Wire and Cable Market Size - By Product, By Voltage, By Application Analysis & Forecast, 2025 - 2034

Wire and Cable Market Size

The global wire and cable market was USD 267.8 billion in 2024 and is set to register at a CAGR of 7.3% from 2025 to 2034, propelled by the ongoing inflow of funds towards the establishment or refurbishment of transmission and distribution networks to cater to the growing electricity demand across the globe.
 

Governmental efforts to boost urbanisation and smart city initiatives across the globe will fuel the need of safe and reliable wiring infrastructure, thus driving the industry growth. As per Statista, India witnessed a 4% rise in urban population over the last decade, which augments the energy demand across these areas, boosting the product penetration in turn.
 

Implementation of green energy initiatives have boosted the integration of renewable energy sources across the grid networks. Countries across the globe are shifting towards clean energy generation in the last few years. In Europe, these sources accounted for over 24% of the total energy consumption, which is anticipated to grow further in the coming years. This in turn will complement the wire and cable market to safely integrate these sources.
 

Geopolitical tension and disruptions in logistics have compelled the local manufacturers to boost their wire and cable production, which in turn has reduced the dependence on goods imported from across globe. These efforts to boost local supply improves the logistics, raw material demand supply gap, and further allow the continuous infrastructural development which drives the market growth.
 

The increasing uptake of robotics, IoT, and Industry 4.0 technologies propels the need for robust, rapid communication and control cables. As per the International Federation of Robotics, over 4 million robotic units are utilized across the industries in the world in 2023, with major share of around 70% coming from Asia Pacific region, which is complementing the industry growth.
 

Wire and Cable Market Trends

• The increasing safety regulations concerning the use of cables in residential, commercial, and industrial applications are propelling the growth for halogen-free, fire-resistant, low-smoke cables. Such cables are intended to enhance fire protection by decreasing emission of toxic gasses and smoke, and increasing the safety of buildings, transport, critical infrastructure, and other novel fire safety requirements.
   
• The progression in the development of offshore wind farms and intercontinental interconnected networks increases the necessity of high voltage direct current (HVDC) cables which facilitates the effective transmission of electricity over long distances at minimal loss. In 2024, Prysmian won a contract on the replacement of the HVDC inter island link in New Zealand to be upgraded from 1200 MW to 1400 MW.
   
• The growing concerns about the environment and strict regulations in place prompt manufacturers to utilize eco-friendly, recyclable, and biodegradable cable insulation materials. This change lowers carbon emissions and aids sustainability activities while achieving compliance with changing industry norms, aiding a rise in advanced wiring product deployment globally.
   
• Rising population globally has boosted the electricity demand from manufacturing, food & beverage and other industries, which drive a requirement for expansion of the power generation infrastructure. India’s population has increased by over 1 billion since 1950, which has fuelled a tenfold rise in energy demand, compelling the governments to invest across power generation.
   
• Furthermore, the residential sector has witnessed a notable growth in the recent years owing to this growth in population across all regions, thereby fuelling the product deployment. As per Reuters, over 680 thousand homes were sold across the U.S. in 2024, noting a 2.5% rise from the previous year. This establishments require safe wiring, which escalate the wire and cable market growth.
   
• In 2023, sales of electric vehicles exceeded 13.5 billion. This activity spurred demand for additional charging stations and subsequently expanded business opportunities. A surge in the sales of EVs is greatly increasing the demand for comprehensive networks of EV charging stations, which in turn increases market opportunities for power cables. Increasing demand from consumers is expected to drive further market growth.
   

Wire and Cable Market Analysis

• The market is segmented in various voltage classes including high, medium and low voltages. The wire and cable industry in 2022, 2023 and 2024 was valued at USD 216 billion, USD 240.3 billion and USD 267.8 billion respectively. This growth is attributed to the growing demand for reliable and fire retardant wires and cables for application across residential, commercial and industrial sectors.
   
• Low voltage wire and cable market is anticipated to reach over USD 302 billion by 2034 owing to the soaring demand from the residential and commercial sectors. These sectors are growing at a substantial rate, thereby stimulating the industry outlook. As per a leading publisher, the commercial sector in U.S. valued at over USD 25 trillion in 2024 and is projected reach over USD 28 billion by 2029.
   
