Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Market Overview
Fire performance cables are referred to the cables that are designed specifically to have resistance to fire. These cables are widely used across areas which are anticipated to have high temperature or exposure to fire. Fire performance cables are also widely utilized in emergency lighting systems, fire alarm systems and others. These cables are available in two forms, namely, single core cable and multicore cable. Single core cables are intended for establishments in trunking and channels where a fire circumstance may represent a serious and immediate danger. On the other hand, a multicore cable includes numerous single core cables which are jacketed to form a single cable. These cables have different fire rated durations.
The rising awareness for good electrical wires that have the characteristics of fire resistance across end user industries and the increasing adoption of fire performance cables in the end user industries are some of the factors believed to benefit the expansion of the Global fire performance cables market. The Global fire performance cables market is slated to grow at a highest CAGR of around 3% throughout the forecast period, i.e. 2019-2027. Further, the market accounted for a value of around USD 1700 million in the year 2018 and is predicted to reach a value of around USD 2200 million by the end of 2027. Additionally, the global fire performance cables market is anticipated to gain an absolute $ opportunity of around USD 440 million during the forecast period.
Regional Growth Highlights During 2018-2027
The global fire performance cables market is segmented by regions into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. Among these regions, the market of North America fire performance cables held the largest market share of around 31% in the year 2018 and is anticipated to cross a value of around USD 630 million by the end of 2027 by registering a CAGR of around 2% during the forecast period. Additionally, the market in the region is anticipated to gain an absolute $ opportunity of around USD 94 million during the forecast period.
On the other hand, the fire performance cables market in Europe is anticipated to cross a value of around USD 680 million by the end of 2027 by growing at a CAGR of 3% throughout the forecast period. The market is further anticipated to gain an incremental $ opportunity of around USD 22 million in the year 2027 as compared to the previous year.
Market Segmentation Synopsis
By Product Type
The global fire performance cables market is segmented on the basis of product type into fire rated or FR 30 minutes, FR 60 minutes and FR 120 minutes. The FR 30 minutes segment in Europe is estimated to expand at a CAGR of around 2.8% over the forecast period and is showcasing great potential for the future growth of the segment. The segment with around 40% share in the year 2018 is anticipated to grow by a growth rate of 1.2x over the forecast period. Additionally, the segment in Europe is also anticipated to cross a value of around USD 260 million by the end of 2027 by attain an absolute $ opportunity of around USD 52 million during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
By End User
The global fire performance cables market is also segmented by end user into public & commercial building, automotive & transportation, manufacturing, energy and others. It is observed that there is a high demand amongst manufacturers of different industry verticals for fire performance cables. Moreover, the manufacturing segment in Europe fire performance cables market, held a value of around USD 120 million and a market share of around 23% in the year 2018. It is further anticipated to grow with a CAGR of around 3% throughout the forecast period. The segment in Europe is also anticipated to gain an incremental $ opportunity of around USD 4.5 million in the year 2027 as compared to the previous year. On the other hand, the public & commercial building segment in Europe is anticipated to grow with the highest CAGR of around 3.5% over the forecast period on account of stringent norms of the government of the nations in Europe for providing fire safety, especially for residential building construction.
Market Drivers and Challenges
Growth Indicators
Presence of stringent safety and security regulations in regions worldwide, especially across end user industries, such as building & construction, manufacturing and others, as well as in hospitals, residences, and workplaces for fire and safety norms are raising the need for the greater utilization of fire performance cables. Fire performance cables provide superior characteristics over conventional cables. Otherwise called as circuit integrity cables or CI cables, these cables are characterized as the cable that is fit for keeping up circuit respectability for a predefined timeframe during a fire. Additionally, growing number of construction activities around the globe and availability of favorable characteristics of fire performance cables that can withstand high temperatures, low toxicity and features such as non-corrosiveness, along with low smoke emission during a fire are s0me of the factors anticipated to drive the growth of the globe fire performance cables market.
Barriers
High product cost of fire performance cables which might restrict the desired sales of the manufacturer of fire performance cables is one of the major factors anticipated to impact negatively towards the growth of the global fire performance cables market.
Competitive Landscape
The global fire performance cables market has several key players that are functioning both locally as well as globally. Moreover, several global players in the fire performance cables market are also providing their products and services in Europe to cater to the rising demand for fire performance cables in the region. Additionally, several small and mid-size players around the globe are also looking for options by expanding their existing product width and line to cater to the market. On the other hand, several players in the global fire performance cables market are also investing heavily to develop advanced materials used for manufacturing fire performance cables.
Increasing construction activities in the region as well as the stringent safety regulations in construction industry are some of the major factors that are driving the growth of the market.
The market is anticipated to attain a CAGR of around 3% over the forecast period, i.e. 2019-2027.
The market is majorly segmented by product type, insulation material, end user and by region.
The FR 30 minutes segment, which is a sub-segment of the product type segment, held the largest market share of around 40% in the year 2018 and is anticipated to display significant growth opportunity.
Growing concerns for the impact on sales of the manufacturer of fire performance cables due to the high-end product cost is one of the major factors anticipated to act as a barrier towards the growth of the Europe fire performance cables market.
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