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Wire and Cable Materials Market Share Surges as Renewable Energy Capacity Grows
The global wire and cable materials market is experiencing a significant upswing, and its all thanks to the remarkable expansion of the renewables sector. Governments worldwide have intensified their efforts to reduce fossil fuel dependency and promote clean, renewable energy sources. The results are clear: a surge in solar farms, wind turbines, and offshore renewable projects. This, in turn, has led to a substantial increase in the demand for wire and cables, facilitating the growth of the renewable energy capacity globally. According to the International Renewable Energy Agency (IRENA), renewable energy capacity reached a staggering 2,802,004 MW in 2020, marking a remarkable 10% year-on-year increase from 2019.
One of the key drivers of this growth is the use of cables in the transmission of renewable energy. Offshore wind farms and floating PVs, for instance, rely heavily on advanced wire and cable materials for efficient power transmission. The wire and cable materials market has seen significant advancements in material science, enabling the development of custom-tailored materials for diverse industrial applications, including telecommunications, construction, aerospace, information technology, oil and gas, nanotechnology, and industrial machinery.
Insulation materials, such as polyvinyl chloride, polyethylene, and polypropylene, have become indispensable in the manufacturing of cables, providing crucial protection against mechanical damage, chemicals, moisture, and electrical shocks. Consequently, the demand for insulation materials is expected to skyrocket, contributing significantly to the wire and cable materials markets growth.
Asia Pacific is emerging as a hotbed for wire and cable materials market opportunities. The regions rapid industrialization, urbanization, and burgeoning energy demand have spurred investments in energy transmission and distribution networks, particularly in countries like India and China. According to the Energy Information Administration (US EIA), India has witnessed a 4.6% year-on-year increase in electricity demand, with a projected 90% of electricity generation coming from wind, coal, and solar power by 2050. This bullish outlook is creating a wealth of opportunities for wire and cable materials manufacturers and distributors in the Asia Pacific region.
Key players in the wire and cable materials market include Celanese Corporation, 3M, BASF SE, ITC Thermo Cable GmbH, Draka Holding N.V., and Sumitomo Electric Industries Ltd.
As the renewables sector continues to flourish, the wire and cable materials market is poised for sustained growth, driven by technological advancements, increasing demand for insulation materials, and the expanding Asia Pacific market.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/wire-cable-materials-market
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COMTEX_442127693/2840/2023-10-19T11:55:44
