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

Wires and Cables Market Driver

• 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.
• Because of certain minor shifts in communication technologies, the COVID-19 outbreak has seen an impact on the wires and cables market growth. Online courses and classes offered by universities and colleges due to global closure, the introduction of telehealth in the healthcare industry to reduce in-person visits, and companies working remotely and adhering to WFH (Work from Home) policies are just a few of the notable examples seen around the world. As a result, connectivity and communication technologies have advanced throughout the pandemic. Because the pandemic has highlighted the true value of connectivity, the telecommunications industry has benefited greatly from the situation. Despite the pandemic and resulting economic downturn, 5G progress in connections and deployments has continued.

Wires and Cables Market Restraint

• Rubber and plastic-based ingredients such as PVC grains are the primary raw materials required for cable manufacturing. Fluorine plastic and silicone rubber are the most common organic polymer materials, whereas copper is required for wires. An increase in the price of raw materials, particularly copper, has a direct impact on the profit margins of wires and cable manufacturers, limiting the market growth.