Wire & Cable Market Overview, 2023-28

The key factors influencing market growth are the quickening expansion of the building infrastructure and the rise in urbanisation. Overall energy and power demand in the commercial, residential, and industrial sectors have been impacted by this. Future demand for wires and cables is also projected to be fueled by increased investment in smart city projects as well as modifications to the power distribution and transmission systems. In order to address the growing demand for grid connections, the deployment of smart grid technologies has greatly increased demand for submarine and underground cables. Data centres are crucial for data storage and traffic routing, as well as for communications, networking, and IT services. Data centres are currently in high demand due to the growth of big data, which is causing an exponential rise in the number of reliable and high-quality data centres. In order to save money and avoid the headache of managing data centres, businesses prefer cloud storage. As more data centres are constructed, the need for wires and cables will increase, improving the safety, accessibility, and cost of IT infrastructure. Data centres are crucial for data storage and traffic routing, as well as for communications, networking, and IT services. Data centres are currently in high demand due to the growth of big data, which is causing an exponential rise in the number of reliable and high-quality data centres. In order to save money and avoid the headache of managing data centres, businesses prefer cloud storage. As more data centres are constructed, the need for wires and cables will increase, improving the safety, accessibility, and cost of IT infrastructure.

According to the research report, Global Wire and Cable Market Overview, 2023- 2028 the market is anticipated to reach USD more than 285 Billion by 2028 with a significant CAGR of 7% from USD 191 Billion in 2022. In order to increase effectiveness and efficiency, the wire and cable sector has been investigating new materials. For instance, the use of fibre optics, nanomaterials, and high-temperature superconductors has enhanced conductivity, increased data transmission rates, and decreased power loss in cables. In addition, there has been an increase in demand for intelligent cables due to the growth of the Internet of Things (IoT) and smart gadgets. Intelligent cables may measure and send information about their own performance, including temperature, voltage, and current levels. Predictive maintenance and increased system effectiveness can both be achieved with the use of this knowledge. There has also been a focus on creating energy-efficient cables as energy consumption becomes a bigger issue. These cables have been created to reduce power loss. Increased investments from both public and private entities are helping to promote the expansion of infrastructure development operations, which will ultimately extend market growth. Additionally, the market for wire and cable has benefited economically from the focus on reducing greenhouse gas emissions and establishing strict energy efficiency measures. The rapid expansion of consumer electronics and grid infrastructure networks will be extremely beneficial for the wire and cable industry. Manufacturers increased R&D spending to further market growth. The demand for specialised wire and cable that can effectively carry renewable energy over long distances has also increased as more people turn to renewable energy sources like solar and wind power. Additionally, the installation of wire and cable is required for data transmission and communication within the grid infrastructure due to the integration of smart grid technologies such as enhanced metering infrastructure and distribution automation. In sectors including consumer electronics, automotive, and medical devices, there is a rising desire for wire and cable solutions that are thinner and more flexible. Reduced diameter and increased flexibility in cables are being developed by manufacturers to make installation simpler, allow for more compact designs, and improve performance in small electronic devices.

The Asia-Pacific wire and cable market is expected to grow at CAGR of 7.87% from 2023 to 2028. Over the past few decades, the Asia-Pacific area, which includes nations like China, India, Japan, South Korea, and Southeast Asian countries, has seen substantial economic expansion. Increased expenditures in infrastructure development, industrialization, and urbanisation have resulted from this growth, all of which necessitate substantial wire and cable networks for use in telecommunications, power transmission, and other purposes. The greatest population in the world, as well as the fastest-growing middle class and urbanisation, are found in the Asia-Pacific. This demographic growth fuels demand for telecommunications infrastructure, consumer electronics, automobiles, and power, all of which largely rely on wire and cable systems. The region dominates the wire and cable sector due to the sheer size of the market and high population demand. The area has been actively investing in infrastructure projects, including networks for transit, systems for generating and distributing electricity, and programmes for smart cities. Large-scale wire and cable installations are needed for these projects' electricity grids, railway networks, communication networks, and building wiring. The region's demand for wire and cable goods is further fueled by ongoing infrastructure development projects. Furthermore the Europe region is expected to grow in the future as well. According to the report, Europe has the second-largest market share in the world. The rising demand for renewable energy and the escalating investment in grid infrastructure. Spain, Italy, Estonia, Finland, Sweden, and Norway are among the countries that have virtually all of their residents using smart metres, according to smartEn, a European business group integrating consumer-driven solutions for the clean energy transition.

Based on the report, the market is segmented into voltage type, low, medium, high and optical fiber cable. Among them the low voltage is dominating the market of wire and cable market in 2022. Numerous applications in numerous sectors use low-voltage wire and cable products for power distribution, lighting, and general electrical wiring in residential, commercial, and industrial structures. The consumer electronics, telecommunications, automobile, and data communication industries all make substantial use of low-voltage cables. Low-voltage applications' adaptability and extensive use are factors in their market dominance. Furthermore, compared to high-voltage systems, low-voltage systems are generally thought to be safer. They are simpler to handle and install and present fewer dangers of electrical shock. Furthermore, low-voltage wire and cabling are subject to strict safety and regulatory standards, guaranteeing that these goods fulfil the necessary standards for safety. The Optical Fiber Cable segment is expected to register the highest CAGR of the market. Demand for high-speed data transmission is growing. There is a considerable need for high-speed and high-bandwidth communication networks due to the growing reliance on digital technology and data-intensive applications. When it comes to data transmission capacity, optical fibre cables clearly outperform conventional copper connections. They are perfect for high-speed data transmission because they provide quicker data transfer rates, more bandwidth capacity, and reduced signal loss over long distances. IoT device proliferation and the upcoming 5G network rollout necessitate dependable and high-capacity connectivity. The infrastructure required to support the huge data traffic produced by IoT devices and the increasing bandwidth demands of 5G networks is provided by optical fibre cables.

Companies mentioned in the report:

Nexans S.A., Prysmian S.p.A., Furukawa Electric Co., Ltd., Amphenol Corporation, Belden Incorporated, Te Connectivity, Leoni AG, Corning Incorporated, Havells India Limited, Fujikura Ltd.

Considered in this report

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• Global Wire and Cable market with its value and forecast along with its segments
• Region-wise Wire and Cable market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions covered in the report:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

By Voltage Type:

• Low Voltage
• Medium Voltage
• High Voltage
• Optical Fiber Cable

By End-User:

• Power Infrastructure (Energy, Power Transmission and Distribution)
• IT & Telecommunication
• Building & Construction (Commercial and Residential)
• Aerospace & Defence
• Consumer Electronics
• Automotive (Passenger, Commercial and Utility Vehicles)
• Others (Oil & Gas Industry, Industrial Machinery and Manufacturing, Medical Equipment, Logistics, etc.)

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Wire and Cable industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.