• The growing investments across smart and digital grids further augment the market growth for low voltage wire and cable industry. As per IEA, Japan launched a program in 2022 to attract funding of over USD 150 billion in order to integrate smart grids across the network. This initiative will augment the need for low voltage wiring across these networks, thereby driving the overall market growth.
   
• The medium voltage segment holds a market share of over 24% in 2024 and is further projected to grow substantially in the coming years owing to the upgradation of the aging grid infrastructures across the globe. As per DOE, over 70% of the T&D network across U.S. is over 20 years old and require substantial investments to deal with the growing energy demand.
   
• The high voltage wire and cable market vas valued at over USD 57 billion in 2024, owing to the ongoing investments toward the HVDC interregional connections to cater to the growing energy needs and connecting decentralized power generation units. NKT, a major cable manufacturer announced that it will provide underground HVDC cables for Suedlink across Germany, which is anticipated to be completed by 2026.
   

Based on applications, the wire and cable market is segmented in food & beverages, material handling/logistics, automotive, utilities, railways, consumer electronics, building infrastructure, entertainment/leisure and others. The utility applications hold a substantial share of over 27% in 2024 and is anticipated to grow significantly in the coming years.
 

• Across utility applications, a continuing shift towards the deployment of solar and wind power sources and boosted the need for reliable power cables to provide an efficient connection to the grid network. The solar energy in Europe accounted for over 11% of the overall power generation in 2024, signifying the growing demand for cables to cater to this growth.
   
• Growing automation and advancements in the vehicles has boosted the market value of automobile applications to over USD 26 billion in 2024. Furthermore, the world has witnessed a significant rise in automobile sales over the last few years, complementing the sector’s growth. As per OICA, automobile sectors witnessed a 22% rise between 2020 and 2023 across the globe.
   
• Across building infrastructure applications, stringent safety regulations and standards pertaining to fire safety protocols will boost the need for fire resistant cables. For instance, NFPA 70 regulation across U.S. provides standards for wires and cables across buildings to prevent fire hazards, which in turn fuels the product adoption.
   

• The U.S. wire and cable market size crossed USD 23.9 billion, USD 25.6 billion and USD 27.6 billion in 2022, 2023 and 2024 respectively, owing to the growing investments across the construction industry in the region. As per Census, the average monthly expenditure towards construction in U.S. valued over USD 2 trillion in 2024.
   
• Across Europe, the soaring integration of renewable energy sources in the energy mix is propelling the need for mor wiring and cabling infrastructure across the grid networks. Germany, which is at forefront of the region in green energy deployment, recorded a share of over 62% in public power generation through renewable energy sources.
   
• The Asia Pacific wire and cable market is likely to exceed USD 380 billion by 2034. The industry is led by China, backed by government initiatives toward the establishment of an extensive EV charging infrastructure across the nation. As per EVCIPA, the country added over 4 million charging points in 2024 across the whole nation to cater to the growing number of electric vehicles.
   
• Middle East & Africa wire and cable market is projected to grow at CAGR of over 6% through 2034, owing to infrastructural development of the oil & gas sector to provide for the energy needs of the globe. Over 35% of the global crude oil demand is fulfilled by the OPEC countries, which require substantial investments toward improving the infrastructure, which includes the wires and cables.
   

Wire and Cable Market Share

In the global wire and cable industry, the top market players include Prysmian, Sumitomo Electric Industries Ltd., Belden, NKT A/S, Elsewedy Electric, Nexans and Fujikura Ltd. which collectively hold over 40% of the market share in 2024. Prysmian Group has sustained the noteworthy market share with the wide range of cables and wires, cable manufacturing facilities around the globe, and investments into research and development.
 

Prysmian's acquisition of General Cable allowed the company to strengthen its competitiveness and broaden its scope of products in the energy, telecommunications, and construction industry. Prysmian’s focus on environmental care and development, particularly in fiber optic and high voltage submarine cables, improves its market position.
 

In addition, other companies have relatively strong positions in the market owing to their product diversification, developed production facilities, as well as their geographical coverage. Nexans and NKT A/S are highly accomplished in high-voltage and submarine cables, whereas Sumitomo Electric and Fujikura are leaders in fiber optics.
 

