The low-voltage wire and cable market will experience growth of 8% till 2030. Growing inclination of utilities in expanding & upgrading existing grid networks In addition, shifting regulatory inclinations toward the replacement of traditional power generating units with high-capacity clean energy sources coupled with rapid infrastructure development will propel the market demand across the globe. Moreover, government focus on the advancement of existing transmission capacities on account increased sustainable & energy-efficient component deployments will drive the product demand. The power cables segment is anticipated to witness substantial growth during the forecast period, owing to their large-scale applications across comparatively low-rated capacity networks. To tailor this report to your specific requirements: Customize this Report
In addition, the growing demand for replacing & refurbishing aging grid infrastructure coupled with ongoing building infrastructure constructions will complement the market outlook. The development of utility-scale projects and sustainable energy witnessed a slight delay on account of lockdown impositions and supply chain disruptions however, the power and telecom sector were operational during the COVID-19 pandemic for the maintenance of electrical infrastructure. The pandemic outbreak slightly impacted the wire and cable market revenue. Increasing investments in R&D to enhance the product portfolio by various manufacturers will further propel the market growth. Moreover, the flourishing consumer electronics sector in line with an expanding grid infrastructure will augment the industry outlook.
Rising concerns associated with electrical supply faults, fires, health, and other operational hazards will stimulate product deployment. Growing inclination toward the enhancement & replacement of the existing electric infrastructure across economies has instituted a favorable growth scenario for wire and cable market.
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To get more details on this report: Request Free Sample PDF Favorable consumer inclinations toward deploying flexible and fire-resistant wires & cables to safeguard the living environment along with extended life expectancy will fuel the market expansion. Wire and Cable Market size was over USD 198 billion in 2021 and is poised to grow at over 8% CAGR between 20.
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