Wires and Cables Market Report 2023, Industry Trends and Forecast Till 2028

The latest report by IMARC Group, titled “Wires and Cables Market Report by Voltage (Low Voltage, Medium and High Voltage, Extra High Voltage), Installation (Overhead, Underground), End User (Building and Construction, Aerospace and Defense, Oil and Gas, IT and Telecommunication, Energy and Power, and Others), and Region 2023-2028“, The global wires and cables market size reached US$ 201 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 296 Billion by 2028, exhibiting a growth rate (CAGR) of 6.81% during 2023-2028.

Factors Affecting the Growth of the Global Wires and Cables Industry:

• Increasing Demand for Renewable Energy Sources:

The global wires and cables market is significantly driven by the rising demand for renewable energy sources. As the world increasingly focuses on sustainable energy solutions to combat climate change, there is a growing need for reliable and efficient transmission and distribution systems. Renewable energy projects, such as solar and wind farms, require extensive networks of wires and cables for power collection and transmission. This surge in renewable energy installations is boosting the demand for high-capacity, durable, and weather-resistant cables. Additionally, governments worldwide are implementing policies and subsidies to encourage renewable energy adoption, further accelerating the market growth. The emphasis on renewable energy not only addresses environmental concerns but also opens new avenues for market expansion in the wires and cables industry.

• Rising Urbanization:

The rapid pace of urbanization and infrastructure development across the globe is a major factor boosting the demand for wires and cables. With increasing urbanization, there is a higher requirement for power and telecommunications infrastructure to support the growing population and economic activities in urban areas. This includes the construction of residential and commercial buildings, transportation networks, and public utilities, all of which require extensive cable networks for electricity and data transmission. Additionally, developing countries are investing heavily in infrastructure development, further fueling the market demand. The expansion of metro cities, smart city projects, and the modernization of aging infrastructure in developed nations are also contributing to the growth of the wires and cables market, making it an essential component of global development strategies.

• Technological Advancements:

Technological advancements in the field of wires and cables are playing a pivotal role in market growth. Innovations in cable materials and designs are leading to the development of more efficient, reliable, and longer-lasting products. For instance, the adoption of fiber-optic cables for high-speed data transmission is becoming increasingly prevalent in telecommunications and IT sectors. Moreover, the expansion of smart grid technology is another key factor driving the market. Smart grids require sophisticated cable systems for enhanced data and energy transmission efficiency. These grids support the integration of renewable energy sources into the power network, necessitating the deployment of advanced cable solutions. As a result, continuous innovation and investment in smart grid technology are propelling the wires and cables market forward.

Competitive Landscape with Key Player:

• Belden Inc.
• Finolex Cables Ltd.
• Fujikura Ltd.
• Furukawa Electric Co. Ltd.
• Hengtong Group Co. Ltd
• Hitachi Ltd.
• Leoni AG
• Nexans S.A.
• NKT A/S
• Polycab India Limited
• Prysmian Group
• Southwire Company LLC
• Sumitomo Electric Industries Ltd.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/wires-cables-market/requestsample

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Voltage:

• Low Voltage
• Medium and High Voltage
• Extra High Voltage

Low voltage represents the largest segment due to the the augmenting demand for electrical appliances and equipment in households and businesses.

Breakup by Installation:

• Overhead
• Underground

Overhead installation holds the largest market share due to their cost-effectiveness compared to underground installation.

Breakup by End User:

• Building and Construction
• Aerospace and Defense
• Oil and Gas
• IT and Telecommunication
• Energy and Power
• Others

Energy and power represent the largest segment due to the rising energy consumption.

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific leads the market due to substantial industrial growth, leading to rising demand for electricity and subsequent installations of wires and cables.

Wires and Cables Market Trends:

The growing focus on renewable energy sources such as wind and solar power is driving the demand for specialized cables capable of withstanding harsh environmental conditions and transmitting electricity efficiently over long distances. Besides, the rise of electric vehicles necessitates the development of high-power charging cables and connectors to support faster charging speeds and the expansion of EV charging infrastructure. Moreover, the deployment of 5G networks requires a substantial upgrade in telecommunications infrastructure. This includes the use of advanced fiber optic cables and high-frequency coaxial cables to support the increased data transfer rates and low latency of 5G technology.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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