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Global Aluminum Cable Market Overview Covering Forecast Market Size And Growth Rate 2033 | Hitachi Cable Ltd, Asea Brown Boveri Ltd, Sumitomo Electric Industries Ltd., Jiangsu Hengtong Cable
Aluminum Cable Global Market Report
The Business Research Company offers in-depth market insights through Aluminum Cable Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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.
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Market Segmentation:
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 Driver - Rising Electric Vehicle Adoption Ignites Surge In Aluminum Cable Market Growth
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.
Competitive Landscape:
Major companies operating in the aluminum cable market report are Hitachi Cable Ltd, Asea Brown Boveri Ltd, Sumitomo Electric Industries Ltd., Jiangsu Hengtong Cable, Henan Jinlong Cable, Prysmian SpA, Nexans SA, Furukawa Electric, Leoni AG, Shanghai Nanshan Aluminum, Kaiser Aluminum Corporation, Encore Wire Corporation, Polycab Wires Pvt Ltd., NKT Cables AS, Havells India Limited, Sterlite Technologies Limited, Finolex Cables Limited, KEI Industries Limited, Eland Cables Limited, Southern Cable Group, Emmflex, RR Kabel Limited, Sam Dong Inc., Southwire Company LLC, Radcliff Wire Inc., General Cable Technologies Corporation, Guangdong Guangnan Wires & Cables, Canusa Cable Ltd, Vidyut Cables Pvt Ltd
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Top Trend - Low-Carbon Aluminum And Polyolefins Power Cables For Enhanced Environmental Performance
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Aluminum Cable Market Characteristics
3. Aluminum Cable Market Trends And Strategies
4. Aluminum Cable Market - Macro Economic Scenario
5. Aluminum Cable Market Size And Growth
…..
27. Aluminum Cable Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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