Wire & Cable Market Estimated to Reach $266.2 billion by 2029 Globally, at a CAGR of 5.8%, says MarketsandMarkets™
Delray Beach, FL, Sept. 20, 2024 (GLOBE NEWSWIRE) -- The Wire & Cable Market is projected to grow from USD 201.0 billion in 2024 to USD 266.2 billion by 2029, at a CAGR of 5.8% during the forecast period, as per the recent study by MarketsandMarkets. Due to the pressing need for cables in the renewable energy sector, governments worldwide are investing significantly in renewable energy projects, particularly offshore wind energy. The rising emphasis on renewable energy in the power sector creates substantial demand for wires and cables in various regions, leading to market growth and innovative developments.
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Browse in-depth TOC on “Wire & Cable Market”
120 - Market Data Tables
60 - Figures
312 - Pages
List of Key Players in Wire & Cable Market:
- Prysmian (Italy)
- Belden Inc. (US)
- Fujikura Ltd. (Japan)
- Furukawa Electric Co., Ltd (Japan)
- Leoni Ag (Germany)
- Nexans (France)
- Emerson Electric Co. (US)
- Hellenic Cables (Greece)
- KEI Industries (India)
- Sumitomo Electric Industries, Ltd. (Japan)
- NKT A/S (Denmark)
- Finolex Cables Ltd (India)
- Helukabel (Germany)
- LS Cable and System (South Korea)
Drivers, Restraints, Opportunities and Challenges in Wire & Cable Market:
- Drivers: Rising demand for cables from renewable energy sector
- Restraints: Fluctuating raw material prices
- Opportunity: Surge in demand for cables in EV infrastructure
- Challenge: Enhancing insulation durability
Key Findings of the Study:
- Infrastructural development and rapid urbanization to drive demand for underground cable installation
- Rising dependence on computers and high–end automobiles to boost demand for electronic wires.
- Excellent electrical conductivity of metal cables to drive market.
- Rising applications of low-voltage cables in residential and commercial settings to drive market.
- Increasing offshore wind energy projects to boost demand for energy and power industries.
- Fast economic growth and investments in power generation to boost demand for wires and cables in Asia Pacific.
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Based on Installation, the wire & cable market is divided into three types namely, overhead, underground, and submarine. The underground installation has the maximum demand in the wires & cables market. This is because human tends to require greater reliability and visibility in Urban areas which has also boosted the trend. There are many advantages of underground cables over overhead installation for instance they are not affected by weather conditions, they are less likely to be affected by an accident or a falling tree and they are less visible and thus are not disrupting the aesthetic view of an area. Also, installations located underground are less exposed to interference and acts of vandalism, and, therefore, suitable for dense neighbourhoods and important connections. The market share of underground solutions will also continue to increase in the future as cities grow and develop, in general, requiring various solutions to fit modern society’s needs.
Based on product type, the wire & cable market is divided into five types namely, electronic wires, power cables, control & instrumentation cables, communication cables, and flexible & specialty cables. The electronic wires dominate the market with the highest market share and also is expected to be the fastest-growing type of product. Electronic wires have immense application various electronic devices including smartphones, computers, and other consumer electronic equipment. Thus, with the growing proliferation of these electronic devices, there is an expected growth in the demand of electronic wires.
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Based on material type, the wire & cable market is divided based on metal and polymer. The metal is an irreplaceable part of the wire and cables and thus dominates the material segment of the wire & cable market. Metals include copper and aluminium which have excellent electrical conductivity properties. Copper is used for high-voltage power transmission and is on the expensive side whereas aluminium is used in lightweight and cost-effective wires and cables. Metals comprise the major part of wire and cables, whereas the polymer is mainly used to sheath them to protect from external damage.
Based on voltage, the wire & cable market is segmented into four types low, medium, high, and extra-high voltage. Low voltage wires and cables market comprises a major part of the wire and cable market because of their versatility. These components are useful in transmitting electric power and signals in residential, commercial, and industrial premises. This is because they are commonly used in society publicly and domestically due to they are cheap, and used widely in lighting systems, appliances, and network circuits age. Since more advanced constructions and structures are being put up and energy-saving features are incorporated in constructions, there is always a need to supply and support high-quality low voltage cables.
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About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets™ INC. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com
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