SINGLE CORE COPPER WIRE MARKET ANALYSIS
The global single core copper wire market was valued at US$ 10,350.7 Mn and is expected to reach US$ 14,593.4 Mn exhibiting a CAGR of 4.4% during the forecast period (2023-2030).
Market Trends
Increasing environmental concerns towards high carbon emissions are leading to the up gradation of existing power transmission and distribution units, this can helps to boost the copper wire market in upcoming years. Additionally, rising the usage of copper wires in heating, ventilation, and air conditioning (HVAC) systems, electronic entertainment devices, lighting solutions, etc., across smart homes is boost the demand of copper wire and increase the market growth.
Rising adoption of copper wires in telecommunication services can helps to boost the copper wire market in the forecast period. Moreover, the development of hybrid power solutions which are offer high energy density, minimal carbon footprints, and increase reliability can help to propel the market growth in upcoming years.
For instance, in November 2022, Nexans (Fiber optic cable manufacturing company) announced that they are entered into a share purchase agreement with Reka Industrial Plc to acquire Reka Cables and increased their production and sales.
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