The Global Copper Wire and Cable Market Size: Forecasted Growth to USD 249.1 Billion by 2030, at a CAGR of 5.77% Driven by Rising Demand and The Lucrative Growth Prospects In the Industry report by Zion Market Research
NEW YORK, Feb. 20, 2023 /PRNewswire/ -- As per Zion Market Research study, The global copper wire and cable market size was worth around USD 158.9 billion in 2021 and is predicted to grow to around USD 249.1 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.77% between 2022 and 2030.
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Copper Wire and Cable Market: Overview
A copper wire refers to a single copper-made electrical conductor. It can be manufactured in two forms, namely uninsulated and insulated. A copper cable is produced by grouping two or more two copper wires that are enclosed in a single jacket or sheath. Both copper wire and cable have wide-scale applications including power distribution, power transmission, power generation, and electronics circuits amongst many other end-uses.
The products have been in existence for decades and have shown extreme versatility and usage in building the modern-day world. Some of the essential properties of copper wire include high tensile strength, electrical conductivity, thermal conductivity, ductility, ease of installation, corrosion resistance, and creep resistance. Copper wires or cables are more in demand since copper exhibits the lowest resistance to electricity amongst all other non-precious metals. Furthermore, the core element, copper, is abundantly found in many minerals. It can sometimes occur in its native and pure form. Most of the commercially used copper is extracted from chalcocite and chalcopyrite.
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Key Industry Insights & Findings of the Copper Wire and Cable Market Reports:
- As per the analysis shared by our research analyst, the global medical equipment financing market is estimated to grow annually at a CAGR of around 5.77% over the forecast period (2022-2030)
- In terms of revenue, the global medical equipment financing market size was valued at around USD 158.9 billion in 2021 and is projected to reach USD 249.1 billion, by 2030.
- The copper wire and cable industry is projected to grow at a significant rate due to growth in the building and construction sector
- Based on application segmentation, power distribution was predicted to show maximum market share in the year 2021
- Based on voltage segmentation, the low was the leading voltage type in 2021
- On the basis of region, Asia-Pacific was the leading revenue generator in 2021
Zion Market Research published the latest report titled "Copper Wire And Cable Market By Application (Communication Wire, Power Distribution, And Building Wire), By Type (Copper Cable And Copper Wire), By Voltage (High, Medium, And Low), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030" into their research database.
Industry Dynamics:
Copper Wire and Cable Market: Growth Drivers
- Growth in the building and construction sector to propel market demand
The global copper wire and cable market is projected to benefit from the growth in the building and construction sector which is currently witnessing one of the best periods of growth in the last few years. Some of the critical factors influencing the high demand for copper cables and wires in the construction sector are growing infrastructural development projects, increasing population, rampant commercialization, along with industrialization. In 2022, the world population crossed the 8 billion market and is expected to reach more than 9.5 billion by 2050.
This has called for increased activities that are currently being observed in the building sector since well-equipped residential areas are needed to meet the accommodation demand. There are certain regions like the US, Hongkong, Japan, Singapore, and Canada to name a few that are registering a staggering number of skyscrapers. For instance, Mumbai city of India is home to more than 4,000 high-rise buildings and 200 skyscrapers. The majority of them were built in the last decade. Copper wires or cables are essential in the building industry since they offer excellent electrical conductivity as well as high corrosion resistance. They form an oxide-sulfate patina coating over copper surfaces acting as a hard protective layer.
Copper Wire and Cable Market: Restraints
- Attributes of shock and fire hazard to restrict market expansion
Copper wires or cables are considered unsafe, especially in situations where they are not properly cared for. Since they are effective electricity transmitters, copper wires are also prone to shock hazards and fire hazards. Handling these cables requires the utmost attention and care. Any negligence can cause severe and irreplaceable damage including loss of lives. For instance, as per official data, almost 50% of home fires in the US are due to the incorrect connection between aluminum and copper wiring.
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Copper Wire and Cable Market: Opportunities
- Increasing emphasis on infrastructure development for renewable energy to drive market growth
The global copper wire and cable market is projected to benefit from the rising investments in renewable energy which mean that the energy sector is anticipated to become one of the highest consumers of copper cables and wires. The increasing population and rapidly expanding industrialization have caused a tremendous rise in the demand for electricity and power. In the coming years, non-renewable sources of energy may not be able to cope with the constantly increasing requirements which is why governments along with international and regional bodies are emphasizing investments in renewable sources.
