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My Country’s Wire and Cable Industry in 2023

Mar 1, 2024 | China News | 0 comments

The wire and cable industry is an important supporting industry for my country’s economic construction. At present, my country’s wire and cable industry has achieved an annual output value of over one trillion yuan. The scale of the wire and cable industry ranks first in the world, and the production and sales of wires and cables rank first in the world.

Although the market size is considerable, there are many players in the industry, industry concentration is not high, and market competition is fierce. The homogeneity of cable products is serious, and most of them are mid- to low-end conventional cable products. The convergence of selected technologies is an important reason for the fierce competition in the industry. At the same time, the supply of high-end products is insufficient, product structural contradictions are prominent, and special cable production capacity with high technical content and high access qualifications is lacking.

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Transformation and upgrading of downstream industries promote structural adjustment of cable industry

In recent years, the country has also increased investment in new infrastructure fields such as electric power, 5G, new energy, rail transportation, and ultra-high voltage. The continued advancement of industrial transformation and upgrading is placing higher requirements on the application of wires and cables.

At present, with the development of new energy and the continuous adjustment and optimization of energy structure, electrification of energy consumption is becoming a trend. Among the industrial changes brought about by this change, the wire and cable industry, known as the “blood vessels” and “nerves” of the national economy, has attracted attention. Against the background of the rapid development of emerging industries, the structural adjustment of my country’s wire and cable industry continues to deepen, the Matthew effect becomes increasingly prominent, and the pace of reshuffle and integration among wire and cable companies accelerates. The above situation may usher in a change.

New energy automobile cables have broad prospects

As far as new energy vehicles are concerned, under the industry trend of high performance, high efficiency, and high power density, the upgrade of the core component drive motor has become a necessary condition, which also involves the update and iteration of the cables used. The special properties required for enameled wires used in drive motors of new energy vehicles determine the broad application prospects of flat wire motors in the field of new energy vehicles. Flat wire motors are accelerating their replacement of round wire motors. For example, the flat wire leader Jinbei Electrician (002533) sold flat magnet wires in 2022, a record high in the company’s history, which shows the popularity of the industry.

Renewable energy special cables are in strong demand

In addition to new energy vehicles, the development of renewable energy sources such as photovoltaics and wind power under the “dual carbon” goal has also boosted the demand for photovoltaic cables and other special cable products used in high-tech fields.

The construction of new power systems is the general trend

In addition, the “Outline” of the “14th Five-Year Plan” proposes that in the next five years, while improving the utilization rate of UHV transmission channels, high-quality supply will lead the creation of new demand, which also brings new opportunities to the cable industry. and challenges. Since the beginning of this year, the construction tasks of new power systems such as ultra-high voltage transmission channels have been accelerated. Some analysts said that according to the previous “14th Five-Year Plan” route planning, construction should start no later than the first half of 2024. It is expected that UHV projects will be intensively approved to start in 2023.

Some professionals have pointed out that power cables, as the main unit carrying electric energy, will still play an important role in the construction of grid energy networks and new power systems. Not only will the total volume maintain a growth rate higher than GDP, but technology will also tilt toward high-end products, and industry development opportunities will emerge.

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