Global Wires and Cables Market

Wires And Cables Market Size, Share, Growth Analysis, By Voltage(Low Voltage, Medium Voltage, High Voltage, Extra-High Voltage), By End-User(Aerospace & Defense, Construction {Commercial, Residential}, IT & Telecommunication), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20D2190 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 79 | Figures: 75

Wires And Cables Market Regional Insights

In 2021, Asia Pacific accounted for the largest revenue share in the wires and cables industry. North American demand for wires and cables is stable; however, the European region is expected to grow over the forecast period due to initiatives such as Digital Agendas for Europe 2025. Furthermore, the North American region has seen a significant increase in data consumption, prompting major telecommunications companies such as AT&T and Verizon to invest in fiber networks.

Over the forecast period, the Asia Pacific wires and cables market is expected to grow at the fastest CAGR of 4.7%. Over the forecast period, the market is expected to be fueled by rising demand for light, power, and communication. Government initiatives such as "Make in India" and "Go Green" policies are expected to drive the Indian market.

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Wires And Cables Market size was valued at USD 193.91 billion in 2019 and is poised to grow from USD 202.05 billion in 2023 to USD 292.6 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

The market is highly competitive and concentrated, with the top three companies accounting for the largest share of revenue in 2021. Some of the market's major players include Belden Inc., Nexans, and Fujikura Ltd. To gain a competitive advantage, market vendors focus on expanding their customer base. As a result, key companies undertake a variety of strategic initiatives, such as partnerships, mergers and acquisitions, collaborations, and the development of new products and technologies. 'Prysmian Group', 'Nexans S.A.', 'General Cable Corporation', 'NKT A/S', 'Sumitomo Electric Industries Ltd.', 'Leoni AG', 'Furukawa Electric Co. Ltd.', 'Southwire Company LLC', 'LS Cable & System Ltd.', 'Belden Inc.', 'Jiangnan Group Limited', 'Caledonian Cables Ltd.', 'Polycab India Limited', 'KEI Industries Ltd', 'Encore Wire Corporation', 'Finolex Cables Limited', 'Fujikura Ltd.', 'Hitachi Metals Ltd.', 'Okonite Company', 'Hengtong Group Co. Ltd.'

Increased energy demands in the Asia Pacific, Middle East, and South America have resulted in rising investments in smart grids in these regions. This will fuel the demand for low voltage cables. The other factors that influence the growth of low voltage cables are the growth in the power generation, power distribution sector from renewable energy sources, and demand from automotive and non-automotive industries. Urbanization and industrialization are the major reasons for increasing the overall market growth. The need for power grid interconnections in areas with a dense population is creating a demand for underground and submarine cables. Regions such as North America and Europe are switching towards the adoption of underground cables instead of overhead cables. The underground cables reduce the space required and offer reliable transmission of electricity.

The rise in the trend of renewable energy generation around the world, as well as the increased deployment of new power grid infrastructure, are significant factors influencing the growth of the power cable market. For instance, an increasing number of developing countries are experiencing a lack of power grid infrastructure to transfer electricity; as a result, governments in these countries are focusing on establishing safe power grid infrastructure. Furthermore, the increased use of smart grids fuels the growth of the electrical cable market. However, the complexity of power cable deployment planning, as well as delays in government authorization, may impede market growth during the forecast period. On the contrary, an increase in power demand creates lucrative growth opportunities for the wires and cables market.

In 2021, Asia Pacific accounted for the largest revenue share in the wires and cables industry. North American demand for wires and cables is stable; however, the European region is expected to grow over the forecast period due to initiatives such as Digital Agendas for Europe 2025. Furthermore, the North American region has seen a significant increase in data consumption, prompting major telecommunications companies such as AT&T and Verizon to invest in fiber networks.

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Global Wires and Cables Market

Report ID: SQMIG20D2190

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