The Aluminum Cable Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
Learn More On The Aluminum Cable Market:
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According to The Business Research Company’s Aluminum Cable Global Market Report 2024, The aluminum cable market size has grown strongly in recent years. It will grow from $56.34 billion in 2023 to $60.15 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to cost-efficiency, corrosion resistance, electrical conductivity, lightweight properties, and expanding power infrastructure.
The aluminum cable market size is expected to see strong growth in the next few years. It will grow to $75.56 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to renewable energy expansion, smart grid development, increased urban electrification, energy efficiency regulations, and sustainable construction practices. Major trends in the forecast period include technological advancements in manufacturing, infrastructure investments, energy efficiency and sustainability, growing demand in the construction sector, and market expansion in developing regions.
The growing demand for electric vehicles is expected to propel the growth of the aluminum cable market going forward. Electric vehicles refer to vehicles that are powered by one or more electric motors using electrical energy stored in batteries or obtained from an external power source. Aluminum cables offer excellent electrical conductivity, enabling efficient power transmission in electric vehicles, and are also used in electric vehicle chargers. For instance, in May 2022, according to the International Energy Agency, a Paris-based autonomous intergovernmental organization, sales of electric cars doubled in 2021 to set a new record of 6.6 million, and the number of electric cars on the world’s roads by the end of 2021 was about 16.5 million. Therefore, the growing demand for electric vehicles is driving the growth of the aluminum cable market.
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The aluminum cable market covered in this report is segmented –
1) By Type: Interlocking Metal Sheathed Cable, Flame Retardant Fire-Resistant Cable, Other Types
2) By Grade: Electrical, Alloy, Mechanical
3) By Application: Automobile, Transformers, Motors, Circuit Breakers, Electrical Appliances, Other Applications
Major companies operating in the aluminum cable market are focused on developing new innovative products, such as low-voltage power cable, to sustain their position in the market. A low-voltage power cable is a type of electrical cable designed to carry electrical signals with a voltage typically below 50 volts. For instance, in December 2022, NKT AS, a Denmark-based provider of cable solutions and accessories, launched 1 kV Power Cable with low-carbon aluminum and polyolefins. The cable's insulation and sheathing are manufactured using renewable feedstocks, offering the same performance as virgin materials but with a considerably lower environmental impact.
The aluminum cable market report table of contents includes:
1. Executive Summary
2. Aluminum Cable Market Characteristics
3. Aluminum Cable Market Trends And Strategies
4. Aluminum Cable Market analysis
5. Aluminum Cable Market Size And Growth
6.Aluminum Cable Segmentation
7.Aluminum Cable Regional And Country Analysis
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27. Aluminum Cable Competitive Landscape And Company Profiles
28.Aluminum Cable Key Mergers And Acquisitions
29. Aluminum Cable Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Hitachi Cable Ltd.
- Asea Brown Boveri Ltd.
- Sumitomo Electric Industries Ltd.
- Jiangsu Hengtong Cable
- Henan Jinlong Cable
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