Posted On: 2021-02-04
Philippines wires and cables market is expected to grow at a healthy rate on the back of renewal of power transmission networks, coupled with growing government infrastructure projects -6WResearch
The development of smart cities in the country along with the increase in electronic devices in the household would increase the demand for wires and cables in the Philippines market. Furthermore, rising government investment to meet the 100% electrification would result in surge in market demand for wires and cables in the country. Moreover, the medium voltage wire and cables segment is anticipated to grow significantly in terms of revenue share due to its application in the oil and gas industry.
According to 6Wreaserch, the Philippines Wires and Cables Market size is projected to grow at a CAGR of 6.4% during 2021-27. The market would witness a decline in 2020 on account of the economic slowdown caused due to COVID-19, however, the market would recover post-2020. The low voltage market portrays dominance in the Philippines wires and cables market owing to rapid urbanization synergized by increasing demand for reliable power supply which would encourage product growth in the aforementioned segment.
According to Prithu Chawla, Senior Research Analyst, 6WResearch, “Other Cables segment is the leading contributor to the overall wires and cables market in Philippines and is likely to maintain its position during the forecast period on account of surging electrical applications in residential and commercial establishment. Additionally, optic-fiber segment is anticipated to register significant growth due to its high signal transfer quality and low interference along with high transmission speed which makes it much better than the substitute products. Moreover, the building and construction segment dominated in the Philippines wires and cables market in 2020 and would continue to dominate the market owing to several technological upgrades along with the incorporation of new projects like New Manila Bay-City of Pearl project which would aid the demand of wires and cables for building and construction.”
“Overhead wires and cables would show dominance in the overall Philippines wires and cables market, however, the underground wires and cables would show a spurring growth during the forecast period due to increase in adaptability of underground systems and their added cost benefits for maintenance as compared to overhead wires and cables.”, Prithu Chawla further added.
According to Akshay Kumar, Research Analyst, 6WResearch, “High demand for high voltage cables from end users such as telecom, power distribution and aerospace & defence are expected to be the major factor responsible for the growth of wires and cables over the forecast period. Furthermore, trends in the market such as polymer optic fibre product being widely used in the automotive, electronics and other industries apart from the telecommunications industry is also bound to increase the wires and cables market of Philippines during the forecast period.”
Some of the key players in the Philippines wires and cables market are Columbia Wire & Cable Corporation, Hypertech Wire & Cable, Inc., American Wire & Cable Co., Inc., Phelps Dodge Philippines Energy Products Corporation, Hitachi, Ltd., Mega Tech Wires and Cables, Inc., Associated Wire Corporation of the Philippines, Sycwin Coating & Wires Inc., Philflex Wires & Cables Corporation and Orion Wire & Cable, Inc..
“Philippines wires and cables market (2017-2027)" report provides an in-depth analysis with 22 figures with 9 tables, covered in 86 pages. The report estimates and forecasts the overall Philippines wires and cables market by voltages, installation, products and end users. The report provides an unbiased and detailed analysis of the on-going 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.