Artificial Intelligence
Wire and Cable Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)
New York, June 20, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Wire and Cable Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)” – https://www.reportlinker.com/p06469579/?utm_source=GNW
The increasing demand for power, communication (data and voice), and light have filled India’s wire and cable industry and electrical equipment business. Also, the steady increase in consumer spending augments the demand for the wire and cable industry worldwide.
Key Highlights
The growing renewable energy production, increasing reserves in smart grid technology, and the government initiatives globally for upgrading the distribution and transmission systems responsible for market proliferation. In the past few years, content and cloud providers attempted to attract more customers and offer bandwidth-intensive services, increasing the popularity of submarine infrastructure. The lifespan of a submarine cable is expected to be 25 years.?
The Indian government’s target of generating 100 GW of solar energy by the financial year 2022 and measures like excise duty exemption for Ferro silicon magnesium used for manufacturing components of wind-operated electric power generators have also significantly increased the demand for electrical wires and cables.
Deep fiber is one driving factor expected to become a vast part of the next generation of cable. The MSOs (Multiple System Operators) can push fiber closer to customers to provide better service. In addition to pursuing strategies like HERD (Headends Re-Architected as a Data Center) and adoption of the telco CORD (Central Office Re-Architected as a Data Center) initiative for the MSO market, and adopting virtualization technologies, are reflective of MSOs cable trying to simplify multiple operations by driving the digital technologies closer to several users.
Cable manufacturing companies are also significantly increasing the fire-resistant production of cable capacities to keep pace with the increasing demand for products from the construction industry. Fire-resistant cables are designed to limit the propagation of flames. They have a sheet to determine the smoke and other toxic gases released, and such wires are designed for commercial buildings and wiring in large residential and manufacturing units. The major players offering fire-resistant cables include Nexans, TPC Wire & Cable Corp., Prysmian Group, Cavicel, Cleveland Cable, and others.
The global demand for wire and cables decreased mainly due to the COVID-19 pandemic outbreak. The largest fiber optics supply chain concentration can be found in Wuhan, China, home to Fiberhome, YOFC, and Accelink, among other companies, which comprises 25% of the optical fiber production capacity globally. During the COVID-19 pandemic, the demand was usually weak, but production picked up later.
Wire & Cable Market Trends
Power Infrastructure sector to Hold Significant Market Share
The power infrastructure sector is considered a significant adopter of wires and cables, contributing majorly to the market’s growth. This is due to the new upcoming power projects initiated by the governments globally in various regions to meet the electricity demand. ?
According to the WNA (World Nuclear Association), the electricity demand is expected to increase to 5000 TWh annually in the United States by 2030 due to the US nuclear reactors producing 807 billion kilo Watt-hour in previous years. Therefore, the government announced the plans to construct two reactors by the end of the last year.
Moreover, power companies are starting to utilize fiber optics in communication systems. Several power utilities already have fiber-optic communication systems to monitor the power grid systems. Fiber-optic networks with utilities establish a smart grid by improving the chatter between power providers and smart devices. Some utilities are, therefore, beginning to explore the potential of fiber optics.
For instance, Hyperion Inc., an Ontario-based energy startup, partnered with Ameren and Missouri University of Science and Technology to extend R&D into fiber optic cables. These cables can detect temperature along power lines and within transformers. The companies and universities aim to improve the reliability and delivery of the power infrastructure.?
The KFON (Kerala Fibre Optic Network) project in India is a collaborative initiative of the Kerala State IT Infrastructure Ltd and the state’s power utility Kerala State Electricity Board. The fiber-optics network project is expected to help the country’s Information Technology industry and open opportunities in artificial intelligence, blockchain, and startups.?
Further, many policies and schemes undertaken by the government of India promote the country’s power sector. Some initiatives are Pradhan Mantri Sahaj Bijli Har Ghar Yojana, Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY), and Integrated Power Development Scheme (IPDS), which have given the wire and cables market a significant growth. The government also envisaged the electrification of all villages under DDUGJY.
North America to Witness Significant Growth
The United States in the North American region is expected to witness growth in the wire and cable industry due to the increasing developments and innovations in the wire and cable industry. The market’s growth can be primarily attributed to the increase in renewable energy generation and is also expected to influence the region’s electricity trade. ?
Significant investments in constructing high-capacity transmission lines in the country are expected to drive the market’s growth over the forecast period. Multiple sub-national governments in the US are gaining a significant position in energy efficiency ingenuities and renewable energy. ?
