Wires and Cables Market Size to Grow Worth USD 294.73 Billion at a CAGR of 5.7% for 2022-2029 | Fortune Business Insights
The wires and cables market size is expected to grow from USD 200.23 billion in 2022 to USD 294.73 billion by 2029; it is estimated to grow at a CAGR of 5.7% from 2022 to 2029. Increasing demand for renewable energy globally to favor the growth
Pune, India, Jan. 27, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global wires and cables market to grow at a CAGR of 5.7% and reach USD 294.73 billion during forecast period of 2022-2029. The market was valued USD 181.28 billion in 2021. The market growth is attributed to factors such as the increasing demand for electricity and the need for renewable energy sources, such as wind and solar power is expected to favor the growth of the market in the forthcoming years. Also, it is expected to gain momentum from increasing infrastructure development, and advancements in technology. Additionally, the escalating demand from IT facilities and data centers is projected to be a key trend stimulating the market growth during the forecast period.
The wire and cable industry is expected to continue growing in the coming years, driven by increasing infrastructure development, rising demand for energy, and advancements in technology. However, the industry may face challenges such as increasing competition from alternative materials, such as wireless technology and the need to comply with ever-changing environmental regulations. The industry is highly competitive, with a large number of players operating at the global, regional, and local levels.
October 2021: Furukawa Automotive Systems Inc., unveiled their first installation of aluminium electrical wire in WHs for automobile seats. It uses the exemplary corrosion-resistant Alpha Terminal Series.
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Market Drivers & Restraints:
The deployment of green energy technologies by governments all across the globe to reduce the usage of fossil fuels is rising. The escalating establishment of solar farms and wind turbines boosts the demand for wires and cables. Moreover, the development of offshore renewable technologies such as offshore wind farms is anticipated to boost market growth as wires and cables are laid underground in seafloors to deliver power. The growing demand for renewable energy is likely to bolster the global wires and cables market growth.
The increasing urbanization across the globe is set to propel the demand for energy. The World Investment Report 2018 mentions that in 2017, Asia Pacific invested approximately USD 476 billion of inflow from foreign direct investment. The contributions were majorly given by Singapore and China. Hence, rising investments would also aid the wire and cable market growth in the coming years. However, the high prices of raw materials, especially copper, may hinder the demand for wire and cables.
However, volatile raw material costs may hinder the market growth. The wire and cable industry is heavily dependent on the prices of raw materials, such as copper, aluminum, and rubber. Volatility in the prices of these materials can impact the profitability of the industry.
The wire and cable industry is highly competitive, with a large number of players operating at the global, regional, and local levels, which can make it difficult for companies to maintain market share and profitability.
The COVID-19 pandemic had a negative impact on the wires and cables industry, as lockdowns and supply chain disruptions caused a decline in demand and production. Many companies in the industry also saw a decrease in investment and construction projects due to the economic downturn caused by the pandemic. Additionally, the industry faced challenges in terms of logistics and transportation, as movement restrictions and border closures made it difficult to move goods and raw materials. Despite these challenges, the industry is expected to recover as economies begin to reopen and construction activity picks up.
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It assimilates key market drivers and restraints.
It profiles the rankings of key market players accordingly.
It includes key market developments and information on different market segments.
It provides a comprehensive market assessment.
It assesses the COVID-19 pandemic’s impact on the market.
On the basis of voltage, the market is fragmented into extra-high voltage, high voltage, medium voltage, and low voltage. On the basis of end-user, the market is categorized into manufacturing, consumer electronics, automotive, oil & gas, power transmission and distribution, IT & telecommunication, construction, aerospace & defense, and others. Geographically, the market is classified into the Middle East & Africa, Latin America, North America, Europe, and Asia Pacific.
Asia Pacific to Hold the Lion’s Share
Asia Pacific is likely to attain a major global wires and cables market share. The rising investments in transmission and distribution sectors across nations such as India and China are expected to amplify the region’s market growth. Additionally, the increasing demand for renewable power is anticipated to magnify the region’s market growth. North America is projected to witness substantial growth due to the rising energy generation through renewable sources.
Europe is expected to gain second rank in the upcoming years due to rising investments in grid infrastructure. The Middle East & Africa, and Latin America will witness moderate growth due to growing investments towards renewable projects.
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The major market players operating global and local levels in the value chain make the marketplace highly consolidated. Sumitomo Corporation, KEI Industries, Southwire Company, and Prysmian Group currently hold the market dominance. They adopt strategies such as contracts, acquisitions, new product launches, technological developments, amongst others to amplify their growth in the global market. For instance, Prysmian Group obtained a Limited Notice to Proceed in January 2022 for the Middle East’s landmark HVDC submarine cable project.
A List of Key Manufacturers Operating in the Global Market:
Furukawa Electric Co., Ltd.
LS Cable & System
KEI Industries Ltd.
Cords Cable Industries Ltd.
Finolex Cables Ltd
Encore Wire Corp
Wires and Cables Market Segmentation:
Aerospace & Defense
IT & Telecommunication
Power Transmission and Distribution
Oil & Gas
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Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Wires and Cables Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments by Industry Players in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Wires and Cables Market Analysis (USD Billion), Insights and Forecast, 2018-2029
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Voltage
6.2.1. Low Voltage
6.2.2. Medium Voltage
6.2.3. High Voltage
6.2.4. Extra-High Voltage
6.3. Market Analysis, Insights and Forecast – By End User
6.3.3. IT & Telecommunication
6.3.4. Power Transmission & Distribution
6.3.5. Oil & Gas
6.3.6. Consumer Electronics
22.214.171.124. High Tech Products
126.96.36.199. Small Appliances
188.8.131.52. Household Appliances
184.108.40.206. White Goods
220.127.116.11. Industrial Machinery
18.104.22.168. Passenger Vehicles
22.214.171.124. Utility Vehicles
6.4. Market Analysis, Insights and Forecast – By Region
6.4.1. North America
6.4.3. Asia Pacific
6.4.4. Latin America
6.4.5. Middle East and Africa
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