Asia Pacific Wire and Cable Market Share will witness substantial expansion on account of growing investments toward the renovation of traditional grid networks. Rapidly growing population coupled with escalating demand of stable power supply will augment the product demand. Moreover, soaring installation of large scale solar and wind projects will further promote the adoption of various types of cable substantially.
Asia Pacific power cable demand is projected to rise on account of increasing investments toward the development of new electric infrastructure coupled with ongoing expansion of old transmission and distribution networks. Growing adoption of renewable energy sources along with mounting demand for smart grid integration of green energy systems will augment the product adoption. Favorable government policies pertaining to energy efficiency will further foster the wire and cable market growth over the forecast timeframe
Medium voltage wire and cable market will witness exponential growth on account of soaring deployment of these cables across large scale commercial, industrial and utility sector. Growing investment in grid expansion coupled with increasing need for stable and reliable electricity supply will proliferate the business growth. In the recent years, the intensifying adoption of clean energy generation systems has considerably escalated the demand for medium voltage wires and cables.
Wire and cable demand across entertainment sector is anticipated to grow on account of rising number of live concerts and trade shows across the region. As of now many companies are organizing numerous recreational activities along with live events to launch their products. Technological advancement has considerably provided an impetus to the leisure and entertainment sector, which has further augmented the demand for different types of wires and cables across Asia Pacific region.
China wire and cable market will witness significant growth on account of rising governmental efforts to adopt renewable technologies in order to curb the carbon emissions and meet energy targets. Introduction of favourable government policies toward the expansion of sustainable and effective power infrastructure will stimulate the wire and cable demand during the forecast timeline. Furthermore, the surging investment toward mitigation of T&D losses for reliable and stable electricity transmission will further augment the adoption of high voltage cables.
The key industry participants are entering into strategic partnerships and collaborations in order to strengthen their product penetration across the region. Major industry participants operating across the region include Prysmian Group, Sumitomo Electric Industries Limited, KEI Industries Limited, Parker Hannifin Corporation, Polycab, and Brugg Kable AG amongst others.