Emerging US states are investing hugely in various renewable energy technologies. Due to this strategy, the states in the country have emerged as renewable energy leaders. Fiber optics now passes through 39 million households in the US (1.6 million of which have multiple fiber passing networks) and connects about 18.6 million homes, up by 17 percent compared to previous years. According to Fiber Broadband Association, the country is already on a pace to witness FTTH available to 50% of households by 2025.
If the spending on the deployment of FTTH is increased by USD 70 billion following decade, the association claims that by 2029, the FTTH could be available to 90% of US homes. Owing to the higher deployment costs in rural areas, rural areas are likely to lack FTTH than urban areas,
Additionally, various steps are taken by the country’s government to encourage the implementation of the smart grid. For instance, the state government of New York invested significantly in developing smart energy technologies through NYSERDA. ?
Wire & Cable Industry Overview
The Wire and Cable Market is very competitive. Some of the significant players in the market are Nexans, LS Cable & System Limited, Prysmian S.p.A, Southwire Company LLC, Fujikura Limited, Furukawa Electric Co., Ltd, Leoni, Belden Incorporated, TE Connectivity, Wilms Group, among others. The companies are increasing the market share by forming multiple partnerships and investing in introducing new products, earning a competitive edge during the forecast period.
In October 2022, Nexans received the final order for the United States offshore wind export cables turnkey contract for Empire Wind 1 from Equinor/bp joint venture. The project is part of the vast Empire Wind 1 offshore wind farm that will generate enough renewable energy through the sources to energize above 1 million homes in New York State. From the current contract for Empire Wind 1, over five lakhs of those residential homes will be powered by the cables by the company. Nexans will install the export cables over 150km (93 miles) from the United States offshore substation to landfall at South Brooklyn Marine Terminal.
In May 2022, Prysmian Group to deliver cable for the fiber network of the future in Australia. The company announced it would work with Telstra to build a new state-of-the-art inter-capital fiber network in Australia. The national fiber network project is a multi-year project that will see Telstra build a new state-of-the-art inter-city dual fiber path that sums up to 20,000 route km of new fiber optic terrestrial cable, boosting inter-capital capacity as the capacity for regional areas.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06469579/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
__________________________
Artificial Intelligence
Netcompany secures high-profile digital transformation contract with HM Revenue & Customs (HMRC)
Netcompany wins one of four new build contracts for HMRC. The European IT services company will focus on modernising core digital customer services for HMRC’s Customer Services Group. The contract term is three years with options for two, one-year extensions. The estimated contract spend is £120–£135m over the course of the 5-year term.
LONDON, May 13, 2024 /PRNewswire/ — Netcompany has won a significant new build contract for His Majesty’s Revenue and Customs (HMRC). It will provide digital transformation services to HMRC’s Customer Services Group (CSG), including the Customer Compliance Group (CCG). Netcompany was selected following a competitive procurement process.
“We are proud and honoured to be selected to bring our expertise and knowledge to bear in helping enable HMRC’s digitalisation journey,” says André Rogaczewski, CEO, Netcompany. “Improving citizen experience through responsible digitalisation of public services is a core part of our DNA. Through this partnership, Netcompany looks forward to working with HMRC to help realise their digital transformation aspirations, resulting in both better customer services and value to the taxpayer.”
The contract Netcompany has been awarded to deliver aims to simplify access and management of citizens’ tax affairs, through one personalised digital account. The contract was won through the first phase of competitions run under Crown Commercial Service’s (CCS) Digital and Legacy Application Services (DALAS) framework, Lot 2a – Large Scale Digital, Integration and Development Services.
About Netcompany
Founded in Denmark in 2000, Netcompany is a fast-growing, multinational company, working across 10 countries, with a team of more than 7,700 skilled professionals, who drive sustainable digitisation, consistently improving outcomes for our customers and citizens. Netcompany provides mission-critical IT solutions for societal and business needs, aiding our clients in their digital evolution towards a more efficient and sustainable future. Netcompany UK has extensive experience of working across the public sector, including NHS England, Ministry of Defence, Home Office, HMRC, Department for Education, Department for Environment, Food & Rural Affairs, as well as extensive private sector experience.
About Crown Commercial Service
Crown Commercial Service (CCS) is an Executive Agency of the Cabinet Office, supporting the public sector to achieve maximum commercial value when procuring common goods and services.
To find out more about CCS, visit: www.crowncommercial.gov.ukFollow us on Twitter: @gov_procurementLinkedIn: www.linkedin.com/company/2827044
Logo: https://mma.prnewswire.com/media/2410706/Netcompany_Logo.jpg
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/netcompany-secures-high-profile-digital-transformation-contract-with-hm-revenue–customs-hmrc-302143350.html
Artificial Intelligence
Bulletin from the extraordinary general meeting in SciBase Holding AB (publ)
STOCKHOLM, May 13, 2024 /PRNewswire/ — Today, an extraordinary general meeting has been held in SciBase Holding AB (publ) (“SciBase” or the “Company”). The general meeting resolved in accordance with the proposals presented in the notice to attend the meeting (which is available on the Company’s website (www.scibase.com)).
