The study finds that increasing demand for electrification and efficient building heating solutions and increasing demand for reliable cabling in the transport sector are some of the major factors that are expected to drive the growth of the market.
According to a new industry report by Transparency Market Research, the global wire and cable market is projected to be $285.05 billion during the period 2021-2031, growing at a CAGR of 5.3%.
The global market was valued at USD 150.2 billion in 2020. The study found that the rising trend of digitalisation and electrification across the globe is driving the market growth and is expected to do so in the coming years. The study found that increasing demand for electrification and efficient building heating solutions and increasing demand for reliable cabling in the transport sector are some of the major factors that are expected to drive the market growth.
Moreover, the study found that the global industry is boosted by the increasing demand for wires and cables in the transport sector. The researchers conclude that increasing urbanisation is driving the demand for new and efficient transport systems. The market is expected to grow at a steady rate over the next decade due to increasing construction of new motorway, railway, and metro projects across the globe.
The study also concludes that industry proliferation in developing economies is creating new revenue-generating opportunities for market players. According to Transparency Market Research, other notable drivers fuelling the growth of the industry include increasing disposable income of consumers and continuous development and advancement in manufacturing and production technologies.
Hence, the overall market outlook is positive.
Post time: Oct-12-2023
