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Prysmian Group: one of the major players in the market

Prysmian Group: one of the major players in the market



Wires and cables to hit $174bn by 2022

The increasing popularity of Ethernet, growing medical devices industry, and advances in communications technology will drive growth in the global wires and cables market

August 2019

The global wires and cables market size reached a value of nearly $136.7 billion in 2018, having grown at a compound annual growth rate (CAGR) of 3 per cent since 2014, and is expected to grow at a CAGR of 6.2 per cent to nearly $173.5 billion by 2022.

The “Wires and Cables Global Market Opportunities and Strategies To 2022” report by Research and Markets (Dublin, IE) analysis describes and evaluates the global wires and cables market by covering two five-year periods; 2014 to 2018, termed the historic period, and 2018 through 2022, the forecast period.

Growth in the historic period resulted from the rise in electricity consumption, renewal of power transmission networks, growth in the automobile industry, and economic growth in emerging markets, the report said. Factors that negatively affected growth in the historic period were volatility in metal prices and regulatory challenges.

The market for wires and cables is relatively consolidated

The market for wires and cables is relatively consolidated

Going forward, the increasing popularity of Ethernet, growing medical devices industry, and advances in communications technology will drive growth. Factors that could hinder the growth of the wires and cables market in the future are the expected reductions in free trade and rising interest rates.

“The market is segmented by product type into fibre optic cables, coaxial cables and other cables. The other cables segment which includes insulated cable wires accounted for the largest share of the wires and cables market in 2018 at 72.6 per cent or $99.2 billion. The fibre optic cables segment is expected to be the fastest-growing segment going forward at a CAGR of 20.3 per cent.

“The market is segmented by end-use industry into energy, industrial manufacturing, telecoms, building and construction, automotive, medical equipment and others. The energy segment accounted for the largest share of the wires and cables market in 2018 at 34 per cent or $46.4 billion. The telecoms segment is expected to be the fastest-growing segment going forward at a CAGR of 15.9 per cent.

“Asia-Pacific is the largest market for wires and cables, accounting for 42 per cent of the global market in 2018. It was followed by Western Europe, North America and then the other regions. Going forward, Africa and South America will be the fastest growing regions in the wires and cables market, where growth will be at CAGRs of 11.4 per cent and 8.4 per cent, respectively. Such rapid growth of the wires and cables market in Africa and South America can be attributed to the expected economic growth and growing demand for energy and telecoms infrastructure in these regions. These will be followed by the Middle East and Asia-Pacific where the markets are expected to grow at CAGRs of 7.3 per cent and 6.5 per cent, respectively.

Shaw: exploring new partnerships

Shaw: exploring new partnerships

“The market for wires and cables is relatively consolidated with a small number of entities holding significant market share and a large number of small entities with minor shares. These small companies are mainly local manufacturers within a country; however, some manufacturers operate in geographies other than their local regions. Players in the market include Furukawa Electric Industries Ltd, General Cable Corporation, Broadcom Ltd, Hitachi, Corning, Prysmian Group and Sumitomo Electric Industries Ltd.

“The global electrical equipment market, of which the wires and cables market is a segment, reached a value of nearly $1,047.4 billion in 2018, having grown at a CAGR of 5 per cent since 2014, and is expected to grow at a CAGR of 7.9 per cent to nearly $1,433.2 billion by 2022. The wires and cables market is the fourth largest segment of the electrical equipment market accounting for 13.1 per cent of the electrical equipment market. The electric lighting equipment manufacturing segment is expected to be the fastest growing segment in the electrical equipment market growing at a CAGR of 9.5 per cent during 2018-2022.

According to the report, the top opportunities in the global wires and cables market by segment will arise in the fibre 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 customised polymer optic fibres, 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, the report said.


 

New Staff accomModation unveiled
 

MEANWHILE, in a unique initiative, Ducab, has officially opened its new employee accommodation – a residential complex covering 2,400 sq m in Jebel Ali, Dubai.

Comprising several low-rise buildings, the development celebrates Ducab’s 40th anniversary by providing a safe and homely environment for the company’s employees to live in, with amenities to provide a high level of comfort for all 296 residents.

Speaking on the launch, chairman Dr Al Shaikh said: “The vision of the UAE’s leadership is to build a multinational community that appreciates and celebrates the value of each individual who resides here.”

Ducab marks its 40 years of operations

Ducab marks its 40 years of operations

“Ducab’s human resources department have incorporated these values into the heart of Ducab through several initiatives, helping us to perform better as a company through the actions of our empowered and engaged employees,” he stated.

Al Shaikh said the well-being of Ducab’s employees was a top priority, and “this investment of Dh19 million in top-quality accommodation in Jebel Ali is a testament to this.”

Each bedroom within the complex has its own balcony and is fully furnished to provide a comfortable living space and storage facilities for every resident, said the statement from Ducab.

With full WiFi connectivity throughout the buildings, a stocked pantry, first-aid room and a laundry facility, the accommodation provides top-class living facilities, it added.

The residents are also delighted with the new enlarged prayer room and renovated dining and recreation areas, said a senior official.

“Ducab is committed to excellence not only in business and the products we manufacture, but in the way that we treat our people,” remarked Shaw.

As a representative of the UAE’s flourishing industrial sector, employing over 1,600 individuals with more than 30 nationalities, Ducab provides employees with a wide variety of career opportunities and offers scholarship and graduate trainee programmes for younger recruits.

“We recognise the importance of taking care of our team members, and endeavour to provide them with a working environment that enables them to thrive, as well as a safe and comfortable home to relax in,” he added.

 




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