The Europe Wires and Cables Market would witness market growth of 5.3% CAGR during the forecast period (2020-2026). Raw materials like aluminum, alloys, copper, tungsten, and plastics like polypropylene and Polyvinyl Chloride, are used in the making of wires and cables. The cost of these materials covers 60% of the total cost of the product. Major utilization of the financial resources is consumed by the raw materials & work-in-progress cost.
Exploration costs, increasing labor prices, and the relationship between mining companies & the government caused the instability in the supply & cost of raw materials, and this will become a major obstacle for the manufacturers of cables. The cable manufacturers can either include the additional costs, make new ways to control these expenses or raise the cost of the end-product. Although, the rising cost of products restricts the total sales of the product, thus hamper the growth of the wires and cables market.
The growth of the market is also boosted by many factors like the increasing power generation, power distribution domain from renewable energy resources, and demand from automotive & non-automotive sectors. The growing industrialization and urbanization are among the major reasons which are driving the market growth. The demand for underground and submarine cables is constantly increasing due to the requirement of power grid interconnections in the populous region. The European region are shifting from overhead cables to underground cables. The underground cables decrease the requirement of space and deliver a reliable supply of electricity.
Based on Installation Type, the market is segmented into Overhead and Underground. Based on Voltage, the market is segmented into Low Voltage, Medium Voltage, High Voltage and Extra High Voltage. Based on End User, the market is segmented into Energy & Power, IT & Telecommunication, Building & Construction, Aerospace & Defense, Oil & Gas and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The Germany market dominated the Europe High Voltage Wires and Cables Market by Country 2019, growing at a CAGR of 5 % during the forecast period. The UK market is exhibiting a CAGR of 5.3% during (2020 - 2026). Additionally, The France market is anticipated to grow at a CAGR of 6.8% during (2020 - 2026).
The Energy & Power market dominated the Spain Wires and Cables Market by End User 2019, thereby, achieving a market value of $1,375.4 million by 2026. The IT & Telecommunication market is estimated to grow at a CAGR of 5.9% during (2020 - 2026). The Building & Construction market is showcasing a CAGR of 8.1% during (2020 - 2026). Additionally, The Aerospace & Defense market is expected to witness highest CAGR of 8.8% during (2020 - 2026).
Free Valuable Insights: Wires and Cables Market in Europe is expected to register a CAGR of 5.3% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include LS Cable & System Ltd., Prysmian Group, Nexans SA, LEONI Group, Furukawa Electric Co., Ltd., Belden, Inc., Encore Wire Corporation, Fujikura Ltd., KEI Industries Limited, and Southwire Company, LLC.
By Installation Type
By Voltage
By End User
By Country
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