Posted On: 2021-05-21
Mexico wire & cable market witnessed a slow growth in revenue in recent years – 6Wresearch.
The Mexico wires and cables market has witnessed a fall in revenues during 2020 due to the ongoing pandemic of COVID-19, which resulted in a halt in electrification, construction of data centres projects, suspension of economic activities, and lockdown across South-American countries. However, previously it was growing at a steady rate due to several mandatory government regulations, including promoting state-owned utilities such as CFE and Pemex dealing in cables and wires in different ventures across the nation.
According to 6Wresearch, Mexico Wires and Cables Market size is projected to grow at a CAGR of 2.9% during 2021-2027F. Given the prominent position that Mexico has assumed in the industry over the last several decades has increased its power consumption, the various projects are in line with the strategy to generate power in the country at its utmost potential. Projects in the electricity sector and other projects that include the construction of six natural gas-powered combined cycled power plants, one natural gas pipeline, and one compression station- these ventures would certainly help foster the demand for the wires cables installation triggering demand in Mexico wires and cables Market.
According to Navneet Aggarwal, Senior Research Analyst, 6Wresearch, "The rapid increase in infrastructural projects in the country varies from electrification projects to the expansion of power grid systems or construction of data centres at the country's tech-hub Guadalajara and the major multi-billion construction projects such as the Trans-Isthumus project and construction of technological parks in the state of Jalisco. Along with this, megaprojects such as Santa Fe in Mexico City, Angelopolis in Puebla would increase the demand for wire and cables across the country."
According to Aviral Khare, Research Associate, 6Wresearch, "The Power & Energy, and Industrial sectors are anticipated to trigger the market demand further. The consumers are likely to continue their preferences towards low voltage cables and wires backed by increasing usage in infrastructures, automation, lighting, sound, security, and video surveillance. The high-voltage segment would witness an upsurge due to the growing government initiatives for electrification and expansion of grids at various plants situated in the country."
"There is a high amount of investment by software-tech giants such as Microsoft in Mexico that would flourish the need to install optical fibre cables for better data transmission and network connectivity. The implementation of Azure network solutions in Mexico would lead to further growth of the wires and cables market." Aviral concluded
Mexico Wire & Cable Market (2021-2027F) report provides an in-depth analysis with 18 figures and 16 tables, covered in 109 pages. The Mexico Cables and Wires market report comprehensively covers the market by components, application, and region. The report provides an unbiased and detailed analysis of the ongoing market trends, opportunities, high growth areas, and market drivers, which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.