The wire and cable market is a key infrastructure market. With the development of the economy and the advancement of technology, the demand for wire and cable is constantly increasing. In the coming years, including 2024, some cable markets will experience significant growth, and some cable products will meet considerable market demand.

I. Power Grid Construction

The construction of power grids in China is still in the development stage. The higher the voltage level, the more conducive it is to long-distance power transmission. In the future, large-scale cross-regional power grid construction in China will require long-distance power transmission. At present, from the perspective of the construction planning of high-voltage and ultra-high-voltage lines, the demand for supporting cables is on the rise. According to the plan of State Grid Corporation of China, by 2023, the investment amount will increase to 520 billion yuan, representing a year-on-year growth of 4%. Grid investment and new infrastructure are the driving forces for the development of the cable market.

Ii. Photovoltaic/Energy Storage/Hydrogen Energy Market

The energy sector is an important area in the wire and cable market. With the continuous development of China's photovoltaic industry, the photovoltaic cable industry will still be in a stage of rapid growth. It is estimated that the market size of photovoltaic cables in China will reach 18.56 billion yuan in 2023. In recent years, to implement the national strategic deployment of the "dual carbon" goals and promote the green and low-carbon transformation of energy, the Chinese government has introduced a series of policy measures. In the coming years, the new energy industries such as photovoltaic, wind power and energy storage will maintain a rapid growth trend. The rapid development of these industries will drive the development of photovoltaic cable enterprises.

Iii. Communication Industry

In recent years, with the continuous growth of China's economy, the market demand for communication cables has been constantly rising, driving the continuous expansion of China's communication cable industry. The future Chinese communication cable market still has a promising development prospect. First of all, the construction of 5G continues to drive the development of the communication industry. At the same time, it closely follows the pace of 5G deployment and embraces the development opportunities of the gigabit era. The second is the wave of data center construction and renovation brought about by the "East-to-West Data" strategy. The development of China's smart city and Internet of Things (iot) markets will also increase the market demand for communication cables.

Iv. New Energy Vehicles

According to different application scenarios, new energy vehicle cables can be classified into in-vehicle cables, charging station cables and on-board charging cables. The rapid development of new energy electric vehicles has provided a good market opportunity for their supporting cable industry. As vehicle manufacturers continue to increase their investment in the field of new energy vehicles, the electrification of automobiles has become a trend, and new energy vehicle cables will also usher in new growth points. It is estimated that by 2025, the market size of automotive cables in China will reach 18.06 billion yuan. Whether from the perspective of industrial transformation or energy strategy, the prospects for new energy vehicle cables are very broad. In the next five years, the field of new energy vehicle cables will witness a huge development space.

V. Marine Construction

In recent years, the submarine cable industry in China has shown a fluctuating upward trend. In 2020, driven by the upsurge in offshore wind power installation, the market size of submarine cables increased by 12.64% year-on-year, reaching a peak of around 13.4 billion yuan in recent years. Based on the demands of multiple application fields such as future offshore wind power, international communication network upgrades, and the development of offshore oil platforms, it is estimated that by 2027, the market size of submarine cables in China will reach 20 billion yuan, with a compound annual growth rate of approximately 6%.