Wilmington, Delaware, United States, Sept. 18, 2023 (GLOBE NEWSWIRE) — The wire and cable market was estimated to have acquired US$ 150.02 billion in 2020. It is anticipated to register a 5.3% CAGR from 2020 to 2031 and by 2031, the market is likely to gain US$ 285.05 billion.
The need for cables and wires is being fueled by electrification, which is being fueled by newly better electric end-use technologies, interested consumers and businesses, and a range of legislative objectives in different jurisdictions.
The amount of electricity required by information technology, various consumer electronics, data centers, and industrial automation is rising. Internet-connected digital technologies are projected to be crucial in the transition to a more sustainable and energy-efficient future.
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|Market Revenue||US$ 150.02 Bn|
|Estimated Value||US$ 285.05 Bn|
|Growth Rate – CAGR||5.3%|
|No. of Pages||191 Pages|
|Market Segmentation||By Type, Material, End-use Industry|
|Regions Covered||North America, Latin America, Europe, Asia Pacific, Middle East & Africa|
|Companies Covered||Prysmian Group, Hengtong Optic-Electric Co Ltd., Furukawa Electric Co., Ltd., Sumitomo Electric Industries, Ltd., General Cable Corporation, Jiagnan Group, TPC Wire & Cable Corp, LS Cable & System Ltd, Polycab Wires Private Limited, Southwire Company, LLC, Hitachi Metals Ltd, Nexans S.A., Leoni AG,, Far East Cable Co., Ltd.|
Key Findings of the Market Report
- Another significant element that directly impacts the market for wire and cable is industrialization.
- Several sectors are seeing a surge in demand for flexible and customizable wires and cables as a result of the complexity of product manufacture.
- Rapid industrialization and increased use of renewable energy for the same are driving up demand for electricity, especially in developing and impoverished nations, and this is further boosting the use of wires and cables in industry.
Market Trends for Wire and Cables
- Consumer spending on vehicles with safety, comfort, and fashionable amenities has grown as a result of technological improvements and rising disposable income. There is now a large number of autonomous driving cars being produced, as well as intelligent vehicle networking.
- These cars need high-quality special cables and secure wire topologies because they integrate dependable and quick transfer of enormous data volumes between sensors, control units, and vehicle components. In order to meet the demand from the automotive sector, businesses are thus continuing to create fail-safe wiring & cabling system designs, which is driving up the market for wire and cable.
- The need for cable and wires is also predicted to increase with the growth of the transportation network, including metros, railroads, and highways.
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Global Market for Wire and Cable: Regional Outlook
Various reasons are propelling the growth of the wire and cable market in different countries. These are:
- With over 30% market share, Asia Pacific generated the most earnings for the wires and cables sector in 2020.
- In North America, the need for wires and cables is seen to be constant, however due to efforts like the Digital Agendas for Europe 2025, Europe is predicted to experience growth throughout the projected period.
- The North American area has experienced a sharp rise in data usage, which has led major telecommunications providers like AT&T and Verizon to invest in fiber networks. For example, Belden Inc. created new fiber solutions in April 2020 that enable data centers to build a dependable, strong, and high-performance network. Factors as such are thus anticipated to boost the sales in the regional market during the forecast period.
Global Wire and Cable Market: Key Players
Businesses are leading the way in inventing new procedures to produce wires and cables of the highest quality due to a shift in consumer demand. This is because they are thought of as the lifelines of every electrical gadget and communication equipment.
The following companies are well-known participants in the global wire and cable market:
- Prysmian Group
- Hengtong Optic-Electric Co Ltd.
- Furukawa Electric Co. Ltd.
- Sumitomo Electric Industries Ltd.
- General Cable Corporation
- Jiagnan Group
- TPC Wire & Cable Corp
- LS Cable & System Ltd
- Polycab Wires Private Limited
- Southwire Company LLC
- Hitachi Metals Ltd
- Nexans S.A.
- Leoni AG,
- Far East Cable Co., Ltd.
Key developments in the global wire and cable market are:
|Market Player||Year||Key Developments|
|Furukawa Electric Co., Ltd.||2022||
|Sumitomo Electric Industries, Ltd.||2021||
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Global Wire and Cable Market Segmentation
- Low Voltage (LV)
- Medium and High Voltage (MV & HV)
- Optical Fiber Cable
- End-use Industry
- Aerospace & Defense
- IT & Telecommunication
- Energy & Utilities
- Oil & Gas
- Consumer Electronics
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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