Wire And Cable Market By Voltage (Low Voltage, Medium Voltage, High Voltage,Extra High Voltage), By Installation (Overhead, Underground), By End-User(Aerospace & Defense, Building & Construction, Oil & Gas, Energy & Power) By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

Wire And Cable Market size is expected to be worth around USD 324.3 Bn by 2032 from USD 196 Bn in 2022, growing at a CAGR of 5.3% during the forecast period from 2023 to 2032.

Rapid urbanization and the growing infrastructure around the world are some of the main key factors driving the wire and cable market. These factors have influenced the demand for energy and power in the industrial, commercial, and residential industries. More investments in smart upgrades to power distribution and transmission systems, as well as the creation of smart grids, are expected to boost the growth of the wire and cable market. Smart grid technology has helped meet the growing demand for grid interconnections, leading to increased investments in new submarine and underground cables.

Driving factors

Growing urbanization and high growth in several industries

The demand for wire and cable market is closely connected to the development of infrastructure, including residential, commercial, and industrial construction projects. Factors such as growing urbanization, demographic growth, and the need for modernized infrastructure drive the demand for electrical wiring systems, communication cables, and power transmission cables. The energy sector, including power generation, transmission, and distribution, is a significant driver for the Wire And Cable market.

Expanding renewable energy projects, upgrades of existing power grids, and the need to transmit electricity over long distances all require extensive wire and cable networks. The growth of industries such as manufacturing, automotive, aerospace, and electronics drives the demand for wire and cable market. These sectors rely heavily on electrical wiring systems, control cables, and specialized cables for machinery and equipment.

The increasing trend of automation and digitalization in industries further boosts the demand for advanced wiring solutions. Advancements in technology led to the development of new wire and cable market products with improved performance characteristics, durability, and efficiency. For example, the introduction of high-speed data transmission cables, fiber optics, and high-temperature-resistant cables opens up new market opportunities driven by evolving consumer needs and technological advancements.

Restraining Factors

Fluctuation in raw material prices and regulatory challenges

The wire and cable market depends heavily on copper, aluminum, and other raw materials. Fluctuations in the prices of these materials can affect the profitability of manufacturers and increase production costs, thereby impacting market growth. The Wire And Cable market is competitive, with numerous manufacturers and suppliers operating globally. Intense competition often leads to price pressures and reduced profit margins, making it challenging for companies to maintain sustainable growth.

The presence of counterfeit or substandard in the wire and cable market can be a significant challenge. These products not only undermine the reputation of genuine manufacturers but also pose safety risks. The influx of low-quality imports can also adversely affect local manufacturers by offering cheaper alternatives. The wire and cable market is subject to various regulations and standards related to safety, fire resistance, environmental impact, and performance. Compliance with these regulations can be complex and costly, especially for smaller manufacturers who may face challenges in meeting the required certifications and testing procedures.

By Voltage Analysis

The low voltage sector was the most lucrative market share in 2022, taking over 45 percent of the market share. Due to the wide use of low voltage cables in appliances wires, construction wires and distribution networks of LAN cables as well as other areas. These wire and cable market help to support smart grids, delivering higher-quality electricity and improved energy supply to the users. The energy and power industry is changing rapidly. Most of the countries, including developed and emerging are seeing a huge demand for electricity. They are also shifting towards the integration of large-scale renewable energy sources.

By Installation Analysis

The overhead installation segment accounted for the highest revenue share in 2022, capturing more than 65 percent market share. The overhead installation method is the most popular method in the world. The overhead method of wiring and cables is the simplest and most affordable method of installation. The overhead installation method is generally used in countries with a lower population. However, those with a high risk of natural disasters such as floods and earthquakes are more prone to installing overhead cables.

The underground installation segment is anticipated to grow at the fastest rate over the forecast time. Underground cable installation reduces maintenance costs, causes lower transmission losses, and, consequently, effortlessly supports the power load. The increasing demand from various industries like automotive, residential, commercial telecom, energy, and power is causing an increase in infrastructure and its upgrade, which is expected to boost demand for the wire and cable market. Developing countries like India, China, and Vietnam, among others, are investing large portions of their GDP in infrastructure development.

By End-User Analysis

The power and energy segment was the most lucrative income share by 2022, with a 38 percent market share. A variety of technological advances, like moving transmission lines to extra high voltage lines in order to reduce transmission losses, have been made to the electricity T&D ecosystem. These modifications aim to make ecosystems stable despite the fluctuating nature of renewable energy sources. Furthermore, the introduction of innovative methods, such as the synchronized charging of electric vehicles as well as the net metering of solar homes, has radically affected the power sector.

