Fire Resistant Cable Market To Bypass USD 3 Billion By 2024

The global fire resistant cable market is poised to witness a high CAGR of 3.28% during the period 2019-2024. Fire hazards have become much common in the urban settings wherein every year a high number of casualties are reported. Moreover, the damage to assets have been on upsurge in the past few years. Hence, fire resistant cables overcome the challenges with features such as fire resistance, low smoke & toxicity, no halogen gases, versatility and ease of installation. These are normally found in fire resistant safety circuits, control and instrumentation services in industrial, residential and commercial complexes.

The fire resistant cable market is driven by growing concerns for public safety in cases of fire incidence across various parts of the globe. In addition, the development for public safety infrastructure is likely to induce in a high market growth in the following years. Moreover, the rise in building and construction projects followed by increase in end-use industries is mostly anticipated in a huge market demand for fire resistant cables and products. Significant demand for insulation materials in the residential and commercial construction sector is most likely to propel the market growth in the near future. Ongoing innovation and techno-commercial advances have been prevalent in the market attributing to change in approach for fire health safety and disaster management

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For instance, Prysmian’s range of fire-resistant cables have been ruling the roost for four decades since they meet the requirements of international fire alarm standards and emergency lighting cables with a high level of protection against damage in the pre and post installation phase. For instance, BS5389-1 ensures fire detection for buildings that provides recommendations for installation, design and commissioning of fire detection and fire alarm systems for commercial purpose. BS5266-1 deals in the code of practice during emergencies and ensures that multiple factors such as design, wiring and installation of electrical emergency system adhere to safety of people within building premises in any event of failure of supply to normal lighting.

Europe is the leading market in the global scenario attributing to increase in safety standards and growing urbanization. Growing incidences of fire and terror attacks is likely to propel in a high market growth. Government regulations are playing a vital role in the development of regional market. Consumer safety is one of the biggest concern in the development of residential construction projects. Moreover, international standards and protocols for the production of wire and cables acts as a major catalyst in the development of regional market. 

Some of the key players in the fire resistant cable market are Far East Cable Co Ltd, General Cable Corporation, Grupo Condumex, Jiagnan Group Limited, Hengtong Optic-Electric Co Ltd, Nexans S.A., LS Cable & System Ltd, Polycab India Limited, Southwire Company LLC, Sumitomo Electric Industries LLC, NKT Group, Prysmian Group, and Walsin Lihwa Corporation.