Single Core Copper Wire Market to Surpass US$ 14,593.4 Mn by 2030
The global Single Core Copper Wire Market was valued at US$ 10,350.7 Mn, according to the Global Single Core Copper Wire Market Report, by Type (Solid Type and Stranded Type), by Voltage (Low, Medium, and High), by Application (Building and Construction, Telecommunication and Power, Transport, Industrial Equipment, Electronics, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) – published by Coherent Market Insights.
The global single core copper wire market is expected to surpass US$14,593.4 Mn and exhibit a CAGR of 4.4% during the forecast period 2023-2030. Copper wires are mainly used in electrical wiring. Single core means that there is a single piece of metal wire, typically copper or aluminum, with insulation around it. The wire can be different gauges, as the size of the wire increases, the flexibility will generally decrease. Single core cables are best suitable for domestic and home applications.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/single-core-copper-wire-market-5517
Browse 33 market data tables* and 24 figures* on "Global Single Core Copper Wire Market” – Forecast to (2023-2030).
Key Trends and Analysis of the Global Single Core Copper Wire Market:
- Increasing environmental concerns towards high carbon emissions are leading to the up gradation of existing power transmission and distribution units, this can helps to boost the copper wire market in upcoming years. Additionally, rising the usage of copper wires in heating, ventilation, and air conditioning (HVAC) systems, electronic entertainment devices, lighting solutions, etc., across smart homes is boost the demand of copper wire and increase the market growth.
- Rising adoption of copper wires in telecommunication services can helps to boost the copper wire market in the forecast period. Moreover, the development of hybrid power solutions which are offer high energy density, minimal carbon footprints, and increase reliability can help to propel the market growth in upcoming years.
Key Takeaways of the Market:
- Among Voltage, the low voltage segment can drive the market growth, owing to stranded copper or aluminum conductors are used in low voltage wire. Low voltage wiring is expendable and smootherwhen installed in a designed cabling system managed with patch panels that can boost the market growth in upcoming years.
- For instance, in February 2021, ‘Resideo Technologies, Inc.’ a global provider of home comfort and security solutions, announced that they are acquired S. based home comfort and security solution Arrow Wire & Cable ("Arrow"). Arrow provide the customers across the U.S. and will be part of Resideo's ADI Global Distribution business.
Key Players
Major players operating in the global single core copper wire market include TOKEN, Gulf Cable and Electrical Industries, Giza Power industry factory, Nexans, Ekta Udyog, HANGZHOU ZION COMMUNICATION CO., LTD, Hangzhou Anxin Wire & Cable Co., Ltd., Qinhuangdao Qinniu Cable Industry Co, Ltd., Tianjin Jinshan Wire and Cable, Hongxin Biotechnology Co., Ltd., Shenzhen Xinghehong Hardware Electromechanical Co., Ltd., Xi'an Jinyan Wire and Cable, and Zhengzhou Net Electric All-plastic Cable Co., Ltd.
Global Single Core Copper Wire Market - Impact of Coronavirus (COVID-19) Pandemic
Since March 2020, almost every industry in the world has suffered due to the COVID-19 pandemic. The demand for consumer goods in 2020 reduced significantly, which in turn, hampered growth of the single copper core wire market. Furthermore, supply chain disruptions also reduced the growth of the single copper core wire market. Moreover, import and export activities reduced drastically due to stringent regulation policies.
China is the global manufacturing hub of copper wire, with the presence of and the largest raw material suppliers. The overall market breaks down due to COVID-19 is also affecting the growth of the single core copper wire market due to shutting down of factories and downturn in world economy.
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