LONDON--(BUSINESS WIRE)--The global metallic cables market is expected to grow at a CAGR of more than 3% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global metallic cables market for 2017-2021. The market is segmented based on product, which includes metallic power cables and metallic communication cables.
Metallic cables are used for transmitting electronic signals in different processes. The primary demand for metallic cables comes from the process, renewable energy, thermal power generation, and telecommunication industries. The metallic cables market is likely to grow at a steady rate during the forecast period.
Technavio’s heavy industry research analysts categorize the global metallic cables market into the following segments by regions:
- APAC
- EMEA
- Americas
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APAC: largest metallic cables market
“Growing economies such as India and China will witness a huge power demand due to growing industrialization and economic development activity. The growth in industrialization and economic development has propelled the demand for power in these nations,” says Anju Ajay Kumar, a lead analyst at Technavio for research on engineering tools.
APAC is hugely dependent on coal for its power needs. Coal will continue to dominate the power generation mix in the region till 2035. As per the Asian Development Bank, the region itself is reducing its reliance on coal and is shifting toward less carbon-emitting sources such as nuclear and natural gas. Emerging economies in the region need more efficient and reliable power to sustain economic growth as well as to protect the environment.
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Metallic cables market in EMEA
“In EMEA, Europe accounts for the highest market share in the region. The market in Europe is a mature market, and a moderate growth is expected in the next five years. The demand for metallic cables will primarily be driven by the railways, communication, and power generation sectors in Europe,” adds Anju.
The European railway sector contributes significantly to the industrial development in the region and holds a dominant position among all the industrial sectors. The expansion of railway networks will propel the demand for metallic communication and power cables market.
Metallic cables market in the Americas
The Americas, which accounted for the least market share in the metallic cables market in 2016, is majorly driven by market dynamics in regions such as the US, Mexico, and Canada. The Americas is expected to witness the slowest growth rate when compared with other regions such as APAC and EMEA.
The major demand for metallic cables in the Americas is expected to arise from the power generation sector. The Americas generate a large amount of electricity from renewable energy sources that require the transmission of electricity. After China, the US, Brazil, and Canada have an abundance of renewable energy sources.
The top vendors in the global metallic cables market highlighted in the report are:
- Prysmian Group
- Nexans
- General Cable
- NKT
- Sumitomo Electric Industries
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