Wire And Cable Market Research, 2032
The Wire And Cable Market was valued at $213.6 billion in 2022 and is projected to reach $323.8 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.
A wire is a flexible cylindrical structure made of conductive materials such as copper or aluminum. It can be either a solid or stranded conductor. Wires are used to transmit electrical signals or power. To ensure safety and prevent short circuits, wires are typically covered with an insulating material.
A cable is a thick wire, or a group of wires inside a rubber or plastic covering, which is used to carry electricity or electronic signals. They are made from electrically conducting materials that are secured with one or more insulation layers and carry electrical signals & aid the generation, transmission, and distribution of electric power.
A rise in government initiatives to improve drive activity and a surge in demand for higher bandwidth networks by different industries drive the growth of the market. Moreover, an upsurge in the trend of renewable energy generation across the globe drives the growth of the global cable market. In addition, an increase in the deployment of new power grid infrastructure boosts growth in demand for the cables. However, the complexity in the deployment planning of cables along with the delays in authorization from governments is projected to hamper wire and cable market growth during the forecast period. On the contrary, an upsurge in demand for power across the globe creates lucrative growth opportunities for market growth.
Segment Overview
The wire and cable market outlook is segmented into Installation Type, Voltage, and Vertical.
Based on installation type, it is categorized into overhead, underground, and submarine. The overhead segment accounted for the largest share in 2022.
By voltage, it is categorized into high, medium, and low. The high voltage dominated the market in 2022.
By vertical, it is divided into industrial, aerospace & defense, oil & gas, energy & power, IT & telecom, and others. The IT & telecom segment generated the largest revenue in 2022.
Region-wise, the wires and cables market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific generated the largest revenue in 2022.
Country-wise, the U.S. acquired a prime share in the global Wire and Cable Market Demand in the North American region and is expected to grow at a significant CAGR during the wire and cable market forecast 2023-2032.
In Europe, the UK, dominated the global wire and cable market, in terms of revenue, in 2022. However, Germany is expected to emerge as the fastest-growing country in Europe's global wire and cable market with a significant CAGR during the forecast period.
In Asia-Pacific, South Korea is expected to emerge as a significant market for the global wire and cable market industry, owing to a significant rise in investment by prime players in the region.
By the LAMEA region, the Middle East garner significant wire and cable market share in 2022. The LAMEA wire and cable market has been witnessing improvement, owing to the growing inclination of companies towards research and development and expanding manufacturing units across this region. Moreover, the Middle East region is expected to grow at a high CAGR from 2023 to 2032.
Top Impacting Factors
The global wire and cable market includes an increase in investments in the transmission and distribution of electric power, which fuels the demand for cables. In addition, the market is influenced by growth in investments in the industrial sector and the rise in urbanization. However, complex fault detection and removal processes of errors hamper the market growth to a certain extent. Moreover, favorable renewable energy policies provided by the governments of key countries provide lucrative wire and cable market opportunities.
Historical Data & Information
The global wire and cable market is highly competitive, owing to the strong presence of existing vendors. Vendors of the global wire and cable market with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to worsen as technological innovations, product extensions, and different strategies adopted by key vendors increase.
Key Developments/ Strategies
Nexans S.A., Prysmian Group, Furukawa Electric Co, Ltd, Leoni AG, and KEI Industries Ltd are the top companies holding a prime share in the global wire and cable market. Top market players have adopted various strategies, such as product launch, acquisition, expansion, agreement, product development, innovation, branding, collaboration, investment, contract, and upgradation to expand their foothold in the global wire and cable industry.
- In April 2023, Nexans completed the acquisition of Reka Cables. This takeover is in step with Nexans mission to become a pure electrification player and contribute to carbon neutrality. Reka Cables is a Finland-based manufacturer of premium high, medium, and low-voltage cables and a pre-acquisition subsidiary of Reka Industrial.
- In April 2022, Nexans acquired Centelsa, from Mexico. Centelsa is a premium cable manufacturer and specializes in building and utility applications. The acquisition marks a key milestone of Nexans strategy in being an electrification player focusing on the overall value chain originating in generation and flowing through transmission, distribution, and usage of sustainable energy.
- In January 2022, Nexans supplied more than 390 km of Low Voltage (LV) and Medium Voltage (MV) cables for Enel Green Power's 187MW La Loma solar farm in Colombia. The cables were manufactured at plants in Colombia and Peru and interconnected with the project's solar energy conversion systems.
- In June 2023, Prysmian Group announced an investment of around $128.4 million in its strategic plant in Pikkala, Finland. The investment is in addition to the already provided in 2022. It is aimed at further increasing the production capacity of the 525 kV HVDC submarine cable systems for supporting demand driven by the need to develop and upgrade power transmission grids for the energy transition.
Key Benefits For Stakeholders
- This study comprises an analytical depiction of the global wire and cable market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall global wire and cable market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current global wire and cable instruments market forecast is quantitatively analyzed from 2022 to 2032 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the wire and cable.
- The report includes the market share of key vendors and global wire and cable market trends.
Wire and Cable Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 323.8 billion |
 Growth Rate | CAGR of 4.6% |
 Forecast period | 2022 - 2032 |
 Report Pages | 274 |
 By Installation Type |
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 By Voltage |
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 By Vertical |
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 By Region |
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 Key Market Players | Prysmian Group., Leoni AG, Furukawa Electric Co., Ltd., Belden Inc., Fujikura, Nexans S.A., Amphenol Corporation, KEI Industries Ltd., Sumitomo Electric Industries, LS Cable & System Asia Ltd |
Analyst Review
The wires and cables market are anticipated to depict a prominent growth during the forecast period owing to various factors, such as an increase in investments in transmission and distribution of electric power that fuels the demand for cables. In addition, the market is influenced by growth in investments in the industrial sector and rise in urbanization. However, complex fault detection and removal process of errors hamper the market growth to a certain extent. Moreover, favorable renewable energy policies provided by the government of key countries fuel the growth of the market. Each of these factors is anticipated to have a definite impact on the global wires and cables market during the forecast period.
The wires and cables market exhibits high growth potential in commercial and industrial sectors. The current business scenario has witnessed an increase in demand for energy, particularly in developing regions such as China and India, owing to surge in population and rise in demand for energy. Companies in this industry have adopted various innovative techniques, such as mergers and acquisitions, to strengthen their business position in the competitive matrix.
The key players of the wires and cables market include Nexans S.A., Prysmian Group, Furukawa Electric Co., Ltd., Belden Inc., Sumitomo Electric Industries, Leoni AG, Fujikura, LS Cable & System Asia Ltd, KEI Industries Ltd., and Amphenol Corporation.
Overhead is the leading installation type of Wire and Cable Market.
The upcoming trends of Wire and Cable Market are increase in investments in transmission and distribution of electric power, which fuels the demand for cables.
Asia-Pacific is the largest regional market for wire and cable.
The global wire and cable market was valued at $213,547.0 million in 2022.
Nexans S.A., Prysmian Group, Furukawa Electric Co, Ltd, Leoni AG, and KEI industries Ltd are the top companies holding a prime share in the global wire and cable market.
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