Wires and cables market driven by the increasing demand for fiber optics

Technological advances in the communication industry are expected to be a key driver of the wires and cables market. Advances in fiber optic networks, and rising investments in high-capacity network infrastructure and wired broadband technologies will lead to an increase in the demand for fiber optic cables. Fiber optic cables support higher bandwidths and faster data transmission than standard coaxial cables. Therefore, an increase in fiber optics demand will support the manufacturers of new and advanced fiber optic cables.

The global wires and cables industry analysis shows that the market is expected to grow from $213.38 billion in 2020 to $232.13 billion in 2021 at a compound annual growth rate (CAGR) of 8.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $308.02 billion in 2025 at a CAGR of 7%.

Asia Pacific is the largest region in the global wires and cables market, accounting for 52% of the market in 2020. North America is the second largest region, accounting for 18% of the global wires and cables market. Africa is the smallest region in the global wires and cables market.

The major players covered in the wire and cable manufacturers market are Sumitomo Electric Industries Ltd, Prysmian Group, Furukawa Electric, Leoni AG, Southwire Company LLC.

TBRC’s electric wires and cable industry report is segmented by type into other cables, fiber optical cable, coaxial cables, by end-use industry into energy, telecommunications, building & construction, industrial manufacturing, automotive, medical equipment, others, by sales channel into OEM, aftermarket, and by mode into online, offline.

Subsegments covered are insulated cables, shipboard cables, aircraft and automotive cables, single-mode fiber cable, multimode-fiber cable.

Wires And Cables Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides wires and cables global market overview, forecast wires and cables global market size and growth for the whole market, wires and cables market segments, and geographies, wires and cables market trends, wires and cables market drivers, restraints, leading competitors’ revenues, profiles, and market shares. EIN Presswire