Wire & Cable Market Size, Growth Trends, Top Players, Product Type, Growth and Forecast to 2029
The wire & cable market is projected to grow from USD 201.0 billion in 2024 to USD 266.2 billion by 2029, at a CAGR of 5.8% during the forecast period. The market research report includes wire & cable market growth drivers, restraints, current trends, economic and financial structures, and other pertinent market details. A wire can be defined as a thin single elongated flexible strand of metal for example copper or aluminum with the capability of transmitting electric current. Usually covered with an insulating material so as to avoid formation of a short circuit and therefore are critical components in electrical networks from residential wiring to those in consumer electronics. On the other hand, cable is a more complicated assembly of single conductor conductors with insulating sheath applied to group of insulated conductors enclosed in a common outer covering. Cables are designed to bear electrical power or facilitate data or signal flow in different uses such as power transmission and distribution and telecommunications and data transmission networks.
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New developments in the infrastructural front especially in the developing world economies are thus triggering higher wire and cable requirement. This growth is also linked with the increase of the use of renewable power sources for instance solar and wind energy as these call for special cables in the energy distribution process. Also, adoption of new forms of transport like electric vehicles has created demand for smart wiring solutions for such enhanced forms of transport.
Wire & Cable Market Key Players
The major players active in the wire & cable market are Prysmian (Italy), Belden Inc. (US), Fujikura Ltd. (Japan), Furukawa Electric Co., Ltd (Japan), Leoni Ag (Germany), Nexans (France), Emerson Electric Co. (US), Hellenic Cables (Greece), KEI Industries (India), Sumitomo Electric Industries, Ltd. (Japan), NKT A/S (Denmark), Finolex Cables Ltd (India), Helukabel (Germany), and LS Cable and System (South Korea). To be competitive, these companies have adopted themselves with various strategies to grow. These include mergers and acquisition, product launch, new product development, contracts, partnerships and other such developmental activities which has helped them to penetrate their presence in the wire & cable market.
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Prysmian (Italy)
Prysmian Group from Italy is a leader of the worldwide wire and cable market, well-known for offering one of the widest portfolios of high-performance cables and energy-intensive solutions. Being one of the oldest companies with its history dating back to over a century, Prysmian Group has grown to be one of the most important developers of the sophisticated cables for energy and telecommunication markets. Power cables, optical fibers and specialty cables are part of the company’s products due to the different requirements of infrastructure projects, industrial uses and smart applications. In February 2024, Prysmian launches innovative breakthrough with Sirocco Extreme 864 fibres. It is an densest optical cable equipped with 864 individual optical fibers, making it worthy for high capacity, high bandwidth data transmission over long distances. The company has a widespread geographic presence and mostly operates in EMEA & North America region.
Fujikura Ltd. (Japan)
Fujikura Ltd., established in Japan, is a leading global company in providing wire and cable solution with focus on innovation and advanced technology. Being founded in 1885, Fujikura has a long history of the company’s development that allowed it to become one of the pioneers in the creation of the complex cables and optical fibers for various purposes. The three main industries the company operates in are power cables, telecommunications cables and specialized fiber optics all of which operate at the highest level of performance. Fujikura’s focus on research and development means that the company progresses through improving the cable technology to withstand harsh conditions which makes it highly competitive. In October 2022, Fujikura Ltd. plans to construct a new optical fiber plant at Sakura Works in China to increase its Spider Web Ribbon production capacity by 30%.
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Underground cables dominate the global market in 2023, in terms of value.
Underground cables have dominated the global market of wire & cable in 2023. They have the highest share, if compared with the rest installations. Underground cables are less prone to damage caused by lightning and thus are more reliable. Additionally, they offer aesthetic advantages by reducing the visual clutters of the overhead cables, and thus are suitable for urban settings. The dominance of underground cables will also continue to increase in the future as cities grow and develop, in general, requiring various solutions to fit modern society’s needs.
Asia Pacific region is expected to account for the largest market share in 2023.
The wire & cable market has been studied in North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa.
The Asia Pacific’s wire & cable market accounts for the largest share in 2023 and is expected to grow in the forecasted period. The ongoing development of electrical systems in this region, along with investment in modernization, has elevated the importance of high-quality wiring solutions. This trend is driven by large-scale projects such as smart cities, transportation systems, and renewable energy platforms. Additionally, the region’s growing manufacturing industry and the introduction of new technologies in telecommunications and data centers are increasing the demand for wire and cable systems. The Asia-Pacific region’s increasing industrialization and urbanization, coupled with the persistent need for better connectivity and energy efficiency, are expected to drive continued growth in the wire and cable market.
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