Market forecasts are reliable tools that can predict shortfalls in interest and demand with relative certainty. For industries that are experiencing increasing global demand, such as the electrical wire and cable market, a forecast can give industry leaders insight into how businesses should operate to keep up with demand - particularly in terms of the wires and cables that need to be manufactured.
What Will the Electrical Wire and Cable Market Look Like in Five Years?
The wire and cable market has seen steady growth over the last five years, even with the 2020 pandemic creating a demand shortfall. But with the new quarter of 2021, it's clear that the industry is bouncing back strongly and is quickly catching up to the projections that were made previously. In fact, some forecasts indicate that demand for the industry is going to increase even more with new legislation and policy, especially in America
Big Industry Growth in America
The most recent global forecasts suggest a 4% growth in all wire and cable industry segments worldwide by 2027. In America, however, there is a much more impressive growth projection being seen. Current forecasts indicate that the American industry will grow by 8% CAGR by 2026, meaning the American market will be outperforming the global average by a significant rate.
New automotive policy legislation, which is phasing out combustion vehicles by 2035, and commitments to producing green energy and creating accessible high-speed internet are all reasons why the American market is projected to boom so dramatically.
The current trends in global cable and wire industry growth are promising, particularly in light of new engineering and construction advancements that are being pursued by global governments. There is every possibility that current market projections will increase with new industry trends.