Insights on the copper wire and cable global market to 2030
The “Copper Wire and Cable Market By Type, Voltage and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to ResearchAndMarkets.com’s offering.
The global copper wire and cable market was valued at $156.11 Billion in 2020, and is projected to reach $267.17 Billion by 2030, registering a CAGR of 6.0% from 2021 to 2030.
The copper wire consists of a single conductor for electrical signals, unlike a copper cable wherein multiple copper wires are assembled into a common jacket. The most common function of these wire and cable is the conduction of electricity with minimal resistance which causes voltage drops as well as energy dissipation in the form of heat. These wires and cables find extensive use in power generation, power transmission, power distribution, telecommunication, electronic circuitry, and in many other electrical equipment.
Factors such as increased demand for electricity and robust investments in building construction mainly drives the growth of the copper wire and cable market. In addition, the development of smart grids along with the upsurge in investments in smart upgrading of the power transmission and distribution systems boosts the demand for copper wire and cable.
For instance, the smart grid technology has met increasing need for grid interconnections; therefore resulting in surge in investments for the new underground as well as submarine cables. However, volatility in the prices of raw materials are projected to hamper the growth of the market. On the contrary, rapid urbanization along with the rise in investments across industrial sector is anticipated to create lucrative growth opportunities for the market during the forecast period.
The copper wire and cable market is segmented on the basis of type, voltage, application, and region. On the basis of type, the market is bifurcated into wire and cable. By voltage, the market is classified into low, medium, and high. According to the application, the market is divided into Building wire, communication, power distribution, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Business Wire
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