Global Fire-Resistant Cable Market Reaching a New Peak—Projected to Reach worth USD 2,211.5 Million by 2027
Published | 08 October 2021
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.
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Global Fire-Resistant Cable Market: By Insulation Material
Based on insulation material, the global fire-resistant cable market is categorized into cross-linked polyethylene (XLPE), polyvinyl chloride (PVC), low smoke zero halogen (LSZH), ethylene propylene rubber (EPR), and others. Cross-linked polyethylene (XLPE) has accounted for a significant share in the market in 2020 and is likely to dominate the segment throughout the forecast period. This segment is primarily driven by properties such as high thermal short circuit ratings, excellent electrical properties stored at high temperatures, resistance to thermal deformation, excellent water resistance and low permeability to water, excellent chemical resistance, and long operational life.
Impact of COVID-19 on Global Fire-Resistant Cable Market
The COVID-19 outbreak has greatly affected the fire-cable market. The pandemic has severly impacted several end-use industries, such as construction, manufacturing, and energy, thus reducing demand for fire-resistant cables during 2020 and the first quarter of 2021. Fire-resistant cable producers were also impacted by corporate shutdowns, social distance regulations, and limited local and state government activities in 2020. Moreover, since buildings and construction were hard hit by the pandemic, demand for fire-resistant cables fell as well.
Asia-Pacific Leads the Global Fire-Resistant Cable Market
The global fire-resistant cable industry is grouped into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Globally, the Asia-Pacific region held the largest share of the fire-resistant cable market in 2020. China, India, and ASEAN are experiencing significant growth in the end-use sector, driving the demand for fire-resistant cables in the Asia Pacific region. There is a rising demand for fireproof cables in APAC countries, especially the manufacturing, building, and transportation industries. As urbanization and population growth accelerate, the industry is likely to expand dramatically during the forecast period.
The leading players in the global fire-resistant cable market are Prysmian Group, Nexans S.A., Nkt Group, Leoni Ag, Ls Cable & System Limited, Elsewedy Electric Company, Jiangnan Group Limited, Hitachi Metals Ltd., Furukawa Electric Co., Ltd., Sumitomo Electric Industries, Ltd., Yazaki Corporation, Swcc Showa Cable Systems Co Ltd., Universal Cable (M) Berhad, Tratos Limited, Keystone Cable, Dubai Cable Company (Private) Ltd., and Other Prominent Players.
The global fire-resistant cable market is moderately consolidated with a low number of competitors. Developing new products can help businesses stay competitive in the marketplace. Some of the leading players in the market are also increasing their global presence through acquisitions.
In April 2021, the NKT Group and the French Transmission System Operator, Réseau de Transport d'Electricité (RTE), signed a high-voltage cable framework agreement for the renewal and upgrading of France's electricity grid.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global fire-resistant cable market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global fire-resistant cable market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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