s per the report published by Allied Market Research, the global copper wire and cable market generated $156.11 billion in 2020, and is expected to reach $267.17 billion by 2030, registering a CAGR of 6.0% from 2021 to 2030.
Rise in demand for electricity, development of smart grids and investments in smart upgrading of power systems, and surge in investments in building construction drive the growth of the global copper wire and cable market. However, volatility in prices of raw materials hinders the market growth. On the contrary, rapid urbanization and surge in investments across the industrial sector are expected to open lucrative opportunities for the market players in the future.
The demand for copper wire and cable declined due to the closure of construction activities and shutdown of electronics and semiconductor manufacturing facilities. Moreover, the ban on international import-export hampered the market.
The travel bans, facility closure, and drop in manufacturing utilizations hampered the market. The prolonged lockdown in the European and Asian countries disrupted the supply and revenue chain.
However, the negative impact of Covid-19 is expected to remain for a short duration and the market would recover soon owing to increase in number of market players that have reassessed their business strategies to stabilize the supply chain.
The report segments the global copper wire and cable market on the basis of type, voltage, application, and region.
Based on type, the copper cable segment is projected to register the highest CAGR of 6.8% during the forecast period. However, the copper wire segment held the largest share in 2020, accounting for more than two-thirds of the market.
On the basis of voltage, the low voltage segment is estimated to portray the highest CAGR of 7.1% from 2021 to 2030. In addition, the segment dominated the market in 2020 in terms of revenue, contributing to more than two-fifths of the market.
The global copper wire and cable market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2020, accounting for more than two-fifths of the market. Moreover, this region is estimated to register the highest CAGR of 6.6% during the forecast period.
The global copper wire and cable market report includes an in-depth analysis of the prime market players such as Belden Inc., Aviva Metals (NBM Metals), Elcowire Group AB (Liljedahl Group AB), CommScope Holding Company Inc., Nexans S.A., Hitachi Metals Ltd., Schneider Electric SE, Ningbo Jintian Copper (Group) CO. LTD., Tongling Jingda Special Magnet Wire Co. Ltd., and Tatung Co. Ltd. Globe Newswire