The global LED driver for lighting market is poised for remarkable growth, with an estimated valuation of an impressive US$ 25.7 billion in 2023. According to a comprehensive report by Future Market Insights (FMI), the future of this market appears exceptionally radiant, as it is predicted to experience a remarkable surge in revenue, potentially exceeding a staggering US$ 150.8 billion by the year 2033. This meteoric rise is underscored by a projected Compound Annual Growth Rate (CAGR) of 19.4%.
The rapid development of the end-use application sectors such as industrial, telecommunication, power, electronics, and construction is expected to boost insulated wires and cable sales in the forecast period.
The technological advances in the automotive sector and the increasing application of insulated wires and cables in hybrid and electric vehicles. The demand for high-performance cables that can transmit power efficiently and reliably is on the rise.
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The growing requirement for transmitting data between cell towers and other communication equipment has led to an increase in demand for insulated wires and cables in the telecommunication industry. With the increasing demand for high-speed internet and increased technological innovations in the telecommunication sector, the global insulated wires and cables market is projected to grow during the forecast period.
The growth of the insulated wires and cables market is attributed to the increasing demand from the construction sector, increasing research and development activities, and technological advances in manufacturing technology.
North America is emerged as a major consumer of insulated wires and cables owing to the increasing application in the industrial sector. Europe is expected to show high growth in the industry due to increased industrialization and urbanization.
Key Takeaways:
- From 2018 to 2022, the market demand expanded at a CAGR of 7.2%
- Based on material, the metal segment accounts for a CAGR of 6.1%
- By end-use, the telecommunication segment is expected to expand at a CAGR of 5.8% during the forecast period
- North America to emerge as a promising market, capturing a CAGR of 6.2%
- United Kingdom to be an opportunistic market, expected to capture a CAGR of 6.1% during the forecast period.
Competitive landscape:
Prominent players in the insulated wires and cables market are Amphenol Corporation; Belden, Inc.; Amhereo Technology Pty Ltd.; Akcine bendrove Lietuvos pastas; Artesyn Embedded Power among others
- In July 2022 – Amphol Industrial operation enhanced its Amphe-Lite connector series to meet the increasing demand for fiber optic interconnection applications in medical, security, oil & gas, and grid industries. Amphe-Lite fiber optic termini transmit and optical laser with high speed, high reliability, EMI/RFI immune and digital transmission in harsh environments
- In June 2020- Belden Inc. a leading global supplier of speciality networking solutions, announced its premier redistribution partner OmniCable and WireXpress in United States
- In April 2020 – Balden Inc. developed a new fiber solution that allows data centers to create reliable, robust, and high-performance infrastructure. These solutions include DCX optical distribution frame, Fibre Express Flexible Ribbon Cable, 1.6 mm multi-fiber trunks, and fiber MPO Trunks.
Know More about What the Insulated Wires and Cables Market Report Covers
Future Market Insights offers an unbiased analysis of the global insulated wires and cables market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the insulated wires and cables market, the market is segmented based on material and end-use across five major regions.
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Key Segments Profiled:
By Type:
- Metal
- Plastics
- Optical Fibre
By End-Use:
- Telecommunication,
- Power
- Electronics
- Construction
- Others
By Region:
- North American
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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