Wire and Cable Market Analysis

Wire and Cable Market Analysis

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.

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 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.