What's new for the wire and cable industry in January-March 2024? Read our digest for everything you might have skipped.

Market Size and Forecast

• The global wire and cable market was valued at around $202 billion in 2022 and is projected to grow at a CAGR of 4.2% to 5.94% through 2030, potentially reaching up to $319 billion (Grand View Research)​. As of March 2024, we are still on the path to that trajectory. The factors driving the growth include the development of infrastructure, smart grid technology, and renewables.
• There has been a notable shift towards using low-voltage cables, especially in consumer electronics and automotive industries. These cables support high-speed data transmission for technologies like 5G, cloud computing, and IoT. Additionally, the automotive sector is seeing increased demand for cables due to the rise of electric vehicles (EVs)​ (Global Market Insights).

Mergers and Acquisitions

• Key players like Nexans and Prysmian Group are actively expanding their market presence through strategic acquisitions and investments. For example, Nexans acquired Reka Cables to bolster its capabilities in electrification and sustainable energy solutions (Allied Market Research).​ 

Investment in Infrastructure

• Companies are investing heavily in upgrading and expanding their production capacities. For instance, Prysmian Group is investing in its plant in Finland to increase the production capacity of high-voltage direct current (HVDC) submarine cable systems, which are critical for supporting the global energy transition​ (Allied Market Research)​.
• Amphenol Corporation expanded its capabilities in harsh environment solutions by acquiring the Industrial Products Group of Trexon, which includes TPC Wire & Cable, among others​ (WireNet)​.
• Prysmian Group announced an expansion of its optical cable manufacturing plant in Australia to meet the growing needs of Telstra InfraCo (WireNet)​.
• MaxLinear, Inc. partnered with JPC Connection to produce 800G active electrical cables for hyperscale data center connectivity. This technology utilizes 5nm CMOS technology to meet critical performance needs in modern cloud networks​ (Mordor Intel)​.
• LS Cable and Systems completed the establishment of the only HVDC submarine cable factory in Korea to boost their capacity in high voltage direct current cable production for renewable energy projects​ (Mordor Intel)​.

Copper Prices

• As of mid-April 2024, the spot price for copper is approximately $4.29 per pound, indicating a slight increase from earlier values within the month​ (Commodity.com)​.
• Copper prices have been affected by production adjustments and market demand uncertainties. Notably, Anglo American reduced its production forecast for 2024 due to operational underperformance, which is expected to tighten supply​ (INN)​. Additionally, the price on the London Metal Exchange (LME) was recorded at $8,450 per metric ton in late June, reflecting a significant drop from a record high earlier in the year, influenced by reduced Chinese consumption and other economic factors​ (SPGlobal)​.

Aluminum Prices

•  Aluminum prices have surged to approximately $2,450 per tonne as of April 2024, the highest in 14 months. This increase is largely driven by supply concerns and a strengthening demand from China, as evidenced by recent manufacturing PMI data.
•  The price for standard aluminum alloys in different Chinese regions is generally around 20,700 CNY per metric ton, with slight regional variations​ (Metal.com)​.

Renewables Market

• The global renewable energy market has seen massive capacity expansions, with unprecedented increases in investment. In 2023, global renewable electricity capacity grew by 50%, with solar PV comprising three-quarters of these additions. This rapid expansion is part of a broader trend where clean energy investment reached around $1.8 trillion, growing steadily by approximately 10% annually from 2019​ (Deloitte United States)​​ (IEA)​​ (IEA)​.
• The most substantial growth has occurred in solar and wind technologies. For instance, China alone commissioned as much solar PV capacity in 2023 as the entire world did the previous year, and its wind power additions grew by 66% year-on-year. Significant increases were also observed in Europe, the United States, and Brazil​ (IEA)​.
•  The European Union and the United States have implemented significant policies such as the REPowerEU Plan and the Green Deal Industrial Plan, which are expected to drive considerable renewable energy investments in the coming years​ (IEA)​.

Oil and Gas Industry

• The industry is undergoing a pivotal shift towards clean energy solutions. Companies areallocating capital towards low-carbon technologies such as carbon capture, use, and storage (CCUS) and hydrogen. This transition, however, is balanced with the need to maintain supply security amidst global energy demands​ (Deloitte United States)​​ (BetterWorkingEY-US)​.

Telecommunications

• The ongoing global rollout of 5G networks increases the demand for high-capacity fiber optic cables​ (Deloitte United States)​.

NEC 2023/2024 Updates

ertainly! The 2024 updates to the NEC (National Electrical Code) and NFPA 70E have introduced several significant changes aimed at increasing safety and efficiency within electrical installations and operations. Here's a more detailed look at each of these updates:

1. New Article 395 - Outdoor Overhead Conductors Over 1000 Volts

Previously covered under Article 399, this new article has been reorganized to provide clearer and more focused requirements for medium and high voltage overhead conductors (IAEA Magazine)​.

2. New Article 512 - Cannabis Oil Equipment

 This article is a new addition that addresses the installation and safety requirements for cannabis oil production equipment using flammable materials. It covers a range of equipment, including extraction devices and storage facilities, which are critical due to their volatile environments​ (IAEA Magazine)​.

3. New Article 722 - Cables for Power-Limited Circuits

 This article combines requirements from former Articles 725, 760, and 770 into a comprehensive article dealing with installation standards for power-limited circuits. This includes fire alarm systems and other specific low-voltage installations​ (IAEA Magazine)​.

4. New Article 724 - Class 1 Circuits

Class 1 circuits have been given their own article to separate them from Class 2 and Class 3 circuits​ (IAEA Magazine)​.

5. New Article 726 - Class 4 Power Systems

Class 4 systems, which refer to systems that limit energy available to a fault condition, now have their own article to address their specific safety protocols and installation requirements​ (IAEA Magazine)​.

NFPA 70E 2024 Updates

1. Electrically Safe Work Condition (ESWC)

 Revisions include a new structure for the ESWC policies, detailing when and how an ESWC must be established and what specific requirements must be met before considering a work condition to be electrically safe​ (Electrical Safety in the Workplace)​.

2. Job Safety Planning

New requirements include the need for an emergency response plan as part of job safety planning (Electrical Safety in the Workplace)​.

3. Protective Equipment and Safety Boundaries

Updates to the tables that define shock protection boundaries and new requirements for PPE durability and suitability based on the environment​ (Electrical Safety in the Workplace)​.

4. Arc Flash Risk Assessment and Incident Energy Analysis

More detailed guidelines for conducting arc flash risk assessments and the methods used for incident energy analysis, including adjustments based on system changes that might affect fault currents and protective device operations​ (Electrical Safety in the Workplace)​.