Copper Wire and Cable Market: Challenges
- Changing prices of raw materials to challenge the market expansion
One of the key challenges that the copper wire and cable industry players could experience is in terms of frequently changing prices of raw materials, especially copper. Since it is a commodity for the commercial market, its price is dependent on several factors and may change as the political and economic situations of the regions dealing in the trade keep changing. Navigating through these price fluctuations could impact the overall revenue garnered by the market players.
Global Copper Wire and Cable Market: Segmentation
- The global copper wire and cable market is segmented based on application, type, voltage, and region
Based on application, the global market is divided into communication wire, power distribution, and building wire.
- In 2021, the global market registered the highest growth in the power distribution segment which is the end-step of delivering electricity for residential or commercial purposes
- The electric power has to pass through transmission lines which are distributed with the help of power cables. Copper is one of the most widely used materials for manufacturing such power cables
- Copper can be used to produce wires and cables of different capacities making them highly versatile
- For instance, they can function at a voltage of 400kV
Based on type, the copper wire and cable industry is segmented into copper cable and copper wire.
Based on voltage, the global market divisions are high, medium, and low
- In 2021, the global market witnessed the highest growth in the low segment and is projected to continue the same trend during the forecast period
- Low-voltage cables generally make use of aluminum or copper conductors
- The entire structure using these cables or wired could either be created as flat or round units
- Almost 21 million metric tons of copper are produced annually
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List of Key Players in Copper Wire and Cable Market:
- Alan Wire Company
- Prysmian Group
- Ningbo Jintian Copper (Group) Company
- Nexans
- Tongling Jingda Electromagnetic Wire Company Limited
- Aviva Metals
- SH Copper Products Co. Ltd.
- Sumitomo Electric Industries Ltd.
- General Technologies Corporation
- Schneider Electric SE
- Hitachi Metals Ltd.
- Belden Inc.
Key questions answered in this report:
- What are the growth rate forecast and market size for Copper Wire and Cable Market?
- What are the key driving factors propelling the Copper Wire and Cable Market forward?
- What are the most important companies in the Copper Wire and Cable Market Industry?
- What segments does the Copper Wire and Cable Market cover?
- How can I receive a free copy of the Copper Wire and Cable Market sample report and company profiles?
Report Scope:
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Recent Developments
- In March 2022, Polycab Limited, India's leading wire and cable producer announced the launch of CAT 6 UTP (UNSHIELDED TWISTED PAIRS) Solid Copper Cables through its Telecom unit. The company has launched the new range under its existing network solutions portfolio. Along with the new products, the company has also launched patch cords that can be locked.
- In December 2020, Belden Inc., a leading transmission and networking solutions provider, announced the launch of FiberExpress (FX) which is a hybrid Copper-Fiber cable. The new launch is capable of transmitting low-voltage power along with data and can be used with devices like wireless access points, sensors, security cameras, monitors, and phones.
Regional Dominance:
- Asia-Pacific to emerge as the leading market.
The global copper wire and cable market is currently dominated by Asia-Pacific and it is expected to continue its dominance over the forecast period. Although the market is geographically dispersed making it difficult to zero down on one particular leading region, China currently is one of the leading producers of copper wires and cables along with being termed as the largest consumer. The regional growth driving factors are rapid industrialization and the country's vision to become a leading superpower in the next few years.
The Chinese government is investing heavily in commodities that are used on large scales and have high applications in the dominant sectors like the power industry, building and construction sector, and electronics. The rapidly increasing population is another source of growth for the country since the demand for housing and power supply is at an all-time high.
Global Copper Wire and Cable Market is segmented as follows:
Copper Wire and Cable Market: By Application Outlook (2022-2030)
- Communication Wire
- Power Distribution
- Building Wire
Copper Wire and Cable Market: By Type Outlook (2022-2030)
- Copper Cable
- Copper Wire
Copper Wire and Cable Market: By Voltage Outlook (2022-2030)
- High
- Medium
- Low
Copper Wire and Cable Market: By Region Outlook (2022-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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