According to a new report, 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% since 2014, and is expected to grow at a CAGR of 6.2% to nearly $173.5 billion by 2022.
Growth so far resulted from the rise in electricity consumption, renewal of power transmission networks, growth in the automobile industry, and economic growth in emerging markets. Factors that negatively affected growth were volatility in metal prices and regulatory challenges. 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.
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