However, the growing renewable power generation capacity and energy production have further increased the need for nations to connect their transmission networks. This connection is expected to help balance the demand for power and generation through the import and export of electricity. With the increasing production of renewable energy, the demand for electricity is expected to increase, leading to the construction of interconnection lines with high capacity and cables, which will, in turn, drive the wire and cable market for cables and wires.

Key Market Segments

By Voltage  Type 

• Low Voltage
• Medium Voltage
• High Voltage
• Extra High Voltage

By  Installation 

• Overhead
• Underground

By End-User Channel

• Aerospace & Defense
• Building & Construction
• Oil & Gas
• Energy & Power
• Other End-Users

Growth Opportunity

Infrastructure development and adoption of electric vehicles

The projects related to infrastructure development, such as the construction of smart cities, transportation networks, and power transmission networks, create a significant demand for Wire And Cables. As countries upgrade and build their infrastructure, the wire and cable market is anticipated to grow. The world is shifting towards renewable energy sources, such as solar and wind power, which require extensive transmission and distribution networks. wire and cable are major products for connecting renewable energy generation facilities to the grid.

The growing renewable energy sector provides a substantial growth opportunity for the Wire And Cables market. The multiplication of data-driven technologies is driving the demand for fast and authentic data transmission. wire and cable market with advanced capabilities, such as fiber optics and high-bandwidth cables, are essential for supporting these technologies.

As data consumption continues to rise, the demand for advanced cables is expected to grow. The growing adoption of electric vehicles worldwide requires a robust charging infrastructure, which relies on extensive wiring and cabling. As the EV market expands, the demand for charging stations and associated wiring and cabling solutions will increase, presenting a significant growth opportunity for the Wire And Cables market.

Latest Trends

Rising environmental awareness and technological advancements

Concerns about sustainability and the conservation of energy are increasing, and the demand for efficient cables to save energy is increasing. These cables can be used to reduce energy loss while transmission, which results in lower power consumption and less emissions of greenhouse gases. The rapid advancement of technology, which includes the growth of data networks with high speeds, has increased the need for cables with high speeds. These cables can handle speedy data transmission. Making them ideal for use in telecom networks and data centers

The acceptance of fiber optic cables is growing due to their ability to transfer data to long distances at extremely high speeds. They provide advantages such as higher bandwidth, resistance to electromagnetic interference, and better reliability when compared to conventional copper cables. Fiber optic cables have been fueled by the rapid growth of internet connectivity as well as data centers, telecommunication networks as well as video surveillance systems.

Regional Analysis

Asia Pacific accounted for the most revenue share from the wire and cable market in 2022. It had a 39 percent market share. The rising need for light, power, and communications is anticipated to fuel the market over the forecast period. Initiatives by the government like Make the In India as well as the Go green policies are expected to help boost markets in India. In the Indian Electrical Equipment Industry Mission Plan 2012-2022, the government of India plans to transform India among the leading producers of electrical equipment.

Furthermore, the North American region has seen an enormous increase in the amount of data consumed, which has led to the investment by top telecommunications companies such as AT&T as well as Verizon into fiber networks. For instance, in April 2020, Belden Inc. developed new fiber-based solutions that will allow data centers to construct effective, long-lasting, high-performance networks.

Key Regions and Countries

North America

• US
• Canada
• Mexico

Western Europe

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

Eastern Europe

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

APAC

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America

Middle East & Africa

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Key Players Analysis

Key Players Are Implementing Numerous Strategies

The market is extremely competitive and crowded, and the three top companies are taking the largest portion of the revenue share in 2022. Belden Inc., Nexans, and Fujikura Ltd. are some of the market leaders. The wire and cable market players concentrate on growing their customer base in order to gain an advantage in competition. So, major companies adopt diverse strategic steps, including mergers and acquisitions, partnerships or collaborations, as well as new technology or product development.

For example, In September 2021, Nexans purchased Centelsa, a leading cable producer located in Latin America. This acquisition is a further milestone in Nexans's goal of becoming an electrification company that is 100% pure and expanding its operations across Latin America.

Top Key Players in Wire And Cable Market

• Belden Inc.
• Fujikura Ltd.
• Furukawa Electric Co., Ltd.
• Leoni AG
• LS Cables & System Ltd.
• Nexans
• NKT A/S
• Prysmian S.p.A
• Sumitomo Corporation
• Other Key Players

Recent Development

• In May 2022, LS Cable & System invested USD 26.9 million at the Tarboro facility located which is located in North Carolina, USA. The plant, which produces medium and low voltage cables, is set to be expanded thanks to the investment proposal by the cable and wire manufacturer.
• In April 2022,  Amedeo's IMOCA received the aeronautical-grade wires from Nexans that are on board Fabrice. To meet the requirements of the IMOCA, Nexans created and provided the technical team of Fabrice Amedeo with a total of 2,655 meters of aeronautical cables that are exceptionally light, safe, flexible, and effective.

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