Wire and Cable Market is Forecasted to Reach US$ 321.5 Billion by 2034

The global wire and cable market is expected to be valued at US$ 193.7 billion in 2024 and is forecast to expand at a CAGR of 5.2% to end up at US$ 321.5 billion by the end of 2034.

A wire is a single conductor of electricity but a cable is many wires bundled together in an assembly. Various types of cables, such as coaxial, transmission, and distribution cables, are extensively used across industrial sectors to transmit high-speed communication signals and electricity. Demand for flexible and fire-resistant wires and cables that offer environmental protection and extended durability is spurring wire and cable market growth.

The wire and cable market size is expanding at a steady pace as new voltage levels are introduced to enhance performance and efficiency. These advancements are allowing the cable industry to produce more efficient, reliable, and cost-effective products. Electrical cables and wires are often used interchangeably. Wire and cable constitute the backbone of the highly acclaimed electrical and electronics industries.

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Key Companies Profiled
Prysmian Group; Furukawa Electric Co., Ltd.; Southwire Company, LLC; General Cable Corporation; Hengtong Optic-Electric Co Ltd.; TPC Wire & Cable Corp; LS Cable & System Ltd.; Sumitomo Electric Industries, Ltd.; Polycab Wires Private Limited.

Key Market Growth Drivers

• Increased funding for smart grid initiatives and upgrades to power transmission networks are anticipated to drive the product demand. The push towards smart grids has intensified the need for grid interconnections. Investments in underground cables and advancements in renewable energy technologies have further bolstered the demand for wires and cables.
• Rising investments in electricity transmission and distribution, coupled with escalating needs from data centers and the telecommunications sector, are poised to propel growth in the wire and cable market throughout the forecast period.
• The trend of modernizing and replacing existing electrical infrastructure has created a favorable environment for wire and cable sales, thereby shaping the market’s trajectory.
• Governments worldwide have set ambitious targets for adopting green energy technologies to reduce dependence on fossil fuels. This commitment is likely to benefit the market, with increased installations of wind turbines and solar farms contributing to heightened demand for wires and cables.
• Renewable energy plays a pivotal role in achieving a sustainable energy future. Its application in electricity generation, building heating, industrial processes, and transportation is crucial for keeping global temperatures within safe limits.
• The European Union, in response to energy challenges, is accelerating the deployment of photovoltaic and wind power systems, with a notable capacity increase of over 50 GW in 2022-a nearly 45% rise from 2021. This global shift towards renewable energy sources is fueling substantial growth in the infrastructure for renewable energy, driving wire and cable market growth.

Regional Analysis
North America is poised to hold a substantial wire and cable market share of 38% in 2024. The market in India is influenced by regulatory efforts to supply dependable and continuous power to large consumer bases, as well as government measures to electrify rural areas.

Rising investments in grid infrastructure expansion are a key wire and cable market trend in the United States. The country is set to account for a 72% share of the North American market in 2024. Increasing initiatives to develop high-capacity transmission lines are projected to have a significant influence on the market during the forecast period. In the United States, several sub-national government organizations are gaining a strong foothold in renewable energy and efficiency innovations.

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Competitive Landscape
Key players in the wire and cable industry are reshaping the competitive landscape with a diverse product portfolio. The number of local competitors entering the wire and cable market is rising as a result of government incentives for expanding transmission and distribution projects.

Polycab India is the market leader in the cables and wires sector in the country, accounting for approximately 26% of the organized market and 18% of the total market. The company’s priorities include increasing exports, expanding capacity, in-house manufacturing, and developing distribution channels.
In 2021, The Prysmian Group started its new ECO CABLE label. It is the industry’s first exclusive green product label, designed to assist utilities and distributors in improving their green supply chain and value proposition.

Market Segmentations
By Type :
Low Voltage
Medium and High Voltage
Optical Fiber Cables

By Material :
Copper
Aluminum
Glass

By End User :
Energy & Utilities
Construction
IT & Telecommunications
Oil & Gas
Aerospace & Defense

By Region :
North America
Latin America
Middle East & Africa
Western Europe
Eastern Europe
East Asia
South Asia & Pacific

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