The Global Fire Resistant Cable Market size is predicted to reach $2923.4 billion by 2030, growing at a CAGR of 5.5% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The growing global infrastructure projects and urbanization are driving the demand for fire-rated cables in new construction. The security and dependability of the electrical systems in structures, tunnels, airports, and other infrastructure projects depend on these cables are fueling the growth of the Fire Resistant Cable Market during the forecast period, finds IndustryARC in its recent report, titled “Fire Resistant Cable Market Size, Share & Trends Analysis Report By Insulation Material (LPE, PVC, LSZH, EPR and Others), By End User (End-Use Industry, Building & Construction, Automotive & Transportation, Manufacturing, Energy and Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030.”
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Asia Pacific Holds the Highest Market Share:
Asia Pacific region held a major market share of 34.2% in 2023. The region’s economy grow quickly, many people’s attention is focused on the region’s burgeoning economies, Taiwan and Hong Kong, which have made great strides in developing their general infrastructure and economies. As China’s urbanization process continues to progress and new energy, high-end equipment manufacturing, and other industries grow quickly, so do customers’ demand for cable quality and performance across a range of industries. As a result, there is a growing need for fire-resistant cables. According to the Chinese Academy of Social Sciences report on the country’s population and labor issues, China’s urbanization rate is expected to rise by an average of 1.03 percentage points per year during the 14th five-year plan (2021-25), reaching 75 to 80% by 2035. China’s wire and cable industry has a long business cycle, as evidenced by the development of several significant projects in the areas of ultra-high voltage and ultra-high voltage transmission lines, electrified railways and urban rail transportation, and new energy power production.
Fire Resistant Cable Market 2024-2030: Scope of the Report
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Report Metric |
Details |
|
Base Year Considered |
2023 |
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Forecast Period |
2024–2030 |
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CAGR |
5.5% |
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Market Size in 2030 |
$2923.4 Billion |
|
Segments Covered |
Insulation Material, End-Use Industry and Region |
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Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Netherlands, Spain, Russia, Belgium, Denmark and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, Indonesia, Taiwan, Malaysia, Hong Kong and Rest of Asia-Pacific), South America (Brazil, Argentina, Venezuela, Ecuador, Peru, Colombia, Costa Rica and Rest of South America), Rest of the World (Middle East and Africa). |
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Key Market Players |
1. Furukawa Electric Co., Ltd. 2. EL Sewedy Electric Company 3. Armacell International S.A. 4. Prysmian Group 5. Walsin Lihwa Corporation 6. Jiangnan Group Limited 7. LS Cable & System Limited 8. Leoni AG 9. Rogers Corporation 10. NKT Group |
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Fire Resistant Cable Market Report – Key Takeaways:
- XLPE Segment is Leading the Market.
In the Fire Resistant Cable Market analysis, XLPE held a major market share of 43.9% in 2023. Several factors drive the demand for XLPE fire-resistant cable insulation materials. The increasing emphasis on safety regulations and stringent building codes in various industries, including construction, oil and gas, power generation, and transportation, has led to the adoption of fire-resistant cables. XLPE insulation materials offer enhanced fire-resistant properties, ensuring the safety and reliability of electrical systems during a fire outbreak. Furthermore, the growing demand for renewable energy sources, such as wind and solar power, has increased the installation of underground power transmission cables. XLPE insulation materials are preferred due to their excellent fire-resistant properties, low dielectric loss, and high current-carrying capacity, making them suitable for such applications
- Building & Construction Segment to Register Highest Growth.
According to the Fire Resistant Cable Market forecast, the Building & Construction segment is analyzed to grow with the highest CAGR of 6.22% during the forecast period. As stringent safety regulations and the increasing emphasis on fire prevention drive demand. The construction industry’s focus on creating resilient and secure structures amplifies the need for fire-resistant cables, ensuring uninterrupted power supply during emergencies. Architects, engineers, and contractors are increasingly integrating these cables into building designs to enhance overall safety standards. Additionally, technological advancements in cable manufacturing contribute to improved fire resistance, insulation, and durability. The market’s expansion is further fueled by rising urbanization, infrastructure development, and heightened awareness of fire safety, positioning fire-resistant cables as integral components in modern construction projects worldwide. Stakeholders in the Building & Construction industry recognize the pivotal role these cables play in safeguarding lives and property, making them indispensable in the evolving landscape of construction practices.
- Mounting Power Generation Sector across Geographies, Escalating Demand for Resistant Cable is a Key Driver Enhancing the Growth of the Market.
Solar mounting systems are becoming increasingly modular and lightweight, making them easier to install and maintain. These systems, which are often built of aluminum or steel, can support a wide range of orientations, roof slopes, and roof kinds. This type of system, in addition to its considerable versatility, can be built with additional components such as batteries, trackers, and energy storage devices. These systems, which have integrated monitoring systems, can also track energy generation and other performance indicators. The global usage of energy is increasing. According to the U.S. Energy Information Administration 2022, United States consumed 100.41 quadrillion Btu of primary energy in total. Nearly all of the utility-scale electricity generated in the United States was sold to other sectors, with the electric power industry accounting for approximately 96% of this total. Solar energy generates just 585 TWh of electricity each year. While renewable energy solutions, investments, and usage are increasing, oil, coal, and gas continue to be the principal sources of global energy, accounting for more than 80% of global energy consumption.
