LONDON, Oct. 7, 2019 /PRNewswire/ -- The global wires and cables market is expected to grow from $136.7 billion in 2018 to $173.5 billion in 2022 at an annual growth rate of more than 6%. The wires and cables market is expected to be driven by the growing demand for industrial Ethernet. This can be attributed to the increasing broadband internet penetration, the growing popularity of the internet of things (IoT), and automation in industries. The large-scale adoption of Ethernet will create significant demands for communications wires and cables used for the internet. The global industrial Ethernet market is expected to grow from around $20 billion in 2018 to over $72 billion by 2024 at an annual growth rate of 15%, providing significant opportunities for cables manufacturers.
The wires and cables market (https://www.thebusinessresearchcompany.com/report/wires-and-cables-market) will also benefit from the growth of the medical devices industry. Medical devices are one of the major end-users of wires and cables. Medical applications such as surgery robots, dental equipment, imaging techniques, electro surgical systems, laboratory equipment, and patient monitoring systems utilize wires and cables on a large-scale. The global medical equipment market is expected to grow from $423.5 billion in 2018 to $520.8 billion in 2022 at an annual growth rate of 5.3%., thus supporting the demand for wires and cables for medical applications.
Reduction In Free Trade Will Hinder The Wires And Cables Market Growth
Many developed and developing economies are imposing restrictions on free trade, which is expected to hinder the growth of the wires and cables market in the forecast period between 2018 and 2022. Post Brexit, trade restrictions between the UK and other European countries are likely to increase, while the new trade agreement between the USA, Canada and Mexico, USMCA, imposed by the US government, is expected to increase the prices of metal components imported from Mexico. The increase of tariffs on foreign steel especially from China by the US government in 2018 to 25% has increased the production costs for wires and cables manufacturers. This reduction in world free trade is expected to hinder the growth of the wires and cables market due to expected increase of the production costs and tariffs, which will lead to higher prices.
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Fast-Charging Cables For Smartphones- The Latest Trend In The Wires And Cables Market
Advances in smartphone technologies such as fast-charging technology are increasing the demand for fast-charging cables. Fast-charging cables are active copper cables for data transmission that use one or numerous silicon chips (semiconductors) to boost the performance of the cables. In combination with new smartphone technology, these cables allow the charging times of smartphones to drop to around 30 minutes, a change which is smartphone manufacturing companies' biggest unique selling point to attract new customers. For example, the newly launched OnePlus smartphones use Dash Charge technology, that in combination with fast-charging cables, attract customers with their fast charging feature.
Top Opportunities In The Global Wires And Cables Market
The top opportunities in the global wires and cables market by segment will arise in the fiber optic cables segment, which will gain $21.14 billion of global annual sales by 2022.The top opportunities in the global wires and cables market by end use industry will arise in the energy segment, which will gain $13.13 billion of global annual sales by 2022. The wires and cables market size will gain the most in China at $10.34 billion. Wires and cables market-trend-based strategies include increasing investments in technologies to offer customized polymer optic fibers, and increasing the production of fire-resistant cables. Player-adopted strategies in the wires and cables industry include developing innovative products, expanding into new geographies, and strengthening the distribution network.
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