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The compound annual growth rate of the global cable market in the next ten years will be about 4.3%

 Last Update: 2022-02-22
 Source: Internet
 Author: User

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[ Market Analysis of Chemical Machinery Equipment Network ] According to the latest report released by Precedence Research, a foreign market research institution, from 2021 to 2030, the global cable market is expected to grow at a compound annual growth rate of about 4.
3%
.

Chemical Machinery Equipment Network Market Analysis Chemical Machinery Equipment

Wires and cables are an important part of electrical and electronic equipment, and with the rise of urbanization and globalization, the transportation sector has witnessed profound growth in recent times
.
The introduction of electric vehicles and increasing adoption of self-driving vehicles, which are associated with regulating carbon emissions, are key strategies adopted by governments in various regions to drive market growth
.

Wire and Cable

Different types of wire technologies are used in transportation systems, including clutch wires, brake wires, accelerator wires, gear wires, and more
.
The implementation of these wire and cable technologies enables the mobility of vehicles
.
Furthermore, increasing spending in the automotive industry to enhance its safety, aesthetics and comfort is driving the demand for advanced wire technology
.

On the other hand, fluctuations in the prices of raw materials such as copper, rubber, plastic, aluminum, etc.
, may hinder the growth of the market
.
Price changes directly affect the overall price of cables, which is a major problem for wire and cable manufacturers to maintain stability
.
However, the increasing demand for flame retardant cables as well as advanced cable technologies is expected to create attractive opportunities in the coming years
.

In terms of regional markets, North America and Europe are mature markets that will continue to witness significant growth over the forecast period owing to significant government initiatives in these regions
.
Asia Pacific is the most attractive region in the global market due to the growing demand for electricity, lighting and communication networks
.

North America and Europe were the prominent revenue contributors to the global wire and cable market in 2019 and are expected to witness substantial growth over the forecast period
.
This is mainly due to major technological advancements in transportation, construction, communications, and energy and power
.
These regions are expected to be mature markets, but there is a high rate of deployment of advanced cable technologies in these regions
.
The introduction of electric vehicles has transformed the mobility landscape; furthermore, it has greatly stimulated the demand for advanced wire and cable technologies to interconnect various complex systems in vehicles
.

　　On the other hand, Asia Pacific recorded the highest growth rate during the analysis period due to the region’s large consumer base and surging demand for advanced technologies
.
Consumer awareness of applying smart and advanced products to increase efficiency and reduce workload has greatly propelled the demand for advanced technologies
.
Furthermore, increasing investments in the energy and power sectors to develop compatible infrastructure to support renewable energy generation is again triggering market growth
.

　　In terms of materials, copper is the most affordable raw material in the world due to its excellent ductility and tensile strength, high electrical conductivity and many other properties
.

　　In terms of application market, electricity transmission is expected to dominate the global market due to the replacement of traditional transmission and distribution systems with more reliable transmission and distribution systems
.
Construction applications will witness the fastest growth over the forecast period owing to increasing population and high construction and development rates in Asian countries
.

　　Original title: The compound annual growth rate of the global cable market in the next ten years is about 4.
3%

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