilized smart gadgets and smart homes, and promoted the use of
electric vehicles.
Some governments are increasingly implementing green energy technologies to reduce fossil fuel use
.
The installation of solar farms and wind turbines is expanding, which is increasing the demand for wires and cables, while the development of offshore renewable energy technologies such as offshore wind farms will stimulate the growth of
the wire and cable market.
The growing adoption of big data is expected to drive the demand for
wires and cables in data centers and IT facilities.
The market is expected to rise as more and more enterprises use cloud computing to
reduce maintenance and other ancillary costs.
The market share of wire and cable will also benefit from the increase in investment in the
industrial sector.
Consumers are increasingly demanding products that can provide reliability and performance confidence for a wide range of industrial automation applications
.
In addition, rapidly expanding communications and investments in modernization of power and grid infrastructure are expected to stimulate the growth of
the wire and cable market in North America.
Moreover, government investments in this area are further accelerating the market growth
.
