Fort Collins, Colorado, Oct. 04, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research published a report titled, "Wires and Cables Market Size, Growth, Share, Statistics Report, By Type (Power cables, Fiber-optic cables, Telecom and Data cables, others), By Voltage Level (Low, Medium, High, Extra-High), By Installation, By End-use, By Region, and Segment Forecasts, 2023-2032."
According to DataHorizzon Research, the wires and cables market was estimated at USD 208.3 Billion in 2022 and projected to reach USD 313.3 Billion by 2032 with a CAGR of 4.3%.
The published report on the global wires and cables market offers a holistic view of industry dynamics, consumer trends, and supply-chain scenarios and discusses market challenges and opportunities in detail.
The market for wires and cables has grown significantly along with the expansion of the transmission and distribution sectors for efficiently transporting power to various electrical equipment. The introduction of smart grid technology has boosted the wires and cable industry. Wires and cables are fundamental in applications across different industries. Some industries where wires and cables most find their applications are food & beverages, automotive, logistics, railways, consumer electronics, and civil infrastructure.
Additionally, rapid urbanization across the globe is leading to an increased demand for wires and cables in construction activities, followed by the development of power T&D infrastructure. The rising population in urban areas is leading to increased energy demand and the need for various power grid interconnections. This factor contributes to the increased demand for various cables and wires, thereby bolstering market growth.
The increased demand for online connectivity post-pandemic and the advent of newer technologies such as edge computing, IIoT, advancement in augmented reality tech, and cloud computing require high bandwidth support and high speeds. The current infrastructure needs to be upgraded to support these technologies. Government policies for upgrading telecommunication network infrastructure for high-speed internet access are providing strong business opportunities to key players in the market.
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Report Snapshot
| Report Title | Wires and Cables Market |
| Market Size in 2022 | USD 208.3 Billion |
| Market Size by 2032 | USD 313.3 Billion |
| CAGR from 2023 to 2032 | 4.3% |
| Largest Market | Asia Pacific |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends and Growth Factors |
| By Type | Power cables, Fiber-optic cables, Telecom and Data cables, and others |
| By Voltage Level | Low, Medium, High and Extra-High |
| By Installation | Overhead Installation and Underground Installation |
| By End-use | Aerospace & Defense, Building Infrastructure, Oil & Gas, Energy & Power, IT & Telecommunication and Others |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia and South Africa |
| Major Market Players | Furukawa Electric Co.Ltd, Prysmian Group, NKT A/S, Nexans, LS Cable & Systems Ltd., Belden Inc., Fujikura Ltd., Leoni AG, Ducab, Power Plus Cables Co. L.L.C.,HELUKABLE, Riyadh cable and KEI Industries Ltd. |
Segmentation Overview:
The global wires and cables market has been segmented into type, voltage level, installation, end-use, and region. The devices with low voltage are majorly preferred owing to their versatility. Overhead installation accounted for a significant share in 2022 and is projected to maintain huge traction in the forthcoming years.
Asia Pacific dominates the wires and cables market due to the rise in urban population and demand for electrical accessories. In addition, the retail market is flooded with various wires and cable products to meet consumer demand. Europe is a fast-growing market attributed to the high availability of premium wire products to meet consumer objectives.
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Wires and Cables Market Report Highlights:
- The global wires and cables market growth is anticipated at a CAGR of 4.3% by 2032.
- High demand for electrical accessories, high-capacity production, and significant investments are largely driven by the wires and cables market growth.
- Based on voltage level, the low voltage segment accounted for a significant share in 2022. Low-voltage power devices are preferred owing to their energy-saving features with maximum output.
- Based on installation, overhead installation accounted for a significant share attributed to the rise in urbanization and government regulations for public safety.
- Asia Pacific is the leading region for wires and cables owing to the high demand and increase in urbanization.
- Some prominent players in the wires and cables market report include Furukawa Electric Co.Ltd, Prysmian Group, NKT A/S, Nexans, LS Cable & Systems Ltd., Belden Inc., Fujikura Ltd., Leoni AG, Ducab, Power Plus Cables Co. L.L.C. HELUKABLE, Riyadh Cable and KEI Industries Ltd.
Industry Trends and Insights:
- In 2022, Hexatronic Group signed a purchase agreement to acquire Rochester Cable from TE Connectivity. The acquisition further expanded the Hexatronic product portfolio by adding Rochester electro-optical cables.
- In 2023, Southwire acquired Genesis Wire and Cable Business. Under the new venture, both companies would enjoy expansion in emerging markets, mainly in the security and HVAC domain.
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Wires and Cables Market Report Segmentation:
- By Type: Power cables, Fiber-optic cables, Telecom and Data cables and others
- By Voltage Level: Low, medium, high, extra high
- By Installation: Overhead installation, underground installation
- By End-use: Aerospace & defense, building infrastructure, oil & gas, energy & power, IT& Telecommunications
- By Region: North America, Latin America, Europe, Asia Pacific, Middle East and Africa
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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