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

Global 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).

A wire is a single electrical conductor, whereas a cable is a group of wires bundled together in an assembly. Various cables, such as coaxial cables, are widely used across industry verticals to transmit electric power and communication signals. Increasing investments in electric power transmission and distribution, as well as increased demand from data centers and the telecom industry, will drive the wires and cables market growth during the forecast period. High investment in smart grid projects and upgrading power transmission systems is also expected to boost demand for wires and cables. Significant investment in smart grids has resulted in an increasing need for grid interconnections; additionally, rising investment in underground cables and advancements in renewable energy has increased the adoption of wires and cables.

Rising urbanization and expanding infrastructure are two major factors driving the wires and cables market. The mentioned factors have had an impact on power and energy demand in the commercial, industrial, and residential sectors. Increased investments in smart power transmission and distribution system upgrades, as well as the development of smart grids, are expected to drive market growth. Smart grid technology implementation has met the growing demand for grid interconnections, resulting in increased investments in new underground and submarine cables.

US Wires And Cables Market is poised to grow at a sustainable CAGR for the next forecast year.