The rising growth of urbanization coupled with smart buildings is one of the factors for cumulating the market foe electric wires. The demand for energy-efficient power lines in the residential as well as commercial spaces has made necessary to purchase and hence the quality of these electrical wires. Moreover, the need for power grid interconnections in densely populated areas is creating a demand for submarine and underground cables. The underground cables reduce space required and offer reliable transmission of electricity. In addition to that, the initiative taken by the government organization to provide electricity in the rural area is the biggest milestone to drive the industry.This growth is primarily driven by Increased Energy Needs in the Asia Pacific, the Middle East, and South America has Resulted in Rising Investments in Smart Grids and Rising Urbanization Globally is also Driving the Industry.
Globally, a noticeable market trend is evident Rising Adoption of Smart Grids in Different Sector of Markets
. Major Manufacturers, such as Leoni (Germany), Judd Wire (United States), Sumitomo Electric Industries (Japan), Furukawa Electric industries (Japan), General Cable Corporation (United States), Belden (United States), Cords Cable Industries Limited (India) and Finolex Cables (India) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
The government initiatives such as “Make in India”, and “Go Green” policy are expected to drive the market in India. According to the Indian Electrical Equipment Industry Mission Plan 2012-2022, the government of India has planned to make the country one of the electrical equipment producers and obtain productivity of USD 100 billion by matching the exports and imports.
- Increased Energy Needs in the Asia Pacific, the Middle East, and South America has Resulted in Rising Investments in Smart Grids
- Rising Urbanization Globally is also Driving the Industry
- Rising Adoption of Smart Grids in Different Sector of Markets
- Adoption of new Products such as Halogen-Free Flame Retardant Compounds and Implement New Processes with Low Energy Consumption and Efficient use of Raw Materials
- Concern Related Towards Volatile Metal Prices
- Issue due to Corrosion of Copper Material
Rising Economic Activity and Rapid Urbanization in Emerging Economies and The Need for Power Grid Interconnections in Densely Populated Areas is Creating a Demand for Submarine and Underground Cables
Shorter Life Cycle than Cables and High Cost for Maintaining these Wires
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