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  • Published In : Mar 2024
  • Code : CMI6786
  • Pages :165
  • Formats :
      Excel and PDF
  • Industry : Consumer Electronics

Market Size and Trends

The wire and cables market is estimated to be valued at USD 225.61 billion in 2024 and is expected to reach USD 321.93 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.

The market is expected to witness positive growth over the forecast period owing to increasing investments in telecommunication and power transmission infrastructure projects across both developed and developing countries.

Wire And Cables Market Key Factors

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Moreover, rapid urbanization and industrialization along with reviving construction activities post the COVID-19 pandemic will boost the consumption of wires and cables. Furthermore, rising demand for reliable and durable wires and cables from end-use industries, such as IT & telecom, construction, energy, and automotive, will drive the market growth during the next few years. However, volatility in raw material prices may hamper the business growth of market players to a certain extent over the coming years.

Growing Infrastructure Development Projects

The global infrastructure sector has witnessed significant growth over the past few years and this growth is expected to continue moving forward. Governments around the world are sharply focusing on the development of smart cities and upgrading of the transportation and utility infrastructure. Major economies are making enormous investments in construction of new roads, bridges, rail networks, airports, seaports, power generation, and distribution facilities. This widespread infrastructure construction activity is directly driving the demand for wire and cables. Various types of cables including power cables, control cables, instrumentation cables, fiber optic cables and others are essential components used in different infrastructure projects. As modern infrastructure increasingly incorporates digital and smart technologies, the role and importance of cables becomes even more pronounced.

According to the World Bank, investments in infrastructure varied by region in 2022 and the first half of 2023. While Europe, Central Asia, and the Middle East saw growth, South Asia experienced a decline, indicating a need for policy changes. The energy sector now leads in investments, emphasizing the shift towards sustainable energy. However, investments in the poorest countries remain low, highlighting the need for more support. Development and Export Finance Institutions (DEFI) have played a crucial role in supporting infrastructure projects. Despite recent investments, there's still a significant gap in funding, posing a challenge for economic development.

Market Concentration and Competitive Landscape

Wire And Cables Market Concentration By Players

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Surging Demand from Renewable Energy Sector

The renewable energy sector has emerged as a major driver of global economic growth in recent times owing to sustainability concerns. Strong policy support for clean technologies along with plunging prices of solar panels and wind turbines has made renewable power commercially viable. According to estimates, the global renewable energy capacity is projected to almost double by 2030. This clean energy expansion predominantly relies on technologies such as solar PV, wind, hydro among others. All these renewable power solutions have one thing common - extensive use of cables for smooth generation, transmission and distribution of electricity. Right from inter-array cables used within solar parks and wind farms to long transmission cables required to wheel power from remote projects to cities - cables lie at the heart of renewable infrastructure. Furthermore, construction of offshore wind projects necessitates special types of cables that can withstand harsh marine conditions. The bright outlook for renewable sources of energy guarantees rising demand trajectories for different varieties of polymer and metallic wires & cables in the upcoming years.

According to the International Energy Agency (IEA), renewable electricity generation capacity worldwide is expanding rapidly, with the potential to triple by 2030. In 2023, the capacity for renewable energy increased by 50%, reaching nearly 510 gigawatts (GW). Solar photovoltaic (PV) accounted for three-quarters of this growth globally. China saw the largest increase, installing as much solar PV in 2023 as the entire world did in 2022, and its wind power capacity rose by 66%. Europe, the United States, and Brazil also experienced record-high growth in renewable energy capacity.

Wire And Cables Market Key Takeaways From Lead Analyst

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Market Challenges: Rising Material Costs and Margin Pressures

The wire and cables market faces several challenges. Manufacturing costs have risen in recent years due to increasing commodity prices, such as copper and crude oil, putting pressure on margins. Additionally, market saturation in developed economies has limited growth opportunities. Stiff competition from local and international players has intensified, forcing companies to aggressively cut prices. Changing technology is another challenge as new alternatives such as wireless connectivity gradually replace traditional wired infrastructure in some applications.

Market Opportunities: Maintaining Infrastructure in Developed Markets

Replacement demand from aging infrastructure is creating consistent growth potential in developed markets. Rapid urbanization and industrialization in developing economies are driving massive investments in electric grid upgrades, telecom networks, and rail projects, requiring huge quantities of wires and cables. The rising focus on renewable energy also opens up opportunities as these projects depend on extensive transmission line constructions. 

Wire And Cables Market By Installation Type

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Insights, By Installation Type - Infrastructure Development Fuels the Growth of Underground Installation

The underground installation segment is expected to hold the largest share of 58.1% in 2024, owing to extensive infrastructure development activities worldwide. Laying cables underground provides several advantages compared to overhead installation, making it a preferred choice for new construction projects.

