Global Wire & Cable Market Outlook, 2028

Global Wire & Cable Market Outlook, 2028

The rapid expansion of building infrastructure, together with the rise in urbanisation, is the primary driver of market growth. This has had an effect on overall energy and power demand in the commercial, residential, and industrial sectors. Furthermore, greater investment in power distribution and transmission system upgrades, as well as smart city projects, is likely to drive demand for wires and cables in the future. The increasing use of smart grid technologies has significantly raised the demand for submarine and subterranean cables to meet the growing demand for grid interconnection. Data centres are essential for communications, networking, and IT services, as well as for data storage and traffic routing. Data centres are currently in great demand as a result of big data development, which is driving an exponential increase in the number of high-quality and trustworthy data centres. Corporations prefer cloud storage to save money and avoid the hassle of running data centres. The demand for wires and cables will grow as more data centres are built, increasing the security, availability, and affordability of IT infrastructure. Data centres are essential for communications, networking, and IT services, as well as for data storage and traffic routing. Data centres are currently in great demand as a result of big data development, which is driving an exponential increase in the number of high-quality and trustworthy data centres. Corporations prefer cloud storage to save money and avoid the hassle of running data centres. The demand for wires and cables will grow as more data centres are built, increasing the security, availability, and affordability of IT infrastructure.

According to the research report, Global Wire and Cable Market Outlook, 2028, published by Bonafide Research the market is anticipated to reach USD more than 285 Billion by 2028 with a significant CAGR of 7% from USD 191 Billion in 2022. Increasing investments in electricity network expansion in emerging economies will lead to growth in the wire and cable markets. The expansion of infrastructure development operations is being supported by increased investments from both public and private entities to boost programmes and regulatory initiatives, consequently broadening market growth. Furthermore, the focus on lowering greenhouse gas emissions and implementing severe energy efficiency measures has produced a beneficial economic environment for the wire and cable market. The wire and cable business will benefit significantly from the rapid rise of consumer electronics and the expansion of grid infrastructure networks. Increased investment in R&D by manufacturers to boost market development. Furthermore, the shift to renewable energy sources such as solar and wind power has increased demand for specialised wire and cable capable of efficiently transporting renewable energy over great distances. Furthermore, the integration of smart grid technologies such as improved metering infrastructure and distribution automation necessitates the installation of wire and cable for transporting data and facilitating communication within the grid infrastructure. With the advent of Industry 4.0 and the Internet of Things (IoT), there is an increasing need for wire and cable solutions that support automation and smart technologies. These include cables with built-in sensors for real-time monitoring and diagnostics, as well as cables designed for high-speed data transmission in industrial automation applications. The integration of wire and cable systems with smart devices and networks is enabling advanced automation, control, and optimization of various processes across industries. The demand for smaller and more flexible wire and cable solutions is growing in industries such as consumer electronics, automotive, and medical devices. Manufacturers are developing cables with reduced diameters and improved flexibility, enabling easier installation, space-saving designs, and enhanced performance in compact electronic devices.

The Asia-Pacific wire and cable market is project to grow at CAGR of 7.87% between 2023 to 2028. The Asia-Pacific region, including countries such as China, India, Japan, South Korea, and Southeast Asian nations, has experienced significant economic growth over the past few decades. This growth has led to increased investments in infrastructure development, industrialization, and urbanization, all of which require extensive wire and cable networks for power transmission, telecommunications, and other applications. Furthermore, Asia-Pacific has the world's largest population, with a growing middle class and increasing urbanization. This demographic trend drives the demand for electricity, consumer electronics, automotive vehicles, and telecommunications infrastructure, all of which rely heavily on wire and cable systems. The sheer size of the market and the demand from a large population contribute to the region's dominance in the wire and cable industry. The region has been actively investing in infrastructure projects, including transportation networks, power generation, and distribution systems, and smart city initiatives. These projects require extensive wire and cable installations for electrical grids, railway networks, communication networks, and building wiring. The ongoing infrastructure development activities further fuel the demand for wire and cable products in the region.

Based on the report, the market is segmented into voltage type, low, medium, high and optical fiber cable. Among them the low voltage is dominating the market of wire and cable market in 2022. Low voltage wire and cable products are used in a wide range of applications across various industries. They are commonly used in residential, commercial, and industrial buildings for power distribution, lighting, and general electrical wiring. Low voltage cables are also extensively used in consumer electronics, telecommunications, automotive, and data communication industries. The versatility and widespread usage of low voltage applications contribute to its dominance in the market. Furthermore, low voltage systems are generally considered safer compared to high voltage systems. They pose lower risks of electrical shock and are easier to handle and install. Additionally, there are stringent safety and regulatory standards in place for low voltage wiring and cabling, ensuring that these products meet the necessary safety requirements. The emphasis on safety and compliance further drives the demand for low voltage wire and cable solutions. Low voltage wire and cable products are typically more cost-effective compared to high voltage counterparts. The lower voltage levels require less insulation and shielding, resulting in lower material costs. Additionally, low voltage systems often require simpler installation and maintenance procedures, reducing overall costs. This cost advantage makes low voltage wire and cable products more accessible and widely adopted in various applications. The Optical Fiber Cable segment is expected to register the highest CAGR of the market.

Recent Developments:
• In April 2023, Prysmian Group announced that it had signed a contract with Equinor/bp for the supply of 150 kilometers of high-voltage submarine cables for the Empire Wind 1 offshore wind farm in the United States. The contract is worth approximately €1 billion.
• In March 2023, Nexans announced that it had opened a new cable manufacturing plant in China. The plant is Nexans' first in China and will produce low- and medium-voltage cables for the Chinese market.
• In February 2023, TE Connectivity announced that it had acquired AMP, a leading provider of electrical and electronic connectivity solutions. The acquisition will strengthen TE Connectivity's position in the wire and cable market.
• In January 2023, Belden Inc. announced that it had acquired Hirschmann, a leading provider of industrial networking solutions. The acquisition will expand Belden's product portfolio and strengthen its position in the industrial automation market.

Companies mentioned in the report:
Nexans S.A., Prysmian S.p.A., Furukawa Electric Co., Ltd., Amphenol Corporation, Belden Incorporated, Te Connectivity, Leoni AG, Corning Incorporated, Havells India Limited, Fujikura Ltd., Sumitomo Electric Industries, Ltd., Riyadh Cables Group, Hengtong Group, LS Cable & System Ltd. , Southwire Company, LLC, CommScope Holding Company, Inc, KEI Industries Ltd. , Polycab India Limited, NKT A/S, Elsewedy Electric Co S.A.E.

Considered in this report

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• Global Wire and Cable market with its value and forecast along with its segments
• Region-wise Wire and Cable market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report:

• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle East & Africa (UAE, Saudi Arabia, South Africa)

By Voltage Type:

• Low Voltage
• Medium Voltage
• High Voltage
• Optical Fiber Cable

By End-User:

• Power Infrastructure (Energy, Power Transmission and Distribution)
• IT & Telecommunication
• Building & Construction (Commercial and Residential)
• Aerospace & Defence
• Consumer Electronics
• Automotive (Passenger, Commercial and Utility Vehicles)
• Others (Oil & Gas Industry, Industrial Machinery and Manufacturing, Medical Equipment, Logistics, etc.)

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Wire and Cable industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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