Wires And Cables Market Segmentation, and Leading Players Analysis Report 2028

Wires And Cables Industry Overview

The global wires and cables market size was estimated at USD 183.14 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 4.4% from 2021 to 2028. 

Rising urbanization and growing infrastructure worldwide are some of the major factors driving the market. The said factors have impacted the power and energy demand in commercial, industrial, and residential sectors. Increased investments in smart upgrading of the power transmission and distribution systems and the development of smart grids are anticipated to drive the market growth. Implementation of smart grid technology has met the increasing need for grid interconnections, thus resulting in rising investments in the new underground and submarine cables.

The smart grid is an electric grid that includes controls, automation, computers, and innovative equipment and technologies that function together and offer efficient electricity transmission. The functioning of the entire globe depends on the timely delivery of electric supply. Further, the increasing population leads to rising demand for power. Technological advancement in grids is necessary to reduce the frequency and duration of storm impacts, power outages, and restore service quickly after outages. Smart grid helps generate efficient renewable power, reliable power, reducing carbon print, using a mix of energy sources, working with smart devices and smart homes, and encouraging the use of electric vehicles. 

Gather more insights about the market drivers, restrains and growth of the Global Wires And Cables Market

Asia Pacific wires and cables market size, by voltage, 2018 - 2028 (USD Billion)

Increased energy demands in the Asia Pacific, Middle East, and South America have resulted in rising investments in smart grids in these regions. This will fuel the demand for low voltage cables. The other factors that influence the growth of low voltage cables are the growth in the power generation, power distribution sector from renewable energy sources, and demand from automotive and non-automotive industries. Urbanization and industrialization are the major reasons for increasing the overall market growth. The need for power grid interconnections in areas with a dense population is creating a demand for underground and submarine cables. Regions such as North America and Europe are switching towards the adoption of underground cables instead of overhead cables. The underground cables reduce the space required and offer reliable transmission of electricity.

The COVID-19 outbreak has impacted the wires and cables market growth due to a few minor shifts that occurred in communication technologies. Online courses and classes conducted by universities and colleges due to the worldwide closure, introduction of telehealth in the healthcare industry to reduce in-person visits, and companies working remotely and abiding by WFH (Work from Home) policy are some of the prominent examples that have been witnessed across the globe. Thus, connectivity and communication technologies have accelerated in the span of the pandemic. The telecommunications industry has highly benefitted from the situation as the pandemic has highlighted the true value of connectivity. 5G progress in connections and deployments has continued despite the pandemic and resulting economic downturn.

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Market Share Insights

  • June 2020: Nexans announced that the company has completed the delivery of 1,700 km of signaling cable for the BSA project in Egypt.
  • April 2020: Belden Inc. developed new fiber solutions that allow data centers to create a reliable, robust, and high-performance infrastructure.
  • October 2019: Audax Management Company, LLC., an American alternative investment management company, completed the acquisition of EIS Inc., a North American distributor of production supplies, process materials, connectivity, automation, specialty cable, and value-added fabricated parts.

Key Companies profiled:

Some of the prominent players operating in the wires and cables market include:

  • Belden Inc.
  • Fujikura Ltd.
  • Furukawa Electric Co., Ltd.
  • Leoni AG
  • LS Cables & System Ltd.
  • Nexans
  • NKT A/S
  • Prysmian SpA
  • Sumitomo Corporation 

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