Europe Wire & Cable Market size is set to surpass USD 51 billion by 2030, according to a new research report by Global Market Insights Inc. The report cites that the considerable rise in investments focused on building a robust urban infrastructure will augment the demand for wires & cables across the region. Investments in several industry verticals, including telecommunication, energy, digitization, etc., significantly affect economic growth through different supply and demand channels.
In light of these benefits, the regional government has been infusing substantial strategic investments to support the infrastructure development in the region. For instance, in 2021, The European Commission unveiled a major infrastructure investment strategy to mobilize investments up to €300 billion (~USD 312 billion) in global development by 2027. Numerous economies have made significant investments in the region due to the availability of abundant human resources and raw materials.
Broad range availability to bolster the signal & control cables segment share
In terms of product, the Europe wire & cable market from signal & control cables segment is poised to witness more than 5% growth rate between 2022 and 2030. Control and signal cables are considered ideal to be used for audio and low-voltage control applications, driving their demand during the forecast period. These cables are highly flexible and can be ordered cut to any bulk length or specified lengths. Moreover, their wide range availability of signal and control cables in diverse wire sizes, with individual conductors, shielded or unshielded, or with twisted pairs, will offer them a competitive edge over others.
Expansive application landscape to boost the adoption of low-voltage cables
The low-voltage wires & cables market in Europe is slated to depict remarkable growth during the forecast timeframe. Low-voltage cables, in association with power distribution, are utilized in a range of automotive, communication, and consumer electronics applications, propelling product sales during the estimated timeline. These cables are available in expansive voltage ranges, coupled with their increasing usage in Network data, telephones, audio systems, Wi-Fi, and computers, will create favorable growth prospects for the industry.
Browse key industry insights spread across 240 pages with 235 market data tables & 23 figures & charts from the report, “Europe Wire and Cable Market Size By Voltage (Low, Medium, High), By Product (Coaxial Cables/Electronic Wires, Fiber Optics Cables, Power Cables, Signal & Control Cable, Telecom & Data Cables), By Application (Food & Beverages, Automotive, Material Handling/Logistics, Entertainment/Leisure, Utilities, Railways, Consumer Electronics, Building Infrastructure), COVID-19 Impact Analysis, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Growing energy demand to drive product adoption in utility applications
The utility application segment recorded around 27% of the Europe wire & cable market share in 2021. The restructuring and refurbishment of existing energy infrastructure and the continuous advancements in HVDC & UHVDC systems may positively influence the market across Europe. Additionally, the dramatic rise in energy demand in tandem with the escalating submarine and offshore projects will accelerate the business growth.
Thriving industrial landscape to foster industry progression in Russia
Wire & cable market in Russia is predicted to observe nearly 5% gains through 2030. The booming industrial sector and the rapid expansion of the digital infrastructure in the country will support business dynamics across Russia. Furthermore, a remarkable rise in product demand in anti-surface and antisubmarine warfare, mine reconnaissance, intelligence gathering, and polar operations will open new growth avenues for the industry in the region.
Acquisitions to enhance the competitive outlook
Prominent enterprises in the wire & cable market in Europe include Prysmian Group, Commscope, LAPP Group, Elsewedy Electric, LS Cable & System Ltd., Furukawa Electric Co., Ltd., Belden Inc., igus, HELUKABEL GmbH, SAB Bröckskes GmbH & Co. KG, Nexans, Friedrich Lütze GmbH, Viakon, and Shawcor. These leaders are adopting several growth strategies such as partnerships, collaborations, mergers & acquisitions, etc., to improve their market presence and maintain their position in the market.