The Wire and Cable Market size is expected to grow from USD 216.51 billion in 2023 to USD 282.97 billion by 2028, at a CAGR of 5.50% during the forecast period (2023-2028).
The growing renewable energy production, increasing reserves in smart grid technology, and government initiatives globally for upgrading distribution and transmission systems are responsible for market proliferation. In the past few years, content and cloud providers have attempted to attract more customers and offer bandwidth-intensive services, increasing submarine infrastructure popularity. The lifespan of a submarine cable is expected to be 25 years.
The Wire and Cable Market is very competitive. Some of the significant players in the market are Nexans, LS Cable & System Limited, Prysmian S.p.A, Southwire Company LLC, Fujikura Limited, Furukawa Electric Co., Ltd, Leoni, Belden Incorporated, TE Connectivity, Wilms Group, among others. The companies are increasing the market share by forming multiple partnerships and investing in introducing new products, earning a competitive edge during the forecast period.
In May 2023, LibanCables, a Nexans company, launched the extension of its 600kW peak solar power system at its NahrIbrahim industrial facility, leading to a total output power of 1.2 MW at peak with a first-of-its-kind 500kW containerized battery solution. The project will allow LibanCables to reduce greenhouse gas emissions by 1,500 tons per year, equivalent to the weight of 750 cars, by replacing two of its six electric generators with photovoltaic panels.
In April 2023, Swissgrid, the national company in charge of Switzerland’s electricity transmission grid, partnered with Nexans to bury the Very High Voltage (VHV) overhead power lines along the southern side of the Geneva-Cointrin airport. Replacing the overhead cables with underground cables will free up large tracts of land destined for urban development in the greater Geneva area.
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