wire and cable Market

The wire and cable market is expected to grow from US$ 153,334.35 million in 2022 to US$ 224,402.27 million by 2028; it is estimated to grow at a CAGR of 6.6% from 2022 to 2028.

A cable is made up of multiple insulated wires bundled in a single sheath, allowing for the flow of electricity, while a wire refers to a single conductor. The global trend towards urbanization and infrastructure development is a key driver in the market, leading to an increased demand for power and energy in the residential, commercial, and industrial sectors. The expansion of the market is also expected to be fueled by investments in smart grid technology and upgrades to power transmission and distribution systems. A smart grid is an electrical system that incorporates modern technology, computer systems, automation, and controls to improve the efficiency of electricity transmission. The implementation of smart grid technology has met the growing demand for grid interconnections, resulting in increased investment in underground and submarine cables. The growing population has also led to a rise in demand for power, making it necessary to improve grid technology to reduce the frequency and duration of power outages and quickly restore service after outages. The integration of smart grid technology has led to the use of various energy sources, reduced carbon emissions, increased adoption of smart gadgets and smart homes, and promoted the use of electric vehicles.

Governments are increasingly adopting green energy technologies to reduce reliance on fossil fuels, resulting in an expanding installation of solar farms and wind turbines that drive up the demand for wires and cables. Furthermore, the growth of offshore renewable technologies, such as offshore wind farms, and the installation of wires and cables beneath seafloors for power transmission is expected to boost the wire and cable market. The market is projected to grow due to the increasing demand for renewable energy. Additionally, the rising adoption of Big Data is anticipated to drive the demand for wires and cables from data centers and IT facilities. The market is expected to see significant growth as more businesses turn to cloud computing to reduce maintenance and other associated costs. The wire and cable market share is predicted to benefit from increasing investments in the transmission and distribution sector, aiming to improve power transmission efficiency. Furthermore, the market is expected to profit from increasing investments in industrial sectors.

The market growth in the US, Canada, and Mexico is being driven by the increasing adoption of ethernet technologies that can provide high-performance data delivery to meet the demands of smart buildings. Additionally, advancements in intelligent power, cooling, and airflow management for mission-critical data center operations are also contributing to market growth. The US is at the forefront of high-performance networking and machine connectivity in the industrial sector. Furthermore, consumers are increasingly seeking products that offer reliability and consistent performance across a broad range of industrial automation applications.

In addition, North America's wire and cable market is expected to experience significant growth due to the rapid expansion of communication and increasing investments in modernizing power and grid infrastructures. Government investments in this sector are also driving the market growth. For example, in March 2021, the US government proposed a $2 trillion plan to upgrade the nation's infrastructure to create the most resilient and innovative economy in the world. The plan includes the reconstruction of 20,000 miles of roads, repairs to 10 major bridges, and projects to develop a more resilient electricity transmission system that achieves carbon-free electricity generation by 2035. Such initiatives are expected to provide a substantial boost to the wire and cable market size in the region.

The global wire and cable market ecosystem involves various stakeholders, including raw material suppliers, component suppliers, manufacturers, and end-users. Raw material suppliers play a critical role in the wire and cable market by providing essential components such as rubber, plastic-based ingredients, copper, aluminum, thermoplastic, and thermostats. Major raw material suppliers in the market include CHINALCO HENAN LUOYANG ALUMINUM FOIL CO., LTD, RusAL, Rio Tinto, Codelco, and Southern Copper & Supply Company Inc. Lubrizol India Private Limited recently launched a new halogenated, flame retardant grade polymer compound that does not use halogens and can be used in wire and cable applications.

In 2021, the Asia Pacific (APAC) region led the global wire and cable market in terms of revenue share. The region's fast industrialization and population expansion are driving the demand for electricity, which is expected to boost the wire and cable market throughout APAC. The manufacturing and service sector businesses' robust development and the availability of low-cost labor complement the market's revenue growth. The increasing demand for communication, power, and light is expected to drive the wire and cable market size over the forecast period. Additionally, India aims to become a leading producer of electrical equipment, and government initiatives like "Make in India" and the "Go Green" program are expected to fuel the Indian market's growth. The Indian government plans to increase productivity to USD 100 billion by matching exports and imports, which will increase the demand for wire and cable market, according to the Indian Electrical Equipment Industry Mission Plan 2012-2022.

The wire and cable market size has been determined by utilizing both primary and secondary sources. In-depth secondary research has been conducted by gathering qualitative and quantitative information from internal and external sources regarding the wire and cable market. This process has also helped in providing an overview and forecast for the wire and cable market across all segments. Furthermore, multiple primary interviews have been carried out with industry participants to validate the data and obtain more analytical insights. The participants of this process include various industry experts such as VPs, business development managers, market intelligence managers, national sales managers, as well as external consultants, including research analysts, valuation experts, and key opinion leaders who specialize in the wire and cable market.

The key companies operating in the wire and cable market and profiled in the report include ASK Automotive Pvt. Ltd; R KABEL; Bergen Cable Technology; Elliott Manufacturing; Carl Stahl Sava Industries, Inc.; LEXCO CABLE; Cablecraft; TOP CABLE; Guangdong Jinlianyu Cable industrial Co., Ltd; and HENAN SANHENG INDUSTRIAL CO., LTD.