The global fire rated cable market is expected to reach a valuation of US$ 1,915.0 Million in 2022. The expanding industrial value and wide ranges of applications are projected to be the market’s primary growth drivers. The overall sales of fire rated cables are projected to grow at a robust CAGR of 3.3% between 2022 and 2032, totaling around US$ 2,655.0 Million by the end of 2032.
Heat, toxic fumes, and smoke are the foremost impediments to the safe evacuation of an area, a plant, or a building in all fire tragedies. Fire rated or fire resistance cables have attributes such as fire resistance, low toxic gas combustion, and smoke, long-term circuit integrity in a fire, flame retardant properties, easy and cost-effective installation, and zero halogen gases.
Fire safety or fire protection cables are classified as flame retardant or fire rated. The primary distinction between flame retardant cables and fire rated cables is that flame retardant cables are only intended to restrict the spread of a fire by deterring combustion, whereas fire rated cables, also known as circuit integrity cables or fire resistive cables, can operate in the presence of a flame for a specified time under given circumstances. These cables are specially constructed to keep the circuit intact in the event of a fire. They are decent flame retardants with inherent advantages such as excellent electrical and mechanical properties.
Which Factors are driving the Growth of the Fire Rated Cables Market?
The growing global construction sector, especially for commercial and office buildings, has expanded the market for sustainable building materials. Modern commercial buildings and office space require fire-rated electric systems to comply with green building codes. This is also most likely to have a favorable effect on the market’s growth.
A growing number of factory facilities in major regions such as Europe, North America, and the Asia Pacific are concentrating on employee workplace safety. The primary concern for the players is the implementation of a safe and secure electric supply channel to prevent the possibility of fire mishaps in the facilities, which is expected to support product performance.
How Will Growth Unfold in the North America Fire Rated Cables Market?
Demand for fire-rated cable materials is expected to rise substantially in the United States as demand for fire-resistant building structures rises. Furthermore, the abundance of raw materials in the country, along with well-established commercial channels and the presence of prominent manufacturers, is expected to propel market expansion over the forecast period.
Because of government-mandated high safety and security measures, North America is predicted to lead the fire rated cables market over the forecast period. North America holds a 22% market share of the global fire rated cable market.
How Will Growth Unfold in the European Fire Rated Cables Market?
European economies are positively impacting the consumption of feasible and fire-resistant building materials, which is presumed to have a constructive impact on the demand for fire rated cable materials. The escalating installation of electric wires in modern residential homes, commercial buildings, and office spaces is expected to fuel market growth. The European construction industry is predicted to grow at a 3.8% CAGR to US$ 2,841 Billion by 2024. As per Future Market Insights, the region is likely to account for a market share of 28% of the global fire rated cable market in 2022.
The automotive industry in European economies is expected to increase demand for fire-resistant cable jacketing materials as the production of electric vehicles increases. Furthermore, the building and construction industries in France, Italy, and Germany are expected to enhance market growth throughout the forecast period.
Which Factors are pushing the Fire Rated Cables Devices in the Asia Pacific?
The Asia Pacific fire rated cables market is projected to expand rapidly as safety standards tighten and building and industrialization expand. With a 32% share of the regional market in 2022, Asia-Pacific is predicted to sustain its lead over the forthcoming years.
Because of the burgeoning, and need for fire prevention in commercial and residential buildings, China, India, Japan, South Korea, and Australia are the leading consumers of fire-rated cables. Furthermore, raising automotive production and eminent electrical machinery and equipment production is expected to aid the industry in this region’s expansion.
The Start-Up Ecosystem: How key Players are opening Frontiers for Future Growth?
Manufacturers are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and create a larger customer base. For instance,
Bhuwal Insulation Cable Private Limited (BICPL) is a private limited company that was founded in 2005. The company provides an exquisite range of Ceramic Yarn Insulated High-Temperature Cables.
Michael T. Suffredini and Kam Ghaffarian founded Axmon in 2016, and the first spaceflight took place in 2022. It recently released a fire-rated Axmon extension cord with two outlets and two USB ports.
Who are the Leading Players in Fire Rated Cables Market?
These key fire rated cables providers are adopting various strategies such as new product launches and approvals, partnerships, collaborations, acquisitions, mergers, etc. to increase their sales and gain a competitive edge in the global fire rated cables market. For instance,
- NKT Group entered into a framework agreement for high voltage cables with the French Transmission System Operator, Réseau de Transport d’Electricité (RTE), in April 2021, for the renewal and modernization of the French power grid.
- Jiangnan Group installed four imported cross-linked cable production lines in 2021, including two lines for 35kV ultra-high-speed medium-voltage crosslinked cables, one line for 110kV PP cables, and one line for 110kV cross-linked cables, as well as two German concentric stranding machines.
- NKT Group signed service agreements with Elia, 50 Hertz, and Nemo Link in November 2020 to ensure the efficient integration of energy into the Belgian, UK, and German power grids.
- Nexans S.A’s MPRXCX or MPRXCX 331 power, control, or TCX instrumentation cables, which were introduced in May 2022, maintain circuit integrity in the event of a fire. These cables maintain the integrity of electrical circuits for a while after the fire has begun.
