The report "Wire & Cable Market by Product Type (Electronic Wire, Power Cable, Control & Instrumentation Cable, Communication Cable, Flexible & Specialty Cable), Material Type, Voltage, Installation, End-Use Industry, and Region - Global Forecast to 2029"wire & cable market is estimated at USD 201.0 billion in 2024 and is projected to reach USD 266.2 billion by 2029, at a CAGR of 5.8% from 2024 to 2029.
Browse 120 market data Tables and 60 Figures spread through 312 Pages and in-depth TOC on "Wire & Cable Market by Product Type (Electronic Wire, Power Cable, Control & Instrumentation Cable, Communication Cable, Flexible & Specialty Cable), Material Type, Voltage, Installation, End-Use Industry, and Region - Global Forecast to 2029"
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There are various factors due to which the demand for wire & cable will grow in the coming years. Firstly, the growing renewable energy sector is a major driver of the wire & cable market. Countries across the globe are increasing their renewable energy production by installing grid technology and initiating offshore as well as onshore wind projects. These projects are generating huge revenues for wire and cable manufacturers especially since there is an increased demand for submarine cables due to offshore projects. Additionally, countries worldwide are investing heavily and providing subsidies to boost EV sales, which is further necessitating the need for more EV charging points. This is significantly driving the need for specialized EV cables. Construction, Telecommunication, Energy & Power, Automotive, and Oil & Gas industries are generating significant demand for wire and cables.
By 2029, Wire & Cable market is expected to grow moderately in terms of value.
Demand for wire & cables is expected to grow moderately over time due to their necessity in each and every electronic equipment. Additionally, the energy & power end-use industry is largely driving the demand for wires and cables. There is a growing focus of governments on renewable energy projects especially projects related to wind and solar energy generation. The manufacturers are harnessing this opportunity in this market by collaborating and building partnerships with the players in the renewable energy sector to increase their footprints in this end-use industry and capture a significant market share. The wire and cable market is based on the demand generated by various end-use industries and thus companies try to strengthen their position in specific end-use applications. Hence, the growing end-use industries especially in developing countries are driving the wire and cable market.
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Underground cables dominate the global market in 2023, in terms of value.
Underground cables have dominated the global market of wire & cable in 2023. They have the highest share, if compared with the rest installations. Underground cables are less prone to damage caused by lightning and thus are more reliable. Additionally, they offer aesthetic advantages by reducing the visual clutters of the overhead cables, and thus are suitable for urban settings. The dominance of underground cables will also continue to increase in the future as cities grow and develop, in general, requiring various solutions to fit modern society’s needs.
Asia Pacific region is expected to account for the largest market share in 2023.
The wire & cable market has been studied in North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa.
The Asia Pacific’s wire & cable market accounts for the largest share in 2023 and is expected to grow in the forecasted period. The ongoing development of electrical systems in this region, along with investment in modernization, has elevated the importance of high-quality wiring solutions. This trend is driven by large-scale projects such as smart cities, transportation systems, and renewable energy platforms. Additionally, the region's growing manufacturing industry and the introduction of new technologies in telecommunications and data centers are increasing the demand for wire and cable systems. The Asia-Pacific region's increasing industrialization and urbanization, coupled with the persistent need for better connectivity and energy efficiency, are expected to drive continued growth in the wire and cable market.
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Wire & Cable Market Trending Key Players
Prominent companies include Prysmian (Italy), Belden Inc. (US), Fujikura Ltd. (Japan), Furukawa Electric Co., Ltd (Japan), Leoni Ag (Germany), Nexans (France), Emerson Electric Co. (US), Hellenic Cables (Greece), KEI Industries (India), Sumitomo Electric Industries, Ltd. (Japan), NKT A/S (Denmark), Finolex Cables Ltd (India), Helukabel (Germany), and LS Cable and System (South Korea).
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