by The wire and cable market size is estimated at USD 215.49 billion in 2024 and is projected to cross around USD 395.07 billion by 2034, with a notable CAGR of 6.20%.
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Key Insights
- Asia Pacific emerged as the dominant region with a revenue share of 38% in 2024.
- The low voltage segment led the market with a revenue share exceeding 44% in 2024.
- Overhead installation accounted for the highest revenue, contributing over 65% in 2024.
- The energy and power segment maintained a 38% revenue share in 2024.
- From 2025 to 2034, the building and construction segment is forecasted to expand at a CAGR of 4.9%.
Market Dynamics
Drivers
Rising electricity consumption, driven by population growth and increasing industrial activities, is propelling the demand for wires and cables. The shift towards renewable energy sources, such as solar and wind, is further accelerating market expansion. Governments worldwide are investing in modernizing power grids, which boosts the demand for high-quality transmission and distribution cables. The surge in data consumption and the need for high-speed internet services are also contributing to market growth.
Opportunities
The rapid adoption of automation and IoT-enabled technologies is opening new growth avenues for specialized cables. The push for electric vehicle adoption worldwide is increasing demand for efficient and durable wiring systems. Emerging economies are heavily investing in infrastructure projects, such as railway electrification and smart city development, creating significant market opportunities. Technological advancements in cable insulation and material innovation are expected to enhance product performance and durability.
Challenges
The volatility of raw material costs, particularly for copper and polymers, remains a major challenge for manufacturers. Counterfeit and substandard cables flooding the market affect overall industry growth and raise safety concerns. Meeting regulatory compliance and industry standards requires continuous investment in research and development, which increases production costs. Additionally, supply chain disruptions and logistical challenges impact the availability of raw materials and finished products.
Regional Insights
Asia Pacific leads the global wire and cable market, driven by large-scale industrialization and government investments in infrastructure. North America is focusing on upgrading existing power grids and broadband expansion projects. Europe is witnessing growth due to strict energy efficiency regulations and smart grid implementation. The Latin American and Middle Eastern markets are expanding with increased investments in energy transmission projects and industrial automation.
Wire and Cable Market Companies
- Hengtong Optic-Electric Co Ltd.
- Prysmian Group
- Sumitomo Electric Industries, Ltd.,
- Furukawa Electric Co., Ltd.
- Leoni AG
- Jiagnan Group
- General Cable Corporation
- LS Cable & System Ltd
- TPC Wire & Cable Corp
- Southwire Company, LLC
- Polycab Wires Private Limited
- Nexans S.A.
- Hitachi Metals Ltd
- Far East Cable Co., Ltd.
Recent Development
- In January 2023, In compliance with new High Voltage Direct Current (HVDC) recommendations, SuperGrid Institute and Nexans completed a temporary overvoltage test on a 525kV DC cable design. The SuperGrid Institute’s High Voltage testing equipment was used to conduct numerous damped oscillating voltage trials on the Nexans-produced and -installed DC cable system.
- In January 2023, The Voluntary Protection Programs (VPP) Star site designation for Southwire’s El Paso, Texas, facility has been renewed by the Occupational Health and Safety Administration (OSHA).
- In July 2022, the domestic creation, production, and marketing of a liquid-cooled (LC) ultra-fast charging cable were all disclosed by LS Cable & System (LS C&S).
- In May 2022, six new products will be released in Q2 2022, according to Belden Inc., a top provider of specialist networking solutions worldwide. These products will give clients additional integration options, safer ways to transport power over long distances, and quick lead times.
Segments Covered in the Report
By Type
- Medium and High Voltage (MV & HV)
- Low Voltage (LV)
- Optical Fiber Cable
By Material
- Aluminum
- Copper
- Glass
By Installation
- Overhead
- Underground
By Application
- Data Transmission
- Building
- Power Transmission
- Transport
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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