WIRE AND CABLES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
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.
Report Description:
The wire and cables market is seeing steady growth globally driven by the increasing demand from industries such as construction, transportation, IT, and telecommunication, among others. Wires and cables form the backbone of any economy by enabling power transmission and telecommunication networks. Various types of cables, such as power cables, fiber optic cables, copper cables, and specialty cables, are used for building wireline and wireless infrastructure. Advances in materials science have led to the development of new high-performance cables catering to diverse industry needs. Moreover, government plans for modernization of infrastructure and strengthening of national grids in developing economies are fueling market expansion.
Market Dynamics:
The global wire and cables market is driven by the robust growth of end-use industries. Rapid urbanization and infrastructure development projects in emerging economies are major demand drivers. Strong focus on renewable energy generation and modernization of aging power grids are propelling the need for high voltage power cables. The expanding telecom sector with rising mobile internet penetration and 5G rollout is augmenting the demand for fiber optic and copper cables. Manufacturers are investing in the development of halogen-free, self-extinguishing, and flame-retardant wires to meet stringent safety standards. However, volatility in raw material prices remains a key challenge. Ongoing trade conflicts also impact the supply chain and profit margins. On the positive side, focus on smart grid and smart city projects presents significant opportunities in the coming years.
Key Features of the Study:
- This report provides an in-depth analysis of the global wire and cables market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global wire and cables market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include 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
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global wire and cables market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global wire and cables market
Market Segmentation
Market Segmentation
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