LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Industrial Wires and Cables Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the components and spares industry. This report breaks down the data and analysis behind the procurement of industrial wires and cables and acts as an all-inclusive guide for making smart purchasing decisions.
“The rise in electrification projects across the globe have increased the demand for industrial wires and cables from the power and energy sector,” says SpendEdge procurement analyst Bhuvaneshwari Udayakumar. “Also, there is a strong demand for suppliers that provide a one-stop solution for all types of cables as it helps in the standardization of cables in industrial facilities,” added Bhuvaneshwari.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Industrial Wires and Cables Market:
- Growing demand for customization of cables and wires
- The decrease in raw material prices
- Rise in M&A activities among suppliers
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Growing demand for customization of cables and wires:
There is a strong surge in demand for customization of wires and cables in the global industrial wires and cables market. This is mainly because customization helps the suppliers to attain price advantages based on the value offered to buyers to survive in this highly competitive market. Additionally, suppliers are customizing cables and wires based on specific requirements such as ruggedness, tensile strength, abrasion resistance, and signal optimization. Moreover, customization helps the buyers in attaining additional benefits such as high durability and better signal transmission.
The decrease in raw material prices:
Globally, the industrial wire and cables market is experiencing a stabilization in raw material prices. The decline in the prices of copper has significantly affected this segment mainly because copper contributes to nearly 77% of raw materials for wires and cables in this industry. Also, the decrease in prices of raw materials help the suppliers in reducing the prices of industrial wires and cables, thereby enabling the buyers to procure the wires and cables are lesser rates.
Rise in M&A activities among suppliers:
The industrial wires and cables market is highly fragmented with a significant presence of regional suppliers across the globe. This has prompted the suppliers in this market space to increase their M&A activities and improve their overall market share. Moreover, it also enables the buyers to procure industrial wires and cables with standardized quality from a single supplier.
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