Wires and Cables Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Wires and Cables Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Wires and Cables Market

The Wires and Cables Market size was valued at USD 202.57 billion in 2022, and the market is now projected to grow from USD 213.01 billion in 2023 to USD 319.01 billion by 2030, exhibiting a CAGR of 5.94%during the forecast period of 2023-2030.

Every country was affected by COVID-19 differently. China, U.S., and Germany were powerful enough to manage the first hit of the virus outbreak, but others faced peak infection rates, and struggling healthcare systems. With disrupted supply chains and social distancing measures, wire and cable market faced shortage of raw materials and man power. With facing challenges in decreased resources and manpower companies were facing revenue decline impacting overall Wires and Cables Market Growth.

This all resulted factory closures and disrupted supply chains, specially for the industries dependent on cables, such as power plants, faced huge decline in demand and loss in sales and production.

The wire market’s primary drivers are residential projects, shops and offices. A reliable electrical system is very important for powering construction tools and machinery safely, and it is necessary for the electricians to follow the Australian Standards for construction, demolition, electrical panels, sheds, and lighting. In 2022, U.S. engineering and construction industry witnessed 8% growth in spending, and it reached around USD 1.8 trillion. According to the market’s forecast report there will be decline in coming years but it will restored by 2026. Power transmission, distribution, and renewable energy sectors are developing due to which market is introducing new products and solutions in cable and wire. The Wire and Cables Market Share is getting a positive rise due to leading players, as they focusing on sustainable innovations to meet the evolving demands.

Renewable energy is very important for transitioning to cleaner energy sources, works better for limiting global temperature rise. Over 50% of global consumption in 2022, is of Modern Bioenergy, considered to be a world’s largest renewable energy sources. As renewable energy demand is growing, the wire and cable manufacturers also seeing the rise in demand and working to support renewable energy markets. In 2022 there was significant growth in renewable energy capacity additions, as it reached out around 340GW annually. With leading countries and regions the market witnessed expansion in 2022 with around 160GW, which was nearly half of the global expansion.

Comprehensive Analysis of Wires and Cables Market

The Wires and Cables Market and Power & Energy industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated By Voltage Analysis and By End User Analysis. The types of voltage include, Low Voltage, Medium Voltage, High Voltage, Extra-High Voltage. However, the end users such asAerospace & Defense, Construction, Commercial, Residential, IT & Telecommunication, Power Transmission & Distribution, Oil & Gas, Consumer Electronics, High Tech Products, Small Appliances, Household Appliances, White Goods, HVAC, &Others. Manufacturing, Industrial Machinery, &Others. Automotive, Passenger Vehicles, Utility Vehicles and others.

Asia Pacific holds the highest market share and staying in dominating position at global level primarily driven by urbanisation and infrastructure development in countries such as China and India. Buildings, transportations, and industries were in need for this growth and the focus towards renewable energy in the region, improving the demand for specialised cables used in solar and wind projects. Countries are investing in renewables, with rising demand for high-quality cables, for smart cities and IoT adoption, overall driving the innovation in the industry.

The top players in the market play a crucial role in the Power & Energy industry assuring industrial prospectus growth and setting market standards. These players include, Prysmian Group (Italy), Furukawa Electric Co., Ltd. (Japan), Southwire Company (U.S.), Nexans (France), Fujikura Ltd. (Japan), Sumitomo Corporation (Japan), Belden Inc. (U.S.) , LS Cable & System (South Korea), KEI Industries Ltd. (India), Cords Cable Industries Ltd. (India), NKT A/S (Denmark), Amphenol (U.S.), Finolex Cables Ltd (India), Polycab (India), Encore Wire Corp (U.S.), Habia Cable (Sweden) these market players provide a level-playing competitive landscape.

August 2023 - Fujikura Ltd. shocked the world by introducing reduced weight and diameter of wiring harnesses for automobile side airbags. These wires are offering new patterns that are 30% lighter weight and 10% smaller in diameter while maintaining the same trauma resistance as PVC tubing. This move has increased the flexibility in cable routing and contributes to reducing the weight of the side airbag system.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Growth Rate CAGR of 5.94% from 2023 to 2030

Unit Value (USD Billion)

Segmentation By Voltage, By End-user, and By Region

Segmentation By Voltage

Low Voltage

Medium Voltage

High Voltage

Extra-High Voltage

By End-user

Aerospace & Defense

Construction

- Commercial

- Residential

IT & Telecommunication

Power Transmission & Distribution

Oil & Gas

Consumer Electronics

- High Tech Products

- Small Appliances

- Household Appliances

- White Goods

- HVAC

- Others

Manufacturing

- Industrial Machinery

- Others

Automotive

- Passenger Vehicles

- Utility Vehicles

Others

By Region

North America (By Voltage, By End-user, and By Country)

- U.S. (By Voltage, By End-user)

- Canada (By Voltage, By End-user)

Europe (By Voltage, By End-user and By Country)

- UK (By Voltage, By End-user)

- Germany (By Voltage, By End-user)

- France (By Voltage, By End-user)

- Italy (By Voltage, By End-user)

- Spain (By Voltage, By End-user)

- Russia (By Voltage, By End-user)

- Netherlands (By Voltage, By End-user)

- Belgium (By Voltage, By End-user)

- Poland (By Voltage, By End-user)

- Rest of Europe (By Voltage, By End-user)

Asia Pacific (By Voltage, By End-user and By Country)

- China (By Voltage, By End-user)

- India (By Voltage, By End-user)

- Japan (By Voltage, By End-user)

- Australia (By Voltage, By End-user)

- South East Asia (By Voltage, By End-user)

- Rest of Asia Pacific (By Voltage, By End-user)

Latin America (By Voltage, By End-user and By Country)

- Brazil (By Voltage, By End-user)

- Mexico (By Voltage, By End-user)

- Argentina (By Voltage, By End-user)

- Rest of Latin America (By Voltage, By End-user)

Middle East & Africa (By Voltage, By End-user and By Country)

- GCC (By Voltage, By End-user)

- South Africa (By Voltage, By End-user)

- Rest of MEA (By Voltage, By End-user)


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