Copper Wire Market Size, Share, Growth Analysis, By Voltage(Low Voltage, Medium Voltage, High Voltage, Extra-High Voltage), By End-User(Aerospace & Defense, Construction, IT & Telecommunication, Power Transmission), By Application(Aerospace & Defense, Construction, IT & Telecommunication, Power Transmission and Distribution), By Region - Industry Forecast 2024-2031

Copper Wire Market was valued at USD 165.48 Billion in 2019, and it is expected to reach a value of USD 263.74 Billion by 2031, at a CAGR of 6.0% over the forecast period (2024-2031).

The market has been boosted by an increase in agreements and contracts among key players. With several competitors offering a wide range of products at both local and levels along the whole value chain, the market is currently highly fragmented. The global, regional, and national levels all see active participation from cable manufacturing enterprises. The major participants in the market at the moment are Prysmian Group, Southwire Company, KEI Industries, Sumitomo Corporation, and Nexans, who are reshaping the competitive landscape with a variety of product offerings. 'Prysmian Group (Italy)', ' Southwire Company (US)', 'Nexans (France)', 'Furukawa Electric Co., Ltd. (Japan)', 'Fujikura Ltd. (Japan)', 'Sumitomo Corporation (Japan)', 'Belden Inc. (US)', 'LS Cable & System (South Korea)', 'KEI Industries Ltd (India)', 'Cords Cable Industries Ltd. ( India)', 'NKT A/S (Denmark)', 'Amphenol (US)', 'Finolex Cables Ltd (India)', 'Polycab (India)', 'Encore Wire Corp (US)'

An important aspect contributing to the market's expansion is the increase in expenditures made in the Transmission & Distribution (T&D) sector, which is responsible for efficiently delivering electricity to various electrical equipment at various stages of the network. When compared to the revised estimate of USD 6.59 billion (50,311.03 crores), the Indian government increased total investments by eight state-owned power companies, including REC Ltd, by more than 19 percent to USD 7.86 billion (59,990.52 crores) for 2021–22. This increase was primarily driven by the transmission and distribution sector.

Data center and IT facility demand is growing, favoring market growth networking, communications, and IT services depend on data centres. The storing of data at data centres and the routing of traffic via them are essential functions. Data centres are currently in high demand as a result of the development of Big Data, and this need is being fueled in part by the Big Data phenomenon. In order to save money and avoid the trouble of operating data centres, which would cost billions of dollars, businesses have started favouring cloud storage. The necessity for wires would expand as the number of data centres increased in order to boost the availability, security, and reasonably priced connection of IT infrastructure.

The market is divided into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa based on geography. Due to its rapid development and growing use in electronics products, Asia Pacific now holds the largest share of the copper wire market. Strong growth is predicted for North America. The substantial demand for copper wire in the construction sector for the distribution and transmission of power might be linked to this rise. Due to its use in the car sector, Europe holds a significant portion of this market. Copper wire is used in automobiles to lighten the vehicle and increase fuel efficiency. Copper is essential to the comfort, safety, efficiency, and design of automobiles. Due to its many uses, copper has become an essential part of automobiles. The markets in Latin America and the Middle East are smaller than others and have had slow growth.