Wires and Cables Market

Wires and Cables Market witnessed USD 183 billion in 2020, growing at a robust CAGR of 4.4% during forecast period.

Wires and Cables Market Overview

Wire and cables are conductors which is adopted widely by every industry for transmitting electricity and power. Cables are used for transmitting signals across the industry verticals, which has pushed the overall market. Thus, with the rising electricity consumption, the demand for the product is likely to expand over the forecast period.

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Major Wires and Cables Market Drivers

Rapid urbanization, increasing industrialization, and the emerging need for power grid connections in densely populated areas are the chief factors driving the global wires and cables market growth. Rising demand for the flexible and fire-resistant wires and cables to safeguard the living environment and extend the life expectancy will bolster the market growth. Moreover, expansion of consumer electronic industry, increasing grid infrastructure, and rising investment in upgradation of power transmission and distribution system are projected to augment the market growth. Increasing initiatives by government to upgrade the transmission and distribution systems as well as increasing adoption of smart grid technology has propelled the growth of the market. For example, in 2019, Indian government allocated approximately USD 40 billion for the expansion of transmission industry. Also, according to the World Energy Investment, the investment on infrastructure of energy and transmission is projected to reach USD 6.8 trillion by the end of 2035. Furthermore, the expansion of telecom, internet, and consumer electronic industries and the growing concerns pertaining to electrical supply hazards, health, have stimulated the deployment of wires and cables, thereby driving the market growth. In addition, the emerging need to replace aging grid infrastructure and the continuous development in building infrastructure constructions will complement the wires and cables market size.

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Voltage – Segment Analysis

Based on the voltage, high voltage is witnessed to grow at a higher CAGR in the market over the forecast period. This is due to the high demand of these cables from the end-users like, aerospace, oil and gas, telecom, which has changed the landscape of the market. It increases the efficiency, even when electricity is transmitted over long distances and also minimizes the amount of electricity loss, which makes it the mostly adopted by all voltage types.

End-Use – Segment Analysis

Based on the end-use, energy and power is witnessed to grow at a higher CAGR in the market over the forecast period.  Number Of technological advancements such as altering the old transmission lines to high/extra high voltage lines to prevent the transmission shortfalls are being made in the electricity T&D ecosystem. These modifications target at making the ecosystem balanced in paradox of the fluctuating nature of renewable sources of energy, and thus the use of wires and cables make the industry more efficient and productive, leading to the expansion of the market.

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Regional – Segment Analysis:

Based on the regional coverage, North America is witnessed to grow at a higher CAGR in the market over the forecast period. This is due to the renewable energy efficiency and generation, which has significantly pushed the market. For instance, in 2019, according to US Energy Information Administration, US energy generation reached 13% in 2020 from 10% in 2018, which has led to the adoption of the market.

Top Market Players

Various notable players operating in the market, include, Belden Inc., Encore Wire Corporation, Finolex Cables Ltd., Fujikura Ltd., Furukawa Electric Co., Ltd., KEI Idustries Ltd., LEONI AG, LS Cable & System Ltd., Nexans, Prysmian S.p.A, among others. 

Key Developments:

• • In 2021, Furukawa Automotive Systems Inc., published the first installation of aluminium electrical wire with exemplary corrosion-resistant Alpha Terminal Series in WHs for automobile seats.
  • In 2020, Nexans completed the delivery of 1,700 km of signaling cable for the BSA project in Egypt. This initiative was intended to expand the company’s position worldwide by offering reliable services to its customers.
  • In 2020, Nexans, signed a major contract deal for the manufacturing of high voltage cables for Ariandane Interconnections, which will help the company in generating more revenue from the project.

Segments covered in the Report:

The global wires and cables market has been segmented on the basis of voltage, installation, end-use, and regions. Based on voltage, the market is segmented into low voltage, medium voltage, and high voltage. Based on installation, the market is segmented into overhead and ground. Based on end-use, the market is segmented into aerospace and defense, building and construction, oil and gas, energy and power, IT and telecommunication, and others. 

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Market Segmentation

Global Wires and Cables Market by Voltage

• • Low Voltage
  • Medium Voltage
  • High Voltage

Global Wires and Cables Market by Installation

• • Overhead
  • Underground

Global Wires and Cables Market by End-Use

• • Aerospace & Defense
  • Building and Construction
  • Oil & Gas
  • Energy & Power
  • IT & Telecommunication
  • Others

Global Wires and Cables Market by Region

• • North America Wires and Cables Market (Option 1: As a part of the free 25% customization)

    • By Voltage
    • By Installation
    • By End-Use
    • US Market All-Up
    • Canada Market All-Up

  • Europe Wires and Cables Market (Option 2: As a part of the free 25% customization)

    • By Voltage
    • By Installation
    • By End-Use
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Wires and Cables Market (Option 3: As a part of the free 25% customization)

    • By Voltage
    • By Installation
    • By End-Use
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Wires and Cables Market (Option 4: As a part of the free 25% customization)

    • By Voltage
    • By Installation
    • By End-Use
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Wires and Cables (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Belden Inc.
  • Encore Wire Corporation
  • Finolex Cables Ltd.
  • Fujikura Ltd.
  • Furukawa Electric Co., Ltd.
  • KEI Idustries Ltd.
  • LEONI AG
  • LS Cable & System Ltd.
  • Nexans
  • Prysmian S.p.A