Impact of COVID-19 on Cable Manufacturing Equipment Market

A cable is a group of wires wrapped in sheathing. A nautical line of multiple ropes used to anchor ships was originally referred to as cable. In an electrical context, cables are used to carry electrical currents. Cable manufacturing equipment is mainly used for producing communication cable, telecommunication cable, electronic cable wire, copper wire, insulated core wire, electronic cable and wire, automobile wire, etc. An extrusion machine is used to create copper wire by forcing the metal through a series of extrusion dies to create the desired shape.
Wire & cable industries comprise companies that manufacture, supply, and distribute industrial standard wire & cables for various machines, electronics, and equipment. The companies also manufacture insulated fiber optic cable and insulated metal wire & cables. Developments in end-use industries are expected to drive the global cable manufacturing equipment market during the forecast period.

Key Drivers and Opportunities of the Global Cable Manufacturing Equipment Market

Globalization has led to an increase in number of companies, industries, and commercial spaces. Rise in population globally has led to growth of various sectors. Growth in the business environment generates the need for commercial & industrial spaces, thus increasing the demand for cables and creating a demand for cable manufacturing equipment.
Urbanization is one of the major reasons for the overall growth of the cable manufacturing equipment market. The need for power grid interconnections in densely populated areas is creating demand for underground cables as demand for power increases. Underground cables reduce the space required and offer reliable transmission of electricity. Considerable growth is seen in the power distribution sector and also in power generation from renewable energy sources, which is projected to positively influence the cable manufacturing equipment market during the forecast period.

Manufacturers are investing in R&D to come up with innovative machines. Apart from product development, expansion is also an important factor in business opportunity. Entering new geographies and expanding business in untapped markets will further open doors for new business opportunity in the cable manufacturing equipment market during the forecast period.
In 2020, almost all sectors have seen a significant downfall due to the COVID-19 pandemic, and the pandemic has resulted in halt of many businesses, thus disrupting the financial cycle. The change in cost of raw materials hampers the production cycle, and changing geopolitics may act as a restraint to market growth.

North America to Hold Major Share of the Global Cable Manufacturing Equipment Market

Geographically, the global cable manufacturing equipment market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America dominates the global cable manufacturing equipment market due to increasing investment in automotive, aerospace, and electronics industry. The U.S. is the biggest market in the region, followed by Canada.
North America is followed by Europe and Asia Pacific. Changing lifestyle, rise in disposable income, and urbanization in developing markets of Asia Pacific is expected to drive the cable manufacturing equipment market during the forecast period.

Key Players Operating in the Global Market

Major players operating in the global cable manufacturing equipment market include: