DUBLIN, Dec. 22, 2023 /PRNewswire/ — The “Sustainable Wire and Cable Market – A Global and Regional Analysis: Focus on End Users, Applications, Installation Type, Raw Material, Product Type, Voltage Type, Conductor Count, and Region – Analysis and Forecast, 2023-2032” report has been added to ResearchAndMarkets.com’s offering.
The global sustainable wire and cable market was valued at $14.67 billion in 2022, and it is expected to grow at a CAGR of 18.74% to reach $79.06 billion by 2032. The growth in the sustainable wire and cable market is expected to be driven by the rising popularity of environmental regulations and consumer demand for eco-friendly products, increasing environmental regulations and government initiatives to reduce carbon emissions.
Market Lifecycle Stage
The global wire and cable industry is undergoing a significant transformation driven by the growing emphasis on sustainability, environmental concerns, and technological advancements. The wire and cable market is critical in various sectors, including renewable energy systems, building and construction, telecommunications and data centers, industrial applications, transportation infrastructure, healthcare facilities, and others.
Sustainability is becoming a central focus within this market, driven by environmental regulations and consumer demand for eco-friendly products. Growing demand for energy-efficient solutions is fueling the adoption of eco-friendly cables in the construction and infrastructure sectors. Technological advancements, such as the development of recyclable and biodegradable materials, are driving innovation in sustainable wire and cable production.
However, sustainable wire and cable products can be more expensive than traditional options, posing a financial barrier to their adoption. The efficient disposal and recycling of sustainable cables can be challenging due to limited infrastructure in some regions. Furthermore, some applications, such as power, require specific properties that are difficult to achieve with eco-friendly materials.
The sustainable wire and cable market is expected to experience steady growth as sustainability becomes a more significant consideration for consumers and businesses. Ongoing research and development are likely to lead to the creation of cost-effective and high-performance sustainable cable solutions. Companies are increasingly working together to overcome challenges and develop sustainable alternatives.
Impact
The sustainable wire and cable market is driven by several factors, such as the rising demand from the renewable energy sector, the growth of smart and green infrastructure, and increasing government focus on carbon neutrality to offset carbon emissions.
Sustainable wire and cable manufacturers are working toward the development of eco-friendly and low-smoke halogen-free products through significant investment in research and development (R&D) and partnerships with other key stakeholders in the wire and cable ecosystem. These manufacturers are collaborating with other important wire and cable industry stakeholders to work collectively on sustainable solutions. Such partnerships can help drive innovation and promote sustainability throughout the industry. Moreover, governments are emphasizing the importance of sustainability and are offering incentives, subsidies, and policies to encourage the use of eco-friendly products. This can further boost the demand for sustainable wire and cable products during the forecast period.
Market Segmentation
Segmentation 1: by End User
- Renewable Energy Systems
- Building and Construction
- Telecommunications and Data Centers
- Industrial Applications
- Transportation Infrastructure
- Healthcare Facilities
- Others
Segmentation 2: by Application
- Power
- Data Transmission and Communication
Segmentation 3: by Installation Type
- Overhead
- Underground
- In-System
Based on the end user, the building and construction industry is expected to be dominant in the sustainable wire and cable market. The construction sector is increasingly focusing on sustainability and green building practices. Sustainable wire and cable solutions are vital components in constructing eco-friendly and energy-efficient buildings. Many countries have implemented strict energy efficiency standards and regulations for buildings. Sustainable wires and cables play a crucial role in meeting these requirements by reducing energy loss and supporting smart building technologies. Homeowners, tenants, and investors are showing a growing preference for sustainable buildings, driving the adoption of sustainable wire and cable solutions in residential and commercial construction. Ongoing innovations in materials and designs are making it easier for the construction industry to incorporate sustainable wire and cable solutions without compromising performance.
Segmentation 4: by Raw Material
- Metallic
- Copper
- Aluminum
- Others
- Non-Metallic
- Bio-based Polymers
- Recycled Polymers and Plastics
Segmentation 5: by Product Type
- Fiber Optic Cables
- Coaxial Cables
- Enameled/Magnet Cables
- Power Cables
- Signal and Control Cables
- Telecom and Data Cables
- Others
Segmentation 6: by Voltage Type
- Low Voltage
- Medium Voltage
- High Voltage
Segmentation 7: by Conductor Count
- Single Conductor
- Multi Conductor
Among the various product types, signal and control cables are commonly used. These cables are designed for transmitting low-energy electrical signals and control signals in various applications. The choice of sustainable signal and control cables depends on factors such as environmental considerations, performance requirements, and the application’s specific needs. Sustainability in the wire and cable market involves various aspects, including responsible sourcing of materials, energy-efficient manufacturing processes, and recyclability. Manufacturers and customers increasingly prioritize environment-friendly cable products to reduce their ecological footprint and meet sustainability goals.
Segmentation 8: by Region
- North America
- Europe
- U.K.
- China
- Asia-Pacific and Japan
- Rest-of-the-World
North America is anticipated to be a leading and influential region in the sustainable wire and cable market. This dominance could be due to various factors, including market demand, technological advancements, regulatory initiatives, and a growing emphasis on sustainability. North America, particularly the U.S. and Canada, has seen the implementation of strict environmental regulations and standards. This has encouraged industries to adopt more sustainable practices, including the use of eco-friendly wire and cable solutions. There is a rising awareness of environmental issues and sustainability among businesses and consumers in North America. Many organizations are making efforts to reduce their carbon footprint and choose sustainable products and solutions.
Recent Developments in the Sustainable Wire and Cable Market
- In April 2023, Prysmian Group, which is a global leader in telecom and energy systems, launched optical communications cables that have been recognized as ecologically friendly. These cables are identified with the new, exclusive ECO CABLE green product label from Prysmian Group.
- In June 2020, Alpha Wire launched Metric EcoWire to the EcoGen line of 100% recyclable wires and cables.
- In October 2023, AFL, which is a subsidiary of Fujikura Ltd. and a world leader in optical fiber network infrastructure, announced the construction of a cutting-edge, environment-friendly manufacturing facility in Poland to fulfill the region’s rapidly expanding bandwidth needs.
- In July 2023, Avient Corporation announced that it is expanding its UL-certified Syncure XLPE Cross-Linkable Polyethylene Formulations production in Europe with the aim of supporting sustainable infrastructure and reducing lead times of production for customers worldwide.
- In October 2022, Polycab India Limited launched a new campaign in collaboration with Ogilvy India to demonstrate how Polycab’s extra-safe green wires are built to take even the non-anticipated load.
Demand – Drivers and Limitations
Following are the demand drivers for the sustainable wire and cable market:
- Rising Demand from Renewable Energy Sector
- Growth of Smart and Green Infrastructure
- Increasing Government Focus on Carbon Neutrality to Offset Carbon Emissions
Following are the limitations of the sustainable wire and cable market:
- Lower Adoption Rate Owing to High Price and Lack of Suitable Technologies
- Limited Infrastructure for Material Recycling
- Limited Availability of Sustainable Materials and its Related Standardization Challenges
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and regional presence.
Some of the prominent names in this market are:
- Prysmian Group
- Polycab India Limited
- FURUKAWA ELECTRIC Co. Ltd.
- Hueson Corporation
- TFKable
- PSP Dynamic Limited
- SINBON Electronics Co. Ltd.
- Encore Wire Corporation
- Havells India Ltd.
- Alpha Wire
- LAPP Group
- SAB Brockskes GmbH & Co. KG
- Philatron Wire and Cable
- Fujikura Ltd.
- Oki Electric Cable Co. Ltd.
Other related companies in the sustainable wire and cable market are:
- Galaxy Wire & Cable, Inc.
- glostercable
- Axon’ Cable
- Nexans
- Champlain Cable Corporation
For more information about this report visit https://www.researchandmarkets.com/r/qrxm61
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