According to a recent report, the Electric Cable
Manufacturing Market size is anticipated to register more than 6 percent CAGR till 2026. The major factor attributing to its growth is the ongoing investments toward the enhancement and expansion of grid infrastructure to meet rising electricity demand across the globe over the forecast period. Electric cable is being significantly used in electricity supply, instrumentation and automation purposes across various applications, as global electricity production and consumption has increased significantly; thus positively impacting the power and control cable demand.
Furthermore, the lack of efficient electric infrastructure across emerging economies along with an inclination toward the expansion of existing networks has offered a favorable market scenario for electric cable manufacturers today. Also, on account of the rising number of renewable energy projects coupled with new grid connections, the cable market demand from the high voltage segment is set to witness significant growth.