DUBLIN, Jan. 9, 2024 /PRNewswire/ — The “Asia-Pacific and Japan Wire and Cable Market – A Country-Level Analysis: Focus on Application, Product, Voltage, and Country – Analysis and Forecast, 2023-2032″ report has been added to ResearchAndMarkets.com’s offering.
The Asia-Pacific and Japan wire and cable market was valued at $88.26 billion in 2022, and it is expected to grow at a CAGR of 8.03% and reach $199.71 billion.
The growth in the Asia-Pacific and Japan wire and cable market is expected to be driven by increasing requirements in the automotive, manufacturing, and electronics sectors. This upward trajectory is further fueled by technological advancements and substantial infrastructure development, highlighting a dynamic landscape propelled by industrial needs and innovation.
The Asia-Pacific and Japan 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.
The growth drivers are multifaceted, encompassing the expanding industrial sector in countries such as China and India, where there is a pronounced need for power and control cables. Additionally, rapid urbanization contributes significantly to the market, as the construction boom demands substantial infrastructure, thereby boosting the requirement for electrical cables. Moreover, the region’s pivot toward renewable energy sources amplifies the demand for specialized cables, particularly in the context of expanding green energy projects.
However, the industry faces challenges, including the need to navigate diverse and evolving regulatory standards, posing complexities for manufacturers. Moreover, the market’s intense competition and cost sensitivity, exacerbated by varying manufacturing costs across the Asia-Pacific region, present additional hurdles.
Amidst these challenges, opportunities emerge in the form of technological advancements. Innovations in materials and manufacturing processes provide avenues for product development and differentiation. Furthermore, the deployment of 5G networks in the Asia-Pacific region creates opportunities for high-performance communication cables, indicating a dynamic landscape with both challenges and prospects for growth.
The wire and cable market in Asia-Pacific and Japan is poised for steady growth, with ongoing research and development anticipated to yield cost-effective, high-performance solutions. Collaborative efforts among companies are increasing, aimed at overcoming challenges and fostering the development of sustainable alternatives in the industry.
Impact
The Asia-Pacific and Japan wire and cable market is propelled by evolving technological landscapes, increasing urbanization, infrastructure development projects, regulatory initiatives, and growing emphasis on energy efficiency and environmental sustainability.
Moreover, wire and cable manufacturers are working toward the development of sustainable wire and cable solutions 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 wire and cable during the forecast period.
Market Segmentation:
Based on application, in the Asia-Pacific and Japan wire and cable market, the infrastructure application is poised to lead, indicating a strong demand for wiring and cabling solutions in construction and development projects. This dominance highlights the crucial role of wire and cable products in supporting the region’s expanding infrastructure needs.
Among the infrastructure, the construction and building industry is expected to be dominant in the Asia-Pacific and Japan wire and cable market. The dominance is attributed to escalating demands in construction projects, urbanization, and infrastructure development initiatives. This underscores the pivotal role of wire and cable solutions in supporting diverse applications critical for the region’s growing infrastructure needs.
Based on product, low voltage energy cables (< 1kV) are leading the Asia-Pacific and Japan wire and cable market due to their widespread applications and compatibility with diverse electrical systems. These cables are preferred for their efficiency in power distribution, safety, and cost-effectiveness. As industries and infrastructure projects expand, the demand for these cables rises, solidifying their dominance in both product type and voltage category.
Based on country, China is poised to lead the Asia-Pacific and Japan wire and cable market, holding the largest share due to robust industrialization, extensive infrastructure development, and growing demand for power solutions. Its role in manufacturing and technology adoption strengthens its market position, influencing trends and competitiveness in the region. The market heavily relies on China, emphasizing its significant impact on the wire and cable industry’s future in Asia-Pacific and Japan.
Recent Developments in the Asia-Pacific and Japan Wire and Cable Market
- In August 2023, LS Cable & System Ltd. invested an additional $118.5 million (KRW 155.5 billion) for its business establishment in Donghae City, Gangwon Province, South Korea, for the expansion of its submarine cable production facilities.
- In April 2023, Finolex Cables allocated $24.3 million (INR 200 crore) for its production center in Pune, India, to expand its production capabilities across several industries, including fiber optic cables, auto cables, and photovoltaic cables sector.
- In October 2022, Polycab India Limited launched a new campaign in collaboration with Ogilvy India to demonstrate how Polycab’s extra-safe green wires effortlessly handle all the weight to connect and realize all the dreams.
Demand – Drivers and Limitations
- Increase of Investments in the Telecommunications Industry
- Increase in Demand for Sustainable Wire and Cable Products
- Rise of Industrial Revolution 4.0
- Increase in Sales of Electric Vehicles
- Rise in the Demand for Energy Produced from Renewable Sources
- Fluctuations in Raw Material Prices
- Ban by the Government on Materials Used in Wire and Cable Production
- Limited Availability of Sustainable Materials and its Related Standardization Challenges
- Challenges Faced by Wire and Cable Manufacturers Due to Plastic Disposal
Some of the prominent names in this market are:
- Fujikura Ltd.
- Finolex Cables Ltd
- Furukawa Electric Co., Ltd.
- KEI Industries Limited
- LS Cable & System Ltd.
- R R Kabel Ltd.
- Sumitomo Electric Industries, Ltd.
- Prysmian S.p.A.
- Amphenol Corporation
- HUBER+SUHNER AG
Other related companies in the Asia-Pacific and Japan wire and cable market ecosystem are:
- Taihan Electric Wire Co., Ltd.
- CMI Limited
- Jiangsu Shangshang Cable Group Co., Ltd.
- UNIVERSAL CABLE LIMITED
- Hitachi Metals, Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/b7cwus
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