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Wire and Cable Market Size
Wire and Cable Market was valued at USD 240.3 billion in 2023 and is estimated to grow at a CAGR of 8.1% from 2024 to 2032, on account of the growing inclination towards refurbishment and upgradation of existing electric infrastructure across the key economies. Surging investment in automotive and other manufacturing sectors coupled with the rapid expansion of IT and telecommunication applications will drive the wire and cable demand. Favorable consumer preference for the use of flexible and fire-resistant wire and cable to protect the living environment in line with increased lifespan of these product will energize the business landscape. Rising concerns regarding electrical supply faults, health risks, fires, and other operational hazards will energize the industry landscape.
The global push towards renewable energy sources such as wind, solar, and hydroelectric power is driving demand for specialized cables that can withstand harsh environmental conditions and transmit electricity efficiently over long distances. Upgrading and expanding power grids to integrate renewable energy sources is necessitating advanced cable solutions, including high-voltage direct current (HVDC) and submarine cables.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 240.3 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 8.1% |
| 2032 Value Projection: | USD 500.7 Billion |
| Historical Data for: | 2021 to 2023 |
| No. of Pages: | 80 |
| Tables, Charts & Figures: | 20 |
| Segments covered: | Product, Voltage, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Wire and Cable Market Trends
Robust growth of the consumer electronic sector coupled with enlargement of grid infrastructure network will significantly enhance the industry outlook. Increasing investment in research and development activities by various manufacturers to enhance their product portfolio and evolving consumer demand will propel the business scenario. The transition to renewable energy sources including solar and wind power has led to a growing demand for these wire and cable portfolio which are efficiently transmitting renewable energy over long distances.
Wire and Cable Market Analysis
The power cables segment is set to exceed over USD 290 billion by 2032, owing to their extensive applications in low rated capacity networks. The demand for power cables will be driven by government initiatives to enhance existing transmission capacities through the deployment of sustainable and energy-efficient components. In addition, regulatory efforts focusing on replacing conventional power generating systems with a variety of high-capacity clean energy sources will augment the business landscape.
Based on voltage, the low voltage wire and cable market is anticipated to grow at a CAGR of more than 7.6% through 2032. This growth is attributed to the wide applicability of low-voltage wires and cables across consumer electronics, communication, automotive, and secondary power distribution applications. Additionally, the increasing demand for reliable, cost-effective electricity supply, uninterrupted coupled with the surging electronics and communication industry will positively impact the market size.
Asia Pacific wire and cable market is expected to reach over USD 325 billion by 2032. Rising electricity demand coupled with inadequate grid infrastructure in key geographies will drive the demand for advanced transmission and distribution networks across the region. Increasing investments and funding from various financial institutions comprising of World Bank and the IFC toward regional electrification initiatives will positively impact the business outlook.
The push for renewable energy sources such as wind, solar, and hydroelectric power is driving demand for specialized cables capable of withstanding extreme environmental conditions and efficiently transmitting electricity over long distances. Significant investments in upgrading the U.S. power grid to enhance reliability, integrate renewable energy sources, and improve energy efficiency are boosting demand for advanced cable solutions, including high-voltage direct current (HVDC) cables and smart grid-compatible cables.
Wire and Cable Market Share
The Prysmian Group stands as a prominent leader in the wire and cable industry, renowned for its extensive expertise in manufacturing a diverse array of wires and cables. Their comprehensive portfolio includes power cables, fiber optic cables, and specialized variants, showcasing their strong heritage in the electrical components industry. Prysmian excels in providing tailored wire and cable solutions to meet a wide range of application needs, thereby reinforcing its dominant position in the market.
Wire and Cable Market Companies
Eminent players operating in the wire and cable industry include:
- alfanar Group
- Bahra Cables
- BELDEN
- Brugg Kabel AG
- Ducab
- Elsewedy Electric
- Federal Cables
- Fujikura Ltd.
- HELUKABEL MiddleEast
- Jeddah Cables
- KEI Industries Limited
- Midal Cables Ltd.
- Naficon
- Nexans
- NIBE Industrier AB
- NKT A/S
- Power Plus Cables Co. L.L.C.
- Prysmian Group
- Riyadh Cables
- Saudi Cable Company
- Sumitomo Electric Industries, Ltd.
- ZTT
Wire and Cable Industry News
- In March 2022, Prysmian group was awarded a contract for the AP&T Company to supply, test and install two submarine cable links across south-east Alaska. The SEALink project was initiated to enhance communications across southeast Alaska by delivering broadband to the currently underserved rural areas.
- In January 2022, Elsewedy Electric signed a new contract with the Public Authority for Housing Welfare in Kuwait, which was worth over USD 28 million, to facilitate power transmission for El Mutlaa Residential City. According to the contract, the project will be implemented on a turnkey basis in over eighteen months, and the company will offer its expertise on the design, supply, and installation of works with regards to 132kV ground cables.
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 2032, 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
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