Governments across regions are focusing on modernizing and expanding transportation and utility infrastructure. Mega projects for developing rail networks, Metro lines, water distribution systems and power grids involve vast underground cabling work. Countries want to minimize visual pollution and prevent cable faults during extreme weather, thus pushing more investment into undergrounding. Cable trenches are dug during construction of roads, bridges and buildings to lay wires that will supply power and telecom services on completion.

Urbanization is another driver as densely populated cities lack space for aerial networks. Underground cables help avoid clutter and safety issues from falling wires. Many cities have underway projects to shift existing overhead wires below the ground. Developing telecom infrastructure also relies heavily on underground ducts for laying optic fiber networks that support high-speed internet rollout. 5G network expansion will further boost demand as it requires fiber to be placed in close proximity of mobile towers and consumer premises.

Insights, By Voltage - Affordability Extends Reach of Low Voltage Cables

The low voltage segment is expected to dominate the market and have a market share of 37.73% in 2024, due to the affordability factor encouraging wider application across end-use industries. Cables rated below 1,000 volts are cost effective and suitable for the distribution of power within premises and industrial facilities having localized electricity requirements.

Devices and equipment operating on low voltage like lighting, small motors, and household appliances are common in residential and commercial buildings. Wires used here experience less power loss during transmission over short distances as against high voltage transmission lines spanning long distances. Expanding construction results in growing need of internal wiring.

Emerging economies exhibit strong potential as electrification and industrialization lift demand. Low capital required for setting up basic infrastructure helps start-ups and SMEs easily obtain electricity connection without burden of high investment. This stimulates businesses and pushes economic activity supporting cable usage. The growing manufacturing sector installs plenty of low voltage cables for machinery and production lines.

Insights, By Industry Vertical- Reliable Power Supply is Critical for Energy Sector Cables

The energy and power industry is expected to dominate and is hold the largest share of 41.27% in 2024, due to the critical role of delivering electricity consistently. Uninterrupted power transmission is lifeline for energy generation, distribution and consumption activities. Vast network of cables is used in power plants for connecting generators to switchgear and control equipment. Growing renewable energy capacity from solar and wind farms expands projects installing transmission infrastructure to feed clean power into national grids. Rising electrified transportation and emissions norms drive investments in upgrading conventional autos and setting up EV charging stations needing cabling work.

Smart grid technologies support modernization of aged distribution infrastructure. Advanced utility cables allow two-way communication between control centers and millions of smart meters/sensors installed at consumer premises. This enables utilities to monitor outages, analyze consumption patterns and restore supply faster leveraging digital solutions.

Dependence on power leaves little room for disruptions in oil/gas sector involving offshore/onshore drilling rigs and refineries. Robust cabling proves important for pipeline monitoring through SCADA systems. Data centers globally critical for digital economy also have high uptime requirements met through reliable cabling maintenance.

Regional Insights

Wire And Cables Market Regional Insights

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North America has dominated the global wire and cables market for many years and is expected to remain the largest regional market with share of 26.8% in 2024. The well-established manufacturing industry base across the U.S. and Canada has ensured the steady demand for wire and cables from sectors such as automotive, construction, industrial machinery and electronics. In addition, the region's focus on upgrading and expansion of transmission line infrastructure to improve power distribution networks has supported the market growth. Major wire and cable producers have an extensive presence in the region through their manufacturing facilities and supply networks. This allows them to efficiently serve the demands of customers and capitalize on opportunities. The pricing environment remains competitive due to the presence of many global and domestic players operating in the region.

The Asia Pacific region stands out as the fastest-growing area, boasting a remarkable Compound Annual Growth Rate (CAGR) of 8.12%. This growth trajectory is driven by various factors contributing to the region's dynamic landscape. Asia Pacific is witnessing rapid industrialization, urbanization, and infrastructural development, particularly in emerging economies such as China, India, and Southeast Asian countries. The expansion of construction, manufacturing, and automotive sectors in these regions demands extensive wire and cable installations for power transmission, telecommunications, and data networking. Additionally, ongoing initiatives for electrification, renewable energy integration, and smart grid implementations further propel the demand for wires and cables in the region. Moreover, the flourishing telecommunications industry and increasing internet penetration fuel the requirement for high-speed data transmission cables. Government investments in infrastructure projects, coupled with advancements in technology and manufacturing processes, drive innovation and product development in the wire and cable sector. As a result, Asia Pacific emerges as a key player in the global wire and cables market, poised for sustained growth and contributing significantly to the region's economic development.

