Categories: Market Research

Fire-Resistant Cable Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Fire-Resistant Cable Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Fire-Resistant Cable Global Market Report 2024, The fire-resistant cable market size has grown steadily in recent years. It will grow from $1.91 billion in 2023 to $1.99 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to urbanization and infrastructure growth, industry-specific demand, awareness and education, environmental impact and sustainability, economic conditions and market growth..

The fire-resistant cable market size is expected to see steady growth in the next few years. It will grow to $2.32 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to incidence of fire accidents, environmental concerns & sustainable solutions, rising awareness of fire hazards, industry-specific applications, infrastructure development & urbanization.. Major trends in the forecast period include stringent safety regulations, advance safety solution, rising awareness of fire safety, expanding industrial applications, technological advancement.

The increasing electricity generation is expected to propel the growth of the fire-resistant cable market going forward. Electricity generation refers to producing electricity through the primary sources of power. The generation of electricity benefits the fire resistance cable market because these cables are designed to convey electrical energy under the severe circumstances that occur during a fire, ensuring that power is available to emergency devices such as signaling, air extractors, sound alarms, pumping water, and others. For instance, in 2021, according to a report issued by the Energy Information Administration (EIA), a US-based agency of the U.S. Federal Statistical System responsible for collecting, analyzing, and disseminating energy information to promote sound policymaking, in 2021, net energy generation from utility-scale facilities in the United States is expected to be around 4,116 billion kilowatt hours (kWh). According to the EIA, small-scale solar photovoltaic (PV) systems produced an additional 49.03 billion kWh (or around 0.05 trillion kWh). Moreover, an increase of around 61% of utility-scale electricity output in the United States was generated by fossil fuels (coal, petrol, and diesel), 19% by nuclear energy, and 20% by alternative energy sources. Therefore, increasing electricity generation is driving the growth of the fire-resistant cable market.

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The fire-resistant cable market covered in this report is segmented –

1) By Insulation Material: Ethylene Propylene Rubber-Insulated (EPR), Low Smoke Zero Halogen (LSZH), Polyvinyl Chloride (PVC), Cross Linked Poly Ethylene (XLPE), Other Types

2) By Voltage: 15kV, 16-30 KV, >30KV

3) By End-Use Industry: Automotive And Transportation, Building And Construction, Energy, Manufacturing, Other End-Use Industries

Product innovations have emerged as the key trend gaining popularity in the fire-resistant cable market. Major companies operating in the fire-resistant cable market are developing product innovations to strengthen their position in the market. For instance, in April 2023, Nexans, a France-based provider of cable technology solutions, has launched Nexans Fire Safety, an all-in-one offer that includes state-of-the-art fire protection cabling solutions, modular wiring solutions, smart packaging, premium services, and digital tools. It ensures the safety of buildings against fire hazards and provides low fire-hazard cables that ensure lower smoke opacity and gas emissions and prevent the spread of flame, and reduce heat release.

The fire-resistant cable market report table of contents includes: