Home > Energy & Power > Wire and Cable > Power Cable > Wire and Cable Market

Wire and Cable Market - By Product (Coaxial Cables/Electronic Wires, Fiber Optics Cables, Power Cables, Signal & Control Cable, Telecom & Data Cables), By Voltage (Low, Medium, High), By Application & Forecast, 2024-2032

  • Report ID: GMI4859
  • Published Date: May 2023
  • Report Format: PDF

Wire and Cable Market Size

Wire and Cable Market size surpassed USD 243 billion in 2023 and is projected to grow at 9.1% CAGR from 2024 to 2032 backed by the increasing infrastructure and development projects along with growing demand for consumer electronic products.
 

Wire and Cable Market

The industry is witnessing a favorable growth scenario on account of the growing inclination towards refurbishment and upgradation of existing electric infrastructure across the key economies. Surging investment in automotive and other manufacturing sectors coupled with the rapid expansion of IT and telecommunication applications will drive the market demand. Favorable consumer preference for the use of flexible and fire-resistant wire and cable to protect the living environment in line with increased lifespan of these product will energize the business landscape.
 

Increasing investments in the expansion of electrification networks in emerging economies will contribute to a positive wire and cable market outlook. The growth of infrastructure development activities supported by rising investments from both public and private entities to strengthen programs and regulatory initiatives, thereby expanding the overall industry size. Additionally, the emphasis on reducing greenhouse gas emissions and implementing stringent energy efficiency measures have created a favorable business environment for the product adoption. Furthermore, the introduction of innovative components, technologies, and control equipment to upgrade existing electrification networks have positively impacted the business dynamics.

 

COVID-19 Impact

The wire and cable industry experienced a slight impact on its revenue due to the outbreak of the pandemic. Lockdown measures and disruptions in the supply chain resulted in a slight delay in the development of utility-scale projects and sustainable energy initiatives. However, the power and telecom sectors remained operational during the COVID-19 pandemic to ensure the maintenance of electrical infrastructure. Moreover, increasing demand for refurbishing and replacing aging grid infrastructure in line with ongoing construction activities in building activities will complement the sector growth.

 

Wire and Cable Market Trends

Robust growth of the consumer electronic sector coupled with enlargement of grid infrastructure network will significantly enhance the wire and cable market dynamics. Increasing investment in research and development activities by various manufacturers to enhance their product portfolio and evolving consumer demand will propel the business scenario. The transition to renewable energy sources including solar and wind power has led to a growing demand for these wire and cable portfolio which are efficiently transmitting renewable energy over long distances. Moreover, the integration of smart grid technologies comprising of advanced metering infrastructure and distribution automation requires the product deployment of wire and cables for transmitting data and facilitating communication within the grid infrastructure.

 

Wire and Cable Market Analysis

Wire and Cable Market Size, By Product,

The power cable market exceeded USD 120 billion by 2022 and will depict 8% growth till 2032 owing to their extensive applications in low rated capacity networks. The demand for power cables will be driven by government initiatives to enhance existing transmission capacities through the deployment of sustainable and energy-efficient components. In addition, regulatory efforts focusing on replacing conventional power generating systems with a variety of high-capacity clean energy sources will augment the business landscape. However, government focus towards enhancement of existing transmission capacity through the deployment of more sustainable and energy efficient component will augment the industry demand by 2032.

 

Wire and Cable Market Share, By Voltage,

The low-voltage wire and cable market will observe 8% growth rate during 2023-2032 attributed to the wide product usage in consumer electronics, communication, automotive, and secondary power distribution applications. Additionally, the increasing demand for reliable, cost-effective electricity supply, uninterrupted and the surging electronics and communication sector will positively impact the industry statistics. Growing inclination toward miniaturization and flexible designs in electronic devices and systems will encourage the adoption of these low voltage cables in the industry. However, the growing need for high-speed data transmission in applications including 5G networks, cloud computing, and IoT devices to support higher bandwidths and faster data transfer rates will stimulate the industry statistics.

 

The automotive wire and cable industry crossed USD 20 billion in 2022 and is poised to garner USD 50 billion revenues by 2032. The automotive industry is witnessing a significant market share in forthcoming years owing to introduction of innovative technology systems along with supportive regulatory framework and schemes. The increasing emphasis on adopting clean and sustainable vehicles consisting of hybrid electric vehicles, plug-in hybrid electric vehicles, and battery electric vehicles is accelerating the demand for wires and cables across emerging economies. Furthermore, the growing demand for commercial vehicles in industries including e-commerce and logistics will contribute to the industry growth.

 

The utility application has observed positive wire and cable market growth by 2032 due to substantial investments along with governments focusing on improving existing transmission and distribution (T&D) networks. Ongoing development of high-voltage direct current cables and ultra-high-voltage direct current systems will contribute the positive business scenario. Ongoing deployment of advanced wires and cables portfolio that support bi-directional communication, data transmission, and power management in the smart grid infrastructure will drive the penetration of these products across utility sector.

 

Asia Pacific Wire and Cable Market Size

Asia Pacific wire and cable market is estimated to grow at 9% between 2023 and 2032. Rising electricity demand together with inadequate grid infrastructure in key geographies will drive the demand for advanced transmission and distribution networks across the region. Increasing investments and funding from various financial institutions comprising of World Bank and the IFC toward regional electrification initiatives will positively impact the business outlook. Increasing focus on the renewable sector along with ongoing construction activities in the region will fuel the demand for various electrical components. Moreover, rising demand for fiber optic connections in the telecommunications sector in line with the significant growth in broadband user subscriptions will stimulate the product demand. The market size of wire and cable in Europe is set to hit USD 56.5 billion by 2032.

 

Wire and Cable Market Share

The key industry players operating in wire and cable industry are:

  • Fujikura Ltd.
  • NKT A/S
  • KEI Industries Limited
  • ZTT
  • Jeddah Cables
  • Midal Cables Ltd.
  • Naficon
  • alfanar Group
  • Bahra Cables
  • Federal Cables
  • Nexans
  • NIBE Industrier AB
  • audi Cable Company
  • BELDEN
  • Brugg Kabel AG
  • Sumitomo Electric Industries, Ltd.
  • HELUKABEL MiddleEast
  • Power Plus Cables Co. L.L.C.
  • Ducab
  • Elsewedy Electric
  • Riyadh Cables
  • Prysmian Group
     

Wire and cable market industry news

  • In March 2022, Prysmian group was awarded a contract for the AP&T Company to supply, test and install two submarine cable links across south-east Alaska. The project known as SEALink was undertaken to improve the communications across south-east Alaska, by bringing broadband to the currently unserved rural areas. This link will create a submarine fiber optic cable of 214-mile from Juneau to Prince of Wales Island. The company’s turnkey contract will deliver a 323-km MINISUB brand cable with 36 G.652.D FO. The cable will be manufactured at the company’s Nordenham, Germany facility. This contract will expand the company’s global presence project spectrum across the wires and cables industry.
     
  • In January 2022, Elsewedy Electric signed a new contract with the Public Authority for Housing Welfare in Kuwait, which was worth over USD 28 million, to facilitate power transmission for El Mutlaa Residential City. According to the contract, the project will be implemented on a turnkey basis in over eighteen months, and the company will offer its expertise on the design, supply, and installation of works with regards to 132kV ground cables.
     

This wire and cable market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2019 to 2032, for the following segments:

Click here to Buy Section of this Report


Market, By Product

  • Coaxial Cables/Electronic Wires
  • Fiber Optics Cables
  • Power Cables
  • Signal & Control Cable
  • Telecom & Data Cables

Market, By Voltage

  • Low
  • Medium
  • High

Market, By Application

  • Food & beverages
  • Automotive
  • Material handling/logistics
  • Entertainment/leisure
  • Utilities
  • Railways
  • Consumer electronics
  • Building infrastructure
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Netherlands
    • Italy
    • Spain
    • Sweden
    • Denmark
    • Belgium
    • Germany
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Indonesia
    • Philippines
    • New Zealand
    • Malaysia
    • Thailand
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Iraq
    • Kuwait
    • Qatar
    • South Africa
    • Egypt
    • Nigeria
  • Latin America
    • Brazil
    • Argentina
    • Peru

 

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of wire and cable exceeded USD 243 billion in 2023 and is expected to grow 9.1% CAGR from 2024 to 2032, explains GMI report.

The power cable business value exceeded USD 120 billion in 2022 and will observe 8% growth during 2023 to 2032.

Asia Pacific wire and cable industry size is estimated to observe 9% growth till 2032 due to the rising electricity demand coupled with inadequate grid infrastructure in key geographies.

Fujikura Ltd., NKT A/S, KEI Industries Limited, Midal Cables Ltd., Naficon, alfanar Group, Bahra Cables, NIBE Industrier AB, Saudi Cable Company, HELUKABEL MiddleEast, Power Plus Cables Co. L.L.C., Ducab, Elsewedy Electric, Riyadh Cables, and Prysmian Group.

Wire and Cable Market Scope

Buy Now


Premium Report Details

  • Base Year: 2023
  • Companies covered: 22
  • Tables & Figures: 567
  • Countries covered: 34
  • Pages: 300
 Download PDF