Market Report Scope

Zero Emission Aircraft Market Report Coverage

Report Coverage Details
Base Year: 2023 Market Size in 2024: US$ 225.61 Bn
Historical Data for: 2019 To 2023 Forecast Period: 2024 To 2031
Forecast Period 2024 to 2031 CAGR: 5.2% 2031 Value Projection: US$ 321.93 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East & Africa: South Africa, GCC Countries, Israel, and Rest of Middle East & Africa
Segments covered:
  • By Installation Type: Overhead, Submarine, and Underground
  • By Voltage: High, Medium, and Low
  • By Industry Vertical: Energy and Power, Aerospace and Defense, IT and Telecommunication, Industrial, Oil and Gas, and Others
Companies covered:

Amphenol, Belden Inc., Cords Cable Industries Ltd., Encore Wire Corp, Finolex Cables Ltd, Fujikura Ltd., Furukawa Electric Co., Ltd., Habia Cable, KEI Industries Ltd., LS Cable & System, Nexans, NKT A/S, Polycab, Prysmian Group, Southwire Company, and Sumitomo Corporation 

Growth Drivers:
  • Growing Infrastructure Development Projects
  • Surging Demand from Renewable Energy Sector
Restraints & Challenges:
  • Rising Material Costs and Margin Pressures
  • Market Saturation and Limited Growth

Key Developments

  • In August 2023, Fujikura Ltd. developed lighter and smaller wiring harnesses for automobile side airbags. These new patterns are 30% lighter and 10% smaller in diameter while maintaining the same trauma resistance as PVC tubing. This innovation offers more flexibility in cable routing and helps reduce the weight of the side airbag system.
  • July 2023 saw Prysmian Group introducing Prysmian PRYSOLAR, an innovative cable solution for solar power generation. Solar cables, also known as solar photovoltaic cables, are essential for transmitting electrical energy generated by solar modules and ensuring the efficient and safe flow of electricity throughout the circuit.
  • Sumitomo Electric Industries, Ltd. improved the transmission loss of terrestrial fiber optic cables in July 2023 using PureAdvanceTM-110, a low-loss fiber with a pure silicon core. These cables were chosen for a Data Center Interconnect (DCI) project, with delivery recently completed.
  • Nexans made strides in technological advancements in June 2023 with next-generation high-voltage cables for aerospace decarbonization, achieving higher efficiency compared to previous generations. This represents a significant step toward the aerospace industry's goal of carbon neutrality by 2050.
  • In February 2023, Southwire, a prominent wire and cable manufacturer, celebrated the expansion and opening of its new hub at Battery Atlanta in Cobb County,
  • *Definition: The wire and cables market comprises companies that manufacture and distribute different types of wires and cables used for power transmission and telecommunication globally. Products offered include power cables, fiber optic cables, copper telecom cables, and specialty cables. Key end-use industries serviced are energy, construction, telecom, automotive, and electronics. Major players in this market supply wires and cables that meet various international quality standards and regulatory compliance. Innovation in materials and advanced manufacturing capabilities help address the growing demand for reliable and efficient transmission networks.

Market Segmentation

  • Installation Type Insights (Revenue, USD Bn, 2019 - 2031)
    • Overhead
    • Submarine
    • Underground
  •  Voltage Insights (Revenue, USD Bn, 2019 - 2031)
    • High
    • Medium
    • Low
  •  Industry Vertical Insights (Revenue, USD Bn, 2019 - 2031)
    • Energy and Power
    • Aerospace and Defense
    • IT and Telecommunication
    • Industrial
    • Oil and Gas
    • Others
  • Regional Insights (Revenue, USD Bn, 2019 - 2031)
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Middle East & Africa
      • South Africa
      • GCC Countries
      • Israel
      • Rest of Middle East & Africa
  • Key Players Insights
    • Amphenol
    • Belden Inc. 
    • Cords Cable Industries Ltd.
    • Encore Wire Corp
    • Finolex Cables Ltd
    • Fujikura Ltd.
    • Furukawa Electric Co., Ltd. 
    • Habia Cable
    • KEI Industries Ltd.
    • LS Cable & System
    • Nexans
    • NKT A/S
    • Polycab
    • Prysmian Group
    • Southwire Company 
    • Sumitomo Corporation 

Frequently Asked Questions

The CAGR of the wire and cables market is projected to be 5.2% from 2024 to 2031.

Growing infrastructure development projects and surging demand from renewable energy sector are the major factors driving the growth of the wire and cables market.

Rising material costs and margin pressures and market saturation and limited growth are the major factors hampering the growth of the wire and cables market.

In terms of installation type, underground is estimated to dominate the market revenue share in 2024.

Amphenol , Belden Inc. , Cords Cable Industries Ltd. , Encore Wire Corp , Finolex Cables Ltd , Fujikura Ltd. , Furukawa Electric Co., Ltd. , Habia Cable , KEI Industries Ltd. , LS Cable & System , Nexans , NKT A/S , Polycab , Prysmian Group , Southwire Company , and Sumitomo Corporation  are the major players.

North America is expected to lead the wire and cables market in 2024.

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