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Key Opportunity Analysis:
Increasing Demand for Fire-Resistant Cables for Power Generation is Creating Growth Opportunities in the Market.
The demand will be met by new generation capacity additions, which will necessitate new transmission and distribution infrastructure, offering prospects for the fire-resistant cable industry. The government committed $885 million (Rs. 7,327 crore) for solar power projects in the Union Budget 2023-24, including grid, off-grid, and PM-KUSUM projects. The Ministry of Power has chosen 81 thermal units that will replace coal with renewable energy generation by 2026 in order to satisfy India’s 500 GW renewable energy objective and address the annual issue of coal demand-supply mismatch. Energy sector projects accounted for the largest share (24%) of the overall planned capital expenditure of $1.4 trillion (Rs. 111 lakh crore) according to the National Infrastructure Pipeline 2019-25. Between April 2000 and March 2023, total FDI inflows into the power sector totaled $16.58 billion.
Broadening industrial value: Broadening industrial value and application ranges is Major Opportunity for Market Growth.
Energy efficiency is becoming more important in industry. 14.18 Micro, small, and medium-sized enterprises (MSMEs) are widely recognized as the engine of economic growth and a means of supporting equitable development. The sector’s main advantage is its employment potential at a low capital cost. Companies in the industrial sector generate capital goods and machinery needed to make other items. The primary purpose of the sector is to produce goods, resources, and services that benefit the end user indirectly. Among the factors that can propel industrialization are:
- Policies of the government Inventions that save time at work
- Entrepreneurial goals
- Goods and services are in high demand.
India’s manufacturing sector has expanded into new areas and segments, propelled by growth in priority industries and influenced by favorable megatrends. Building on its competitive advantage of a competent workforce and lower labor costs, the manufacturing sector is also seeing an increase in capex and increasing M&A activity, resulting in a spike in manufacturing production and a corresponding increase in contribution to exports.
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The Report also Covers the Following Areas:
- Fire Resistant Cable Market Size and Forecast
- Fire Resistant Cable Market Trends
- Fire Resistant Cable Market Analysis by Type
Fire Resistant Cable Market 2024-2030: Key Highlights
- CAGR of the market during the forecast period 2024-2030
- Value Chain analysis of key stake holders
- Detailed analysis of market drivers and opportunities during the forecast period
- Fire Resistant Cable Market size estimation and forecast.
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials.
- Comprehensive analysis of challenges and constraints in the Fire Resistant Cable Market.
Covid and Ukrainian Crisis Impact:
- The COVID-19 pandemic has significantly impacted the Fire Resistant Cable Market, reshaping demand dynamics and supply chain operations. With disruptions in global manufacturing and construction sectors, the market experienced fluctuations in both production and consumption. The increased emphasis on safety protocols in various industries, coupled with a surge in remote working, influenced the need for reliable fire-resistant cables. However, challenges such as supply chain disruptions, labor shortages, and market uncertainties emerged. As the industry navigates through these challenges, strategic adaptation to evolving market trends, resilient supply chain strategies, and innovative product development will play pivotal roles in ensuring sustained growth amidst the ongoing pandemic and its aftermath.
- The Fire Resistant Cable Market in Russia and Ukraine has faced significant disruption due to the ongoing war. As geopolitical tensions rise, supply chain disruptions and increased raw material costs have become inevitable, influencing the FRC industry. Manufacturers are grappling with uncertainties, prompting strategic reassessments to mitigate risks and ensure business continuity. Furthermore, heightened demand for fire safety solutions in regions reevaluating their security infrastructure is a potential silver lining for the FRC market. Stakeholders must closely monitor geopolitical developments and swiftly adapt strategies to navigate the evolving landscape, safeguarding market stability and capitalizing on emerging opportunities.
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List of Key Market Players in Fire Resistant Cable Market:
The key companies profiled in the Fire Resistant Cable Market Report are listed below:
- Furukawa Electric Co., Ltd.
- EL Sewedy Electric Company
- Armacell International S.A.
- Prysmian Group
- Walsin Lihwa Corporation
- Jiangnan Group Limited
- LS Cable & System Limited
- Leoni AG
- Rogers Corporation
- NKT Group
- Nexans S.A
- KEI Industries Limited
- Reka Cables Ltd
- Bhuwal Insulation Cable Pvt. Ltd.
- Thermo Cables
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Insulated Wire & Cable Market – The Insulated Wire & Cable Market size is projected to grow at a CAGR of 5.5% during the forecast period. The increasing demand for insulated wires and cables from the power generation and the automotive industries acts as major drivers for the market.
LSZH Cable For Energy & Utilities Market – The LSZH Cable For Energy & Utilities Market size is growing at a CAGR of 9.8% during the forecast period. Increasing government initiatives, and investments to raise building and construction activities especially surrounding energy infrastructure, will further raise the usage of LSZH cables. Thus, this would act as a key factor influencing the market growth during the forecast period.
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