Dublin, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The "Wire & Cable Market by Product Type (Electronic Wire, Power Cable, Control & Instrumentation Cable, Communication Cable, Flexible & Specialty Cable), Material Type, Voltage, Installation, End-Use Industry, and Region - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global Wire & Cable market is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.8% from 2024 to 2029, with a projected value of USD 266.2 billion by 2029, up from USD 201 billion in 2024.
This growth is observed due to the addition of renewable power in to the energy generation through harnessing of energy from solar and wind that entails the use of cables in the transmission process. Also, an increase in electric vehicle (EV) demand is extending the need for sophisticated wiring systems for such efficiency driving solutions. The advances in technology, smart grid, and inclusion of IoT (Internet of Things) provides a continuous boost to the market to increase the more advanced and effective cable systems. 
The underground installation segment to be the fastest growing segment in terms of value in the global wire & cable market
Underground installation is expected to register the highest CAGR (Compound Annual Growth Rate) during the forecasted period, reflecting the increase in preference for underground installation over traditional installation systems. This growth is observed due to several factors, including the desire for enhanced reliability, safety, and aesthetic appeal in urban areas. Underground cables offer high protection from environmental hazards, such as severe weather conditions and accidental damage which reduce maintenance costs and improve system longevity.
The electronic wires are expected to dominate the global wire & cable market in terms of value
The product type segment includes electronic wires, power cables, control & instrumentation cables, communication cables, and flexible & specialty cables. Among these, the electronic wire is expected to dominate this segment and also be the fastest-growing segment in the forecasted period. Electronic wires are an irrepressible component of electronic equipment. The growing electrification and increasing use of electronic devices in daily life are boosting the demand for electronic wires.
The wire & cables made from metals are expected to dominate the global wire & cable market in terms of value
The wire and cables are primarily made up of metals and polymers. Metals include copper and aluminium which have excellent electrical conductivity. These are essential components of a wire and cable and thus are expected to dominate the market in the forecasted period. Copper is used in wires and cables where the requirement is for high electricity conductivity and aluminum is used in cost-effective and lightweight wire and cables. Up to date, there is no substitute raw material developed for metals that can be used in wire and cable. Thus, as we see growth in the wire & cable market there is an expected increase in wire & cable made from metals.
Low voltage segment is expected to dominate the market
The wire and cable market is divided into four categories: extra-high, high, medium, and low voltage. Due to their adaptability, low voltage wires and cables make up the highest portion of the wire and cable market. In-home, commercial, and industrial settings, these components are helpful for conveying signals and electric power. This is because they are widely used in lighting systems, appliances, and network circuit age and are inexpensive, making them popular in both public and private domains in society. There is always a need for high-quality low voltage cables to be supplied and supported since more sophisticated buildings and structures are being built, and energy-saving features are being added to buildings.
Automotive end-use industry is estimated to be the fastest-growing segment during forecast period
The automotive industry is the fastest growing end-use industry in the wire and cable market, backed by technological innovations in vehicle manufacturing and growing concern for automotive electrification. With the development of new models of cars like electric and hybrid ones, there is a massive shift in demand for solutions to meet these efficient wiring requirements to support the high voltage and ADAS as well as infotainment systems. The nowadays' vehicles with high-end built-in electronics, sensors, and connectivity modules also support this demand, as well as requiring industry-specific cables of high performance and durability meeting automotive applications. Further, the drive for safety in vehicles and comfort to passengers is putting pressure on manufactures to adopt cables that include light and flex designs to enhance the efficiency of the vehicles.
Asia Pacific is the largest regional level market in the global wire & cable market
Asia Pacific is to be the largest and fastest growing region for wire & cable attributed to rapid urbanization coupled with extensive infrastructure projects, and robust economic growth. Countries like China and India are developing and expanding the infrastructure for electrical grids, telecommunication and transportation need wire and cables which required these products. An emerging construction industry and growth in the use of IT applications in electrical systems and distribution networks, including smart grids and renewable systems, are other factors to this increase.
Research Coverage
This report covers the global wire & cable market and forecasts the market size until 2029. Porter's Five Forces analysis, along with the drivers, restraints, opportunities, and challenges, are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global wire & cable market.
Companies Featured
- Belden Inc.
- Fujikura Ltd.
- Furukawa Electric Co. Ltd.
- Leoni AG
- Emerson Electric Co.
- Prysmian
- Hellenic Cables
- Kei Industries
- Amphenol
- Finolex Cables Ltd.
- NKT A/S
- Sumitomo Electric Industries, Ltd.
- Helukabel
- LS Cable & System
- Nexans
- Sarel
- Remee Wire & Cable
- Hubbell
- Tratos Group
- Doncaster Cables
- TT Cables
- Brugg Cables
- Studer Cables AG
- Henan Central Plain Cables and Wires Co. Ltd.
- Cords Cable
Key Attributes
| Report Attribute | Details |
| No. of Pages | 257 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $201 Billion |
| Forecasted Market Value (USD) by 2029 | $266.2 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Rising Demand for Cables from Renewable Energy Sector
- Increased Focus on Safety and Compliance
- Surging Government Investments in Grid Technology and Infrastructure Projects
- Restraints
- Fluctuating Raw Material Prices
- Global Trade War Escalation
- Opportunities
- Growing Demand for Cables in EV Infrastructure
- Expansion of Offshore Wind Energy Projects
- Rising Need to Modernize Electrical Grids
- Challenges
- Enhancing Insulation Durability Under Harsh Conditions
- Requirement for Technical Expertise to Develop and Install Advanced Cables
Supply Chain Analysis
- Raw Material Analysis
- Product Type Analysis
- Electronic Wires/Coaxial Cables
- Power Cables
- Control & Instrumentation Cables
- Communication Cables
- Flexible & Specialty Cables
- Voltage Analysis
- Installation Analysis
- Final Product Analysis
Pricing Analysis
- Average Selling Price Trend of Key Players, by End-use Industry
- Average Selling Price Trend, by Region
Trade Analysis
- Import Scenario for HS Code 761410
- Export Scenario for HS Code 761410
Technology Analysis
- Key Technologies
- Wire Drawing
- Annealing
- Twisting and Stranding
- Extrusion
- Cabling
- Complementary Technologies
- 3D Printed Wires
- Smart Wires & Cables
- Nanotechnology
Patent Analysis
- Methodology
- Document Types
- Insights
- Legal Status
- Jurisdiction Analysis
- Top Applicants
- Top 10 Patent Owners (US) in Last 5 Years
Case Study Analysis
- Case Study 1: Southwire to Design and Install Onshore High-Voltage Cables
- Case Study 2: Nexans and Equinor Partnership
- Case Study 3: Sumitomo Electric Acquires Majority Stake in Sudkabel
Impact of AI/Gen AI
- Top Use Cases and Market Potential
- Case Studies of AI Implementation in Wire & Cable Market
For more information about this report visit https://www.researchandmarkets.com/r/pltsus
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