Insulated Cables Global Market Report 2024

The insulated cables market size has grown strongly in recent years. It will grow from $123.58 billion in 2023 to $129.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth observed in the historical period can be attributed to several factors, including urbanization and infrastructure development leading to increased demand for electrical cables, the electrification of rural areas requiring the expansion of electrical networks, industrialization driving the need for power distribution, and the integration of renewable energy sources necessitating the development of transmission and distribution systems. These factors collectively contributed to the growth and demand for insulated cables during that time.

The insulated cables market size is expected to see steady growth in the next few years. It will grow to $154.69 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The anticipated growth in the forecast period can be attributed to several factors, including the global transition to cleaner energy sources and electrification of transportation, the integration of smart grids and the Internet of Things (IoT) into electrical infrastructure, the expansion of 5G technology and its demand for enhanced connectivity, and the replacement of aging electrical infrastructure. Major trends expected in the forecast period include the adoption of high-voltage direct current (HVDC) cables for efficient power transmission, the use of fire-resistant insulation materials for safety, the integration of fiber optics for data transmission, a focus on environmentally friendly materials for sustainability, and a shift towards customization and specialization to meet specific industry needs. These trends and developments are expected to drive the demand for insulated cables in various sectors.

The insulated cables market is set to experience growth, particularly fueled by heightened utilization in the automotive sector. Insulated wires play a crucial role in managing unique stresses within the automotive manufacturing process, serving as vital components connecting car batteries with other vehicle elements. The significant demand for these wires in the automotive industry is sustained by a wide array of insulated wires offered by market manufacturers. For example, a report released by the European Automobile Manufacturers Association in April 2022 highlighted that the global production of motor vehicles in 2021 reached 79.1 million units, indicating a 1.3% increase from 2020. The market's surge in the automotive industry is largely attributed to the increased adoption of insulated cables and wires.

The primary types within the insulated cables market include copper, aluminum, fiber optic, and other variations. Copper insulated cables consist of wires that are insulated with copper and are commonly employed in various applications. Insulated cables can be categorized based on different voltage levels, such as low voltage, medium voltage, and high voltage. These cables play a crucial role in ensuring safe and reliable electrical connections in electrical equipment, construction projects, telecommunications networks, motor vehicles, and industrial machinery.

The insulated cables market research report is one of a series of new reports that provides insulated cables market statistics, including insulated cables industry global market size, regional shares, competitors with an insulated cables market share, detailed insulated cables market segments, market trends and opportunities, and any further data you may need to thrive in the insulated cables industry. This insulated cables market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Anticipated growth in the insulated cables market is primarily associated with the expanding need for electricity. Globally, the demand for electricity is on the rise due to several factors such as increasing prosperity, commercial expansion, population growth, technological advancements, a booming renewable energy sector, infrastructure investments, burgeoning middle-class populations in developing nations, and an escalating requirement for high-speed data transmission. Insulated cables play a critical role in safeguarding individuals and equipment from electrical shock by effectively preventing current flow to unintended areas. As per data from the Energy Information Administration in 2022, approximately 96% of total US utility-scale electricity generation, primarily sold to other sectors, was derived from the electric power industry. This escalating demand for electricity is a significant driving force behind the growth of the insulated cables market.

The growth of the insulated cables market is expected to face limitations due to poor heat resistance. Insulated cables are less tolerant to high temperatures, leading to wear and tear of the protective material covering the wires. Over time, the insulation material weakens, elevating the risk of short circuits. For instance, in the case of cross-linked polyethylene (XLPE) wires, these cables can operate up to 105 degrees Celsius for a limited period without compromising their service life. However, when exposed to temperatures exceeding 200 degrees Celsius, these wires are susceptible to causing short circuits. XLPE wires, made from cross-linked polyethylene and featuring an aluminum conductor, represent an instance where poor heat resistance constrains the growth of the insulated cables market.

Prominent companies in the insulated cables market are actively engaged in developing innovative solutions tailored for the automotive industry, such as KetaSpire KT-857. This high-purity PEEK extrusion compound specifically serves as insulation for copper magnet wire in electric motors. Solvay, a Belgium-based chemicals company, introduced KetaSpire KT-857 in May 2023, a new polyetheretherketone (PEEK) extrusion aimed at monolayer e-motor magnet wire insulation. The technology obviates the need for a primer and topcoat, streamlining the manufacturing process and reducing costs. Moreover, the compound ensures enhanced adhesion in a more efficient and cost-effective manner.

A burgeoning trend in the insulated cables market involves the development of efficient, reliable, and eco-friendly cables designed for power transmission. These cables are engineered to facilitate power transmission over long distances while exhibiting high thermal performance and reliability. The introduction of environmentally friendly cables that reduce carbon emissions represents the next-generation solutions for land cable systems. For instance, Prysmian Group, an Italy-based company specializing in electrical cable production, unveiled ECO CABLE in April 2021. ECO CABLE represents the cable industry's first certifiable green product label for the energy transition. This label is assigned based on recognized and measurable criteria derived from the EU Ecolabel Regulation no 66/2010, focusing on aspects such as carbon footprint, absence of substances of very high concern, recyclability/circularity, recycling input rate, environmental benefits, and cable transmission efficiency.

In a strategic move aligned with its growth strategy, Installed Building Products, Inc. (IBP), a US-based installation contractor, acquired Anchor Insulation Co. Inc. for $39 million in March 2023. Acquisitions remain a fundamental component of IBP's growth strategy, and the purchase of Anchor Insulation contributes to this plan. Anchor Insulation, a US-based company, specializes in the installation of insulation and various building products for both residential and commercial customers.

Major companies operating in the insulated cables market include Southwire Company LLC, General Cable, 3M Company, ABL Electronic Supplies Inc., AFC Cable Systems, Amphenol Corporation, Asia Pacific Wire and Cable Corporation Limited, Belden Inc., Cable USA, LS Corporation, Hellermann Tyton, Legrand Electric Ltd, Brady, Panduit, TE Connectivity Ltd., K-Sun, Partex Marking Systems, Phoenix Contact, Thomas and Betts, CCL Industries Inc (Avery), Fujikura Ltd., Hitachi Ltd., Leoni AG, Nexans SA, Sumitomo Electric Industries Ltd., Superior Essex, The Okonite Company, Tratos, TPC Wire & Cable, Tyco Electronics, United Copper Industries, W. L. Gore & Associates, Yazaki

The Asia-Pacific was the largest region in the insulated cables market in 2023. North America is the second-largest region in the insulated cables market. The regions covered in the insulated cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the insulated cables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The insulated cables market consists of sales of insulated cables copper cable, insulated aluminium cable, insulated fiber optic cable, and other insulated cables. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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