The Wire and Cable Market is expected to register a CAGR of 5.1% over the forecast period. The wire and cable market seems ready to engage in the fourth industrial revolution. The industry is changing rapidly. The increasing demand for power, communication (data and voice), and light have filled India’s wire and cable industry and electrical equipment business. Also, the steady increase in consumer spending augments the demand for the wire and cable industry worldwide.
The Wire and Cable Market is very competitive. Some of the significant players in the market are Nexans, LS Cable & System Limited, Prysmian S.p.A, Southwire Company LLC, Fujikura Limited, Furukawa Electric Co., Ltd, Leoni, Belden Incorporated, TE Connectivity, Wilms Group, among others. The companies are increasing the market share by forming multiple partnerships and investing in introducing new products, earning a competitive edge during the forecast period.
In October 2022, Nexans received the final order for the United States offshore wind export cables turnkey contract for Empire Wind 1 from Equinor/bp joint venture. The project is part of the vast Empire Wind 1 offshore wind farm that will generate enough renewable energy through the sources to energize above 1 million homes in New York State. From the current contract for Empire Wind 1, over five lakhs of those residential homes will be powered by the cables by the company. Nexans will install the export cables over 150km (93 miles) from the United States offshore substation to landfall at South Brooklyn Marine Terminal.
In May 2022, Prysmian Group to deliver cable for the fiber network of the future in Australia. The company announced it would work with Telstra to build a new state-of-the-art inter-capital fiber network in Australia. The national fiber network project is a multi-year project that will see Telstra build a new state-of-the-art inter-city dual fiber path that sums up to 20,000 route km of new fiber optic terrestrial cable, boosting inter-capital capacity as the capacity for regional areas.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook