Globally, the fire-resistant cable market is primarily driven by growth in construction and industrial sectors, increased needs for fire safety products, rapid urbanization, and globalization. Additionally, rapidly growing industries such as automotive & transportation, manufacturing, energy are likely to drive the growth of the target market over the forecast period...
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global fire-resistant cable market was worth USD 1,760.1 million in 2020 and is further projected to reach USD 2,211.5 million by 2027, at a CAGR of 3.4 % during the forecast period (2021-2027). Due to the rising construction and industrial sectors, increased need for fire safety products, rapid urbanization, and globalization, the global fire resistant cable market has seen tremendous growth. Moreover, replacing aging infrastructure, grid maintenance, conversion of overhead lines into underground lines, and the development of rail networks worldwide are likely to increase the consumption of fire-resistant cables during the forecast period.
The Rise in Demand for Fire-Resistant Cables for Power Generation is Creating Lucrative Opportunities for the Market
According to the International Energy Agency, global energy demand has increased by 4.5 %, or more than 1000 TWh, in 2021. Emerging countries and developing economies are expected to account for about 80% of demand growth in 2021, with the People's Republic of China (China) alone accounting for half of the global development. Additionally, global energy demand is anticipated to rise to 736 quadrillions Btu by 2040, according to the US Energy Information Administration. Moreover, non-OECD nations, particularly India and China, are predicted to account for more than half of global total energy consumption during this time, contributing significantly to the surge in demand for energy. Non-OECD nations, particularly India and China, are predicted to account for more than half of global total energy consumption during this time, contributing significantly to the surge in demand for energy. New generation capacity expansions are being planned in response to the growing demand, necessitating new transmission and distribution infrastructure, which offers immense opportunities for the fire-resistant cable market.
Availability of Low and Cheap Quality Fire-Resistant Cables Impeding Global Fire-Resistant Cable Market
Low-cost, counterfeit versions of original-brand products are a key concern for the fire-resistant cable market. These products are often available at lower prices than the originals and are of inferior quality. Especially in China and India, which have growing economies, the unorganized sector offers low-priced goods competing with leading companies. Because of the market's competitive nature, it is difficult for leading market participants to maintain margins while competing against small unorganized businesses, which negatively impacts their revenues.