Amendment of the articles of association
The general meeting resolved, in accordance with the board of directors’ three proposals, to amend §§ 4-5 of the articles of association, entailing:
that the articles of association shall be amended so that the share capital shall be not less than SEK 10,065,000 and not more than SEK 40,260,000 and that the number of shares shall be not less than 201,300,000 and not more than 805,200,000,that the articles of association shall be amended so that the share capital shall be not less than SEK 10,780,000 and not more than SEK 43,120,000 and that the number of shares shall be not less than 215,600,000 and not more than 862,400,000, andthat the articles of association shall be amended so that the share capital shall be not less than SEK 11,500,000 and not more than SEK 46,000,000 and that the number of shares shall be not less than 230,000,000 and not more than 920,000,000.The general meeting further resolved, in a accordance with the board of directors’ proposal, to authorize the board of directors to register with the Swedish Companies Registration Office the above resolution to amend the Articles of Association, the limits of which for the minimum and maximum number of shares in the Company are consistent with the total number of shares in the Company after the rights issue announced on 5 April 2024 and the directed issues of units that the board of directors resolved upon on 5 April 2024 (that were conditional upon the subsequent approval of the general meeting).
Directed issues
The general meeting resolved, in accordance with the board of directors’ proposal, to approve the resolution made by the board of directors on 5 April 2024, on a new issue of a maximum of 74,136,510 units to Ribbskottet AB, Per Olof Ejendal AB, Kåre Gilstring, Robert Molander, MLJK Konsult AB, Klintemar Konsult AB, Jesper Hoiland, Fredrik Mattsson, Stefan Hansson, Theodor Invest AB, Ulti AB, Van Herk Investments B.V., Morningside Group AB, Viktor Drvota and Eric Terhaerdt. The subscription price for each unit is SEK 0.42, corresponding to a subscription price of SEK 0.42 per share. Warrants of series TO 2 are issued free of charge. The issue results in an increase in the number of shares in the Company of a maximum of 74,136,510 shares, entailing a maximum increase of the share capital of SEK 3,706,825.50, and a new issue of a maximum of 370,682,550 warrants of series TO 2 entitling to subscription of 370,682,550 shares in the Company, whereby the share capital may increase by an additional maximum of SEK 18,534,127.50 if all issued warrants of series TO 2 are exercised. In total, the share capital may increase by a maximum of SEK 22,240,953.00.
The general meeting further resolved in accordance with the board of directors’ proposal to approve the resolution made by the board of directors on 5 April 2024, on a new issue of a maximum of 3,755,259 units to Matt Leavitt. The subscription price for each unit is SEK 0.42, corresponding to a subscription price of SEK 0.42 per share. Warrants of series TO 2 are issued free of charge. The issue results in an increase in the number of shares in the Company of a maximum of 3 755 259 shares, entailing a maximum increase of the share capital of SEK 187,762.95, and a new issue of a maximum of 18,776,295 warrants of series TO 2 entitling to subscription of 18,776,295 shares in the Company, whereby the share capital may increase by an additional maximum of SEK 938,814.75 if all issued warrants of series TO 2 are exercised. In total, the share capital may increase by a maximum of SEK 1,126,577.70.
For additional information, please contact:Pia Renaudin, VD, tel. +46732069802, e-mail: [email protected] Advisor (CA):Vator SecuritiesTel: +46 8 580 065 99Email: [email protected]
About SciBase:
SciBase is a global medical technology company, specializing in early detection and prevention in dermatology. SciBase develops and commercializes Nevisense, a unique point-of-care platform that combines AI (artificial intelligence) and advanced EIS technology to elevate diagnostic accuracy, ensuring proactive skin health management.
Our commitment is to minimize patient suffering, allowing clinicians to improve and save lives through timely detection and intervention and reduce healthcare costs.
Built on more than 20 years of research at Karolinska Institute in Stockholm, Sweden, SciBase is a leader in dermatological advancements.
