Wire And Cables Market, By Installation Type (Overhead, Submarine, and Underground), By Voltage (High, Medium, and Low), By Industry Vertical (Energy and Power, Aerospace and Defense, IT and Telecommunication, Industrial, Oil and Gas, and Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Published In : Mar 2024

Code : CMI6786

Pages :165

Formats :

Excel and PDF

Industry : Consumer Electronics

Market Concentration and Competitive Landscape

Wire And Cables Market Concentration By Players

Close-monitor your Competitor's Move, Request sample copy

Surging Demand from Renewable Energy Sector

The renewable energy sector has emerged as a major driver of global economic growth in recent times owing to sustainability concerns. Strong policy support for clean technologies along with plunging prices of solar panels and wind turbines has made renewable power commercially viable. According to estimates, the global renewable energy capacity is projected to almost double by 2030. This clean energy expansion predominantly relies on technologies such as solar PV, wind, hydro among others. All these renewable power solutions have one thing common - extensive use of cables for smooth generation, transmission and distribution of electricity. Right from inter-array cables used within solar parks and wind farms to long transmission cables required to wheel power from remote projects to cities - cables lie at the heart of renewable infrastructure. Furthermore, construction of offshore wind projects necessitates special types of cables that can withstand harsh marine conditions. The bright outlook for renewable sources of energy guarantees rising demand trajectories for different varieties of polymer and metallic wires & cables in the upcoming years.

According to the International Energy Agency (IEA), renewable electricity generation capacity worldwide is expanding rapidly, with the potential to triple by 2030. In 2023, the capacity for renewable energy increased by 50%, reaching nearly 510 gigawatts (GW). Solar photovoltaic (PV) accounted for three-quarters of this growth globally. China saw the largest increase, installing as much solar PV in 2023 as the entire world did in 2022, and its wind power capacity rose by 66%. Europe, the United States, and Brazil also experienced record-high growth in renewable energy capacity.

Key Players Insights