Europe Wire and Cable Market Size By Product (Coaxial Cables/Electronic Wires, Fiber Optics Cables, Power Cables, Signal & Control Cable, Telecom & Data Cables), By Voltage, Application, & Global Forecast, 2023 - 2032

Europe Wire and Cable Market Size By Product (Coaxial Cables/Electronic Wires, Fiber Optics Cables, Power Cables, Signal & Control Cable, Telecom & Data Cables), By Voltage, Application, & Global Forecast, 2023 - 2032

Europe Wire & Cable Market share would grow notably through 2030 driven by the growing smart grid adoption and burgeoning renewable energy integration programs with effective grid technologies. According to the Department of Energy and Climate Change, a record 8 million smart meters were installed and connected to the Data Communications Company in the UK in 2021.

Additionally, revamping existing and old electricity infrastructure with new and advanced solutions for effective energy management would complement the market growth between 2022-2030.

The overall Europe wire and cable market is divided based on product, voltage, application, and regions.

Based on the product bifurcation, the market growth is likely to be characterized by fiber optic cables segment. Mounting technological advancements for long-distance and high-performance data networking, especially for telecommunication services, would contribute to the segmental expansion. Moreover, booming penetration of consumer electronics and increasing dependency on hi-speed internet would add impetus to the market landscape.

On the other hand, the telecom and data center segment accounted for a market share of over USD 1 billion in 2021 and is projected to grow appreciably through 2030. The growth can be credited to the elevating demand for replacement and refurbishment of aging telecommunication infrastructure and hefty investment in research and development projects to boost the telecom network.

In terms of voltage, high voltage wires and cables are amassing notable gains across the market. Proliferating energy demand across the region and aging electric transmission networks are likely to be responsible for the thriving industry growth across Europe. Besides, rapid adoption of smart grid infrastructure and IT integration across electricity network would further strengthen the product deployment in the region.

The automotive sector is anticipated to be one of the highest revenue generating application verticals across Europe wire and cable industry. Factors fueling the market growth are growing concern toward adoption of sustainable and clean vehicles and soaring sales and requirement for commercial vehicles in the region. As per OICA statistics, Germany recorded the production of more than 210,000 commercial vehicles in 2021.

Meanwhile, consumer inclination towards leisure and amusement activities along with rising placement of promotional live events would stimulate the product adoption during 2022-2030, thereby impelling the entertainment/leisure segment across the overall industry.

Regionally, the Europe wire and cable industry is diversified into Russia, Germany, France, and the United Kingdom. Amongst these, the UK is slated to amass considerable profits by 2030 end driven by the introduction of favorable government schemes and incentives for EV adoption in the country to reduce carbon footprint. Ongoing transmission and distribution projects in the country to support clean and sustainable energy demand would further promote the market demand.

Companies operating in Europe wire and cable market include LAPP Group, Furukawa Electric Co., Ltd., Prysmian Group, Nexans, Commscope, HELUKABEL, Viakon, Friedrich Lutze GmbH, LS Cable and System Ltd., and others.