The Company has been on the Nasdaq First North Growth Market exchange since June 2, 2015. Learn more at www.scibase.com. All press releases and financial reports can be found here: http://investors.scibase.se/en/pressreleases
This information was brought to you by Cision http://news.cision.com.
https://news.cision.com/scibase/r/bulletin-from-the-extraordinary-general-meeting-in-scibase-holding-ab–publ-,c3977529
The following files are available for download:
https://mb.cision.com/Main/12371/3977529/2790414.pdf
SciBase Bulletin EGM
View original content:https://www.prnewswire.co.uk/news-releases/bulletin-from-the-extraordinary-general-meeting-in-scibase-holding-ab-publ-302143337.html
Artificial Intelligence
Experience Abu Dhabi Weixin Mini-Program: Your Gateway to Unforgettable Moments in Abu Dhabi
ABU DHABI, UAE, May 13, 2024 /PRNewswire/ — Prepare for a memorable journey with the new Experience Abu Dhabi Weixin mini-program, brought to you by Experience Abu Dhabi, in partnership with Tencent Cloud.
Weixin is commonly known as ‘WeChat’ outside of China serves over a billion of monthly active users in the Chinese mainland. Tailored for Chinese visitors, the Weixin mini-program is packed with compelling features that range from interactive maps to itinerary planners – everything they would need to plan their Abu Dhabi experience at their fingertips.
The program not only provides Chinese visitors with first-hand official travel information but also specifically addresses their digital travel needs, offering map guidance and Chinese audio commentary services during the travel process.
The program also introduces ‘Khalifa’, a welcoming Emirati character who serves as Abu Dhabi’s first digital ambassador for culture and tourism. Khalifa isn’t just a tour guide, he’s your virtual companion, ready to engage in conversation and answer all visitor questions about Abu Dhabi!
Whether you’re looking for thrilling attractions, world-class restaurants or inspiring activities, Khalifa will provide personalised recommendations and insider tips to enhance your experience.
About Tencent Cloud
Tencent Cloud, one of the world’s leading cloud companies, is committed to creating innovative solutions to resolve real-world issues and enabling digital transformation for smart industries. Through our extensive global infrastructure, Tencent Cloud provides businesses across the globe with stable and secure industry-leading cloud products and services, leveraging technological advancements such as cloud computing, Big Data analytics, AI, IoT, and network security. It is our constant mission to meet the needs of industries across the board, including the fields of gaming, media and entertainment, finance, healthcare, property, retail, travel, and transportation.
About the Department of Culture and Tourism – Abu Dhabi:
The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) drives the sustainable growth of Abu Dhabi’s culture and tourism sectors and its creative industries, fuelling economic progress and helping to achieve Abu Dhabi’s wider global ambitions.
By working in partnership with the organisations that define the emirate’s position as a leading international destination, DCT Abu Dhabi strives to unite the ecosystem around a shared vision of the emirate’s potential, coordinate effort and investment, deliver innovative solutions, and use the best tools, policies and systems to support the culture and tourism industries.
DCT Abu Dhabi’s vision is defined by the emirate’s people, heritage and landscape. We work to enhance Abu Dhabi’s status as a place of authenticity, innovation, and unparalleled experiences, represented by its living traditions of hospitality, pioneering initiatives and creative thought.
For more information about the Department of Culture and Tourism – Abu Dhabi and the destination, please visit: dct.gov.ae and visitabudhabi.ae
View original content:https://www.prnewswire.co.uk/news-releases/experience-abu-dhabi-weixin-mini-program-your-gateway-to-unforgettable-moments-in-abu-dhabi-302143308.html
-
Artificial Intelligence5 days agoKörber Pharma and Siemens Take the Lead in ABI Research’s MES Software for Pharmaceutical, Biotechnology, and Cell & Gene Manufacturing Competitive Ranking
-
Artificial Intelligence6 days agoSolar EV Charging to Bypass the Grid: A US$2.5 Billion Market by 2034, Says IDTechEx
-
Artificial Intelligence5 days agoNew Momentum in Pharma Automation: ArisGlobal’s 2024 Industry Survey Report Highlights Surge in AI-Powered Safety & Regulatory Processes
-
Artificial Intelligence5 days agoNess Digital Engineering Acquires Intricity – a New York based company specializing in data strategy, governance, modernization, and monetization
-
Uncategorized5 days agoSmart Waste Management Market to Reach $8.3 billion by 2032 at 15.6% CAGR: Allied Market Research
-
Artificial Intelligence3 days agoSanad Announces Strategic Sale Transaction with CFM Materials, Further Fostering Aviation Industry Collaborations
-
Artificial Intelligence3 days agoNorthern Data Group’s Peak Mining announces new partnership for 28MW of mining, powered by 100% renewable energy
-
Artificial Intelligence6 days agoImaging Endpoints Unveils New Initiative with Revolution Endpoints™, an Investment Subsidiary to Accelerate Innovation and Growth
