Industry News from Optical Fiber Cable Trade Fair 2024: Wire and Cable Market Value to Reach $266.2 Billion by 2029

The constantly growing renewable energy sector is the main driving force behind the wire and cable market. Optical Fiber Cable Trade Fair 2024 has been learned that currently, countries around the globe are increasing renewable energy production by installing grid technologies and launching offshore and onshore wind power projects, bringing substantial revenue to wire and cable manufacturers, especially as offshore projects lead to an increased demand for submarine cables.

Additionally, countries worldwide are heavily investing in and offering subsidies to promote electric vehicle sales, which further necessitates more electric vehicle charging points. Coupled with developments in the construction, telecommunications, energy and power, automotive, and oil and gas industries, there is a huge demand for wires and cables. The wire and cable market value is expected to grow steadily up to 2029.

The Optical Fiber Cable Trade Fair 2024 believes that the energy and power end-use industry significantly drives the demand for wires and cables. Governments are increasingly focusing on renewable energy projects, and manufacturers are expanding their markets by collaborating with brands in the renewable energy sector. In developing countries, the wire and cable market is developing rapidly.

Submarine cables dominated the global wire and cable market in 2023. Among similar products, submarine cables have the highest market share because they are less susceptible to damage caused by lightning, making them safer and more reliable. Submarine cables also avoid the visual clutter brought by overhead cables, offering aesthetic advantages suitable for urban settings.

As cities continue to develop, the dominance of submarine cables is expected to increase in the future.

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