As per in-depth industry analysis by Fact.MR, a market research and competitive intelligence provider, the global wire and cable market is anticipated to expand at a CAGR of 5.3% from 2022 to 2031, reaching US$ 285.05 billion in valuation.
Rapid expansion of infrastructure combined with increased urbanization is the primary driver for market growth. Entire demand for energy and power in several industries has been influenced as a result of this. The need for modern and reliable technology is currently growing, necessitating the development of more efficient power systems.
Demand for wires and cables will rise as the number of data centers increases, resulting in increased availability, security, and economical connection of IT infrastructure. To meet the growing demand for these products from the construction industry, cable manufacturers are expanding their fire-resistant cable production facilities.
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Product adoption will be accelerated as concerns about electrical supply failures, fires, illness, and other operational risks increase. Furthermore, government organizations’ rising focus on improving current transmission capabilities as a result of higher deployments of sustainable and energy-efficient components will stimulate product demand.
Key Takeaways from Market Study
- Global wire and cable market to reach valuation of US$ 285.05 billion by 2031.
- Market in Asia Pacific accounted for share of 37.2% in 2020.
- Demand for low voltage wires and cables expected to increase at CAGR of 8% over forecast period.
“Changing regulatory norms towards the replacement of old power generation systems with high-capacity renewable energy sources, as well as rapid infrastructural development, are factors expected to drive demand for wires and cables over the coming years,” says a Fact.MR analyst
Leading manufacturers of wires and cables have adopted strategic efforts that have boosted their market growth. Wire and cable manufacturers have been able to innovate their offerings and gain a competitive advantage as a result of their research and development efforts.
Furthermore, as a result of considerable investments in smart grid technologies, industry firms are actively receiving contracts for upgraded and more dependable cables.
- In June 2020, Nexans reported that it had finished the delivery of 1,700 kilometers of signaling cable for the BSA project in Egypt. This effort aims to strengthen the company’s global standing by offering dependable services to its clients.
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Key Segments Covered in Wire and Cable Industry Research
Wire and Cable Market by Type :
- Low Voltage (LV) Wires and Cables
- Medium and High Voltage (MV & HV) Wires and Cables
- Optical Fiber Cables
Wire and Cable Market by Material :
- Copper Wires and Cables
- Aluminum Wires and Cables
- Glass Wires and Cables
Wire and Cable Market by End User :
- Aerospace & Defense
- IT & Telecommunications
- Energy & Utilities
- Oil & Gas
- Consumer Electronics
COVID-19 Impact on Consumption of Wires and Cables
The COVID-19 pandemic had a minor impact on the wire and cable market revenue. The outbreak of the COVID-19 pandemic decreased demand for wire and cables around the world. Lockdown impositions and supply chain interruptions caused a slight delay in the establishment of utility-scale projects and sustainable energy.
However, during the COVID-19 pandemic, the electricity and communications sectors were functioning for the upkeep of electrical infrastructure. In addition, the market outlook will be bolstered by rising demand for replacing and upgrading existing grid infrastructure, as well as ongoing building infrastructure constructions.
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What is Driving Growth of the U.S. Wire and Cable Market?
The U.S. market is likely to develop rise significantly due to rising investments in extending grid infrastructure.
Increasing initiatives in the development of high-capacity transmission lines will have a profound influence on the market over the forecast period. In the United States, several sub-national government organizations are acquiring a substantial foothold in renewable energy and efficiency innovations.
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
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