South Africa Wires and Cables Market is expected to reach $7.18 billion by 2025 at a CAGR of 4.0% during the forecast period 2020-2025. The rising demand for wires and cables in automotive industry for various applications and increased adoption in communications segment is driving the market in the forecast period. Moreover increased infrastructure investment and modernization of existing power transmission networks is also analyzed to drive the market. In 2020, the government of South Africa has committed to invest $86 billion for infrastructure and modernization of power transmission networks. Hence these investments and developments drive the market in the forecast period 2020-2025.
South Africa Wires and Cables Market Segment Analysis - By Voltage
Low Voltage wires and cables are growing at a highest CAGR of 8.5% in the forecast period. The rising number of applications across industrial and housing applications, electronic goods, airports, railways, and power transmission and distribution is considered as one of the key factors that is likely to encourage the growth of the overall segment in the forecast period. In addition to this, the growing need for the developing safety of residential buildings is another major factor drive the market. Moreover, with the growth of renewable industry the use of low voltage cables in powering of vital equipment of a wind turbine and interconnections between solar panels and other photo-voltaic systems is growing. Further with rising electrification projects in Africa, low voltage cables are used to provide electricity from the distribution substations to the customer. Hence these applications are analysed to drive the market in the forecast period forecast period 2020-2025.
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South Africa Wires and Cables Market Segment Analysis - By End User
Wires and Cables in South Africa Automotive sector is growing at a CAGR of 7.9% in the forecast period owing to their applications in automotive vehicles for transmitting electricity to power various devices equipped on a vehicle such as lighting, air-conditioning units, steering servos, sensors and so on. Moreover several companies are planning to invest heavily for the production of vehicles. In 2017, Ford has invested more than $750 million for the production of cars in this region. Similarly, Volkswagen has announced plans to invest more than $1 billion for the production of vehicles in the forecast period. Hence these developments, applications and investments are analyzed to drive the market in the forecast period 2020-2025.
South Africa Wires and Cables Market Drivers
Increasing Adoption of Fast Charging Cables
Advances in the smartphone technologies such as fast charging technology are increasing the demand for fast-charging cables. Fast-charging cables are active copper cables for data transmission that use one or numerous semiconductors to boost the performance of the cables. Moreover in combination with new smartphone technology, these cables allow the charging times of smartphones to drop to around 30 minutes. Several companies have been launching smartphones with this technology, In 2019 One Plus smartphones has released a smartphone with dash charge technology in combination with fast-charging cables to attract customers. Similarly, several local manufacturers have been this using dash charge technology to attract the market. Hence these advancements are analyzed to drive the market in the forecast period 2020-2025.
Modernization of Power Transmission Networks
The wires and cables market will be driven by the modernization of existing power transmission networks. Increase in government investments in power infrastructure will drive the market. For instance, in 2019, the government of South Africa had implemented regulations for modernization and improvement of electric grids to reduce the economic losses associated with power outages. It also established mandatory electric grid reliability standards and incentivized transmission and distribution (T&D) investments. Hence modernization of power transmission networks led to an increase in the demand for power wires and cables in the forecast period 2020-2025.
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South Africa Wires and Cables Market Challenges
Volatile Metal Prices
Aluminum and copper are the majorly used metals in manufacturing of cables and wires, any change in the price of these metals directly impact the price of cables and wires. In addition, losses during transmission also negatively impact market growth. Additionally, the implementation of low voltage cable roll out programs requires a huge investment to make electricity available at the required location. These factors can hamper the market growth during the given forecast period 2020-2025.
South Africa Wires and Cables Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the South Africa Wires and Cables market. In 2019, the market of Wires and Cables market industry outlook has been fragmented by several companies. South Africa Wires and Cables top 10 companies include STMicroelectronics, Renesas Aberdare Cables Limited, CBI - electric: African Cables Limited, B & W Instrumentation and Electrical Limited, CCG Cable Terminations Pvt Ltd, South Ocean Holdings Limited, Power Technologies Pvt Ltd, Industrial Cable Suppliers Pvt Ltd among others.
Acquisitions/Technology Launches
In 2017, TPC Wire & Cable Corp. acquired two companies: Cicoil L.L.C. and Pittsburgh Wire and Cable Inc. The company, which makes wires and cables insulated in thermoset and thermoplastic materials.
Key Takeaways
The rising number of applications across industrial and housing applications, electronic goods, airports, railways, and power transmission and distribution is considered as one of the key factors that is likely to encourage the growth of the low voltage segment in the forecast period.
Wires and Cables in South Africa Automotive sector is growing at a CAGR of 7.9% in the forecast period owing to their applications in automotive vehicles for transmitting electricity to power various devices equipped on a vehicle such as lighting, air-conditioning units, steering servos, sensors and so on.
South Africa Wires and Cables top 10 companies include STMicroelectronics, Renesas Aberdare Cables Limited, CBI - electric: African Cables Limited, B & W Instrumentation and Electrical Limited, CCG Cable Terminations Pvt Ltd, South Ocean Holdings Limited, Power Technologies Pvt Ltd, Industrial Cable Suppliers Pvt Ltd among others.
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