International market research firm Technavio recently released a report that 2017-2021, the global metal cable market in line with the rate of about 3%, electricity and renewable energy is to promote the stable growth of the two major factors in the market.
"The demand for metal cables in the Americas region is mainly driven by the power generation industry, especially the renewable power grid, which needs to match the transmission system," explains Anju Ajay Kumar, senior analyst at Technavio. "In the Asia-Pacific region, the industrialization and urbanization process Accelerating and accelerating economic growth to boost demand for electricity to drive growth in the region's demand for metal cable, especially in China and India. "
In 2016, the size of the Asia-Pacific region metal cable reached 7.21 billion US dollars, accounting for 55.21% of the global total, is expected to 2021, the Asia-Pacific region will become the world's largest metal cable regional market.
In North America, due to increased demand for electricity, especially renewable energy generating capacity, it is expected that by 2021, its metal cable demand growth rate of about 2.41%, lower than the global average annual compound rate. In 2016, the market price of metal cable market accounted for 21.21% of the global total.
EMEA (Middle East, Africa and Europe) regional demand is also large, especially in Europe and the growing demand for renewable energy in Africa and the Middle East emerging markets. It is expected that by 2021, the region's metal cable market will reach $ 3.49 billion. In 2016, the region accounted for 23.58% of the global total.