Elsewedy Electric leads the market share in the Middle Eastern and African regions, while Belden specializes in industrial and data communication cables. These companies also further strengthen their market position through the introduction of new products and geographical expansion.
 

Wire and Cable Market Companies

• Nexans sells power transmission and distribution cables together with the corresponding infrastructure. Nexans signed a contract with RTE and 5 other European Suppliers in November 2024 to produce and deliver underground power cables for the renovation of the French national power grid.
   
• Sumitomo Electric Industries focuses on high voltage electricity transmission and fiber optic networks due to the key strength provided by his global manufacturing units and research units. In May 2024, Sumitomo Electric began construction of a new factory for subsea cables in Scotland to support the Shetland 2 525kV HVDC cable project for SSEN Transmission.
   
• Belden provides signal and power transmission cables for industrial applications. Its industrial automation and cybersecurity capabilities enhance network connectivity. In November 2023, Belden launched solutions like FX ECX Wall-Mount Fiber Enclosures and M12 Power Cordsets, along with updates to Hirschmann SPIDER III and Lumberg Automation LioN-X IO-Link Master.
   
• NKT A/S produces high-voltage power cables for energy infrastructure, with emphasis on offshore wind connections. The company integrates renewable energy solutions into large-scale power networks, providing energy-efficient systems. NKT secured a major contract in June 2023 to supply submarine power cables for offshore wind farms in the North Sea.
• Elsewedy Electric has an established market in the Middle East and Africa which adds value to the region's energy technology infrastructure development. In August 2023 Elsewedy Electric signed a contract for supplying medium voltage cables for electrical distribution networks in Saudi Arabia.
   
• Fujikura Ltd. is engaged in the manufacture of power and optical fiber cables with an emphasis on the transmission capabilities of the cables. The company's research team aims to develop high-capacity transmission technologies. In December 2023, Fujikura launched its next-generation optical fiber cables with an enhanced bandwidth capacity.
   

Wire and Cable Industry News:

• In January 2025, Sumitomo Electric displayed its Thunderbolt 5 cables at Integrated Systems Europe (ISE) 2025. The company plans to underscore the benefits of these cables which increase the effectiveness of high-speed data transfer in cutting-edge audio-visual and IT technologies. Thunderbolt 5 cables offer enhanced connectivity and performance, enabling users to maximize the capabilities of next-gen technologies in the rapidly evolving industry.
   
• In October 2024, Alfanar has secured contracts worth USD 5.3 billion with the Saudi Electricity Company (SEC) to enhance Saudi Arabia’s power infrastructure. The agreements cover substations, transmission lines, and smart grid solutions to support the country’s energy transition. Alfanar’s expertise in power and automation strengthens its role in Saudi Arabia’s electricity sector development.
   
• In February 2024, Belden released new products including I/O Plenum Stadium Cables, Access Control Cables, and many others. They also improved their REVConnect Connectivity System, Belden Horizon Console, Hirschmann Industrial HiVision software, and BXP Managed Switches. The goal of these innovations is to enhance automation, connectivity, and cybersecurity in the manufacturing, energy, and transportation industries for more reliable and efficient network performance.
   
• In August 2023, Elsewedy Electric’s Saudi unit played a crucial role in Saudi Arabia’s USD 500 billion NEOM project by supplying low- and medium-voltage cables for the 28 km tunnels of The Line, a zero-gravity vertical city. NEOM aims to accommodate 9 million people and operate on 100% renewable energy, ensuring carbon neutrality with solar, wind, and hydrogen power.
   

This wire and cable market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 to 2034, for the following segments:

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Market, By Product

• Coaxial Cables/Electronic Wires
• Fiber Optics Cables
• Power Cables
• Signal & Control Cable
• Telecom & Data Cables

Market, By Voltage

• Low
• Medium
• High

Market, By Application

• Food & beverages
• Automotive
• Material handling/logistics
• Entertainment/leisure
• Utilities
• Railways
• Consumer electronics
• Building infrastructure
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Netherlands
  • Italy
  • Spain
  • Sweden
  • Denmark
  • Belgium
  • Germany
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Indonesia
  • Philippines
  • New Zealand
  • Malaysia
  • Thailand
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Iraq
  • Kuwait
  • Qatar
  • South Africa
  • Egypt
  • Nigeria
• Latin America
  • Brazil
  • Argentina
  • Peru