Wire and Cable Market is projected to Expand at CAGR of 5.3% and Reach a Revenue of US$ 285.05 Billion during Forecast Period of 2021-31 | Transparency Market Research, Inc.

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Dec 05, 2022, 06:00 ET

Increase in demand for wires and cable products in the construction sector is augmenting the wire and cable market size
Rise in demand for re-development of existing industrial infrastructure and surge in construction of state-of-the-art industrial facilities are anticipated to create lucrative growth avenues for market players

WILMINGTON, Del., Dec. 5, 2022 /PRNewswire/ -- The global wire and cable market is anticipated to record a CAGR of 5.3% during 2021 to 2031. The global market was valued at US$ 150.02 billion in 2020. Increase in trend of digitalization and electrification is expected to foster industry growth in the next few years. Furthermore, rise in demand for electrified and efficient building heating solutions, and rise in need for reliable cabling in the transportation sector are some of the leading factors that are anticipated to bolster market growth. The market is estimated to grow at a consistent pace over the next decade, owing to the rising construction of new highways, railways, and metro rail projects across the world.

Other notable drivers propelling industry growth include increase in disposable income of consumers and consistent development and advancement in manufacturing and production technologies. Apart from this, increase in urbanization is driving the demand for new and efficient transportation systems. Thus, the market outlook appears positive.

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Wire and Cable Market – Key Findings of Report

Rise in Preference for High Quality Metals: Manufacturers operating in the global industry are focusing on expanding their product inventories by launching new and technologically advanced products. In line with this objective, they are utilizing the best quality metals such as silver, aluminum, copper, and gold. These precious and high-quality metals are used to design and manufacture specific components in various electronic equipment, solutions, and systems. Companies assessed in this market report are adopting the latest data research and predictive analysis techniques to safeguard themselves against constant volatility in prices of these metals.
Increase in Application of Wire & Cable Products in Diverse End-use Industries: Solutions offered by market players are used in a diverse range of end-use industries such as electronics and transportation, utilities, aerospace, consumer electronics, telecommunications, and oil and gas. Manufacturers are focusing on diversifying their product portfolios according to changing needs of important stakeholders in these industries. This trend is anticipated to help them strengthen business growth in the near future. Furthermore, rise in demand for electrification of automotive vehicles as well as various complex industrial processes is anticipated to boost the market over the next decade.

Wire and Cable Market – Growth Drivers

Increase in demand for wires and cables from the transportation sector is bolstering the global industry
Rise in trend of digitalization as well as electrification across the world is propelling market growth
Proliferation of industries in developing economies is creating new revenue generation opportunities for market players

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Wire and Cable Market – Key Players

The competitive landscape of the global market is highly fragmented, owing to the presence of a large number of players. Leading companies evaluated in the global wire and cable market report include Hengtong Optic-Electric Co. Ltd., Sumitomo Electric Industries, Ltd., Jiagnan Group, LS Cabel & System Ltd., Southwire Company, LLC, Nexans S.A., Far East Cable Co., Ltd., Prysmian Group, Furukawa Electric Co. Ltd., General Cable Corporation, TPC Wire & Cable Corp., Polycab Wires Private Limited, Hitachi Metals Ltd., and Leoni AG.

Key players are engaging in various growth and expansion strategies to increase their market share. These include launching new and technologically advanced products and solutions as well as designing and developing next generation of affordable yet reliable wire and cable products. Furthermore, players from developed economies, including the U.S., are focusing on mergers and acquisitions in order to increase their production and regional footprint in the global industry.

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Wire and Cable Market Segmentation

Wire and Cable Market, by Type

Low Voltage (LV)
Medium and High Voltage (MV & HV)
Optical Fiber Cable

Wire and Cable Market, by Material

Copper
Aluminum
Glass
Others

Wire and Cable Market, by End-use Industry

Aerospace & Defense
Construction
IT & Telecommunication
Energy & Utilities
Oil & Gas
Consumer Electronics
Automotive

Wire and Cable Market, by Region

North America
Europe
Asia Pacific
Middle East & Africa
South America

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