Market Research Report
Insulated Wires and Cables
|Published by||Global Industry Analysts, Inc.||Product code||938854|
|Published||Content info||362 Pages
Delivery time: 1-2 business days
|Insulated Wires and Cables|
|Published: July 1, 2020||Content info: 362 Pages||
Amid the COVID-19 Crisis, Insulated Wires and Cables Market to Reach a Revised US$231.8 Billion by 2027
The global market for Insulated Wires and Cables is projected to reach US$231.8 billion by the year 2027, trailing a CAGR of 5.6% over the analysis period 2020 to 2027. Production and manufacturing plants are worst impacted by the pandemic. Plant closures, scaling down of production, worker dislocation, capital flight & weak consumer have emerged as major challenges to growth. Falling sales and revenue turnover, liquidly issues and cash flow disruptions are impacting planned plant upgrades. Electrical cabling for instrumentation, communication and automation in plants as a result are receiving a direct blow. In the post COVID-19 period, market prospects are expected to be promising, with China and the U.S. forecast to drive demand for low voltage energy and fiber optic cabling.lso, public infrastructure and construction projects in the long run will provide impetus to demand for wires and cables demand. At present stimulus has been focused mainly on relief measures, with several countries deferring immediate investments projects due to the COVID-19 pandemic. Stimulus packages are being announced by several governments. While China announced $390 billion investments into local government infrastructure bonds, the US has announced $2 trillion infrastructure package. Such stimulus packages will influence demand for wire and cable, specifically in segments such as low voltage, high voltage and fiber optic cabling.
Insulated wires and cables today enjoy an almost ubiquitous presence in the construction, electrical and electronics, power, and telecommunication industries. As a medium which transfers electricity, these units deliver the crucial electrical fuel that powers electrical as well as electronic components. Resultantly, the demand for insulated wires and cables always move hand-in-glove with the economic growth, given the intricate correlation between GDP growth, level of construction activities, and growth of the industrial sector. Pre-COVID 19, strong economic growth, industrialization, and urbanization, had resulted in increased infrastructure and housing needs, thereby translating into improved construction activities across all sectors, including residential, commercial, and infrastructure. Construction industry therefore remains a very vital element in every country's economy, the importance of which can be thrown into perspective by the fact that the industry makes a significant contribution to the world's GDP. With the global population growing at a robust rate, specifically in the developing nations, demand for housing units and infrastructure facilities is expected to increase post-COVID 19, thereby offering huge growth opportunities for the insulated wires and cables market.