Pune, India, April 11, 2022 (GLOBE NEWSWIRE) -- The global wires and cables market size is projected to reach USD 294.73 billion in 2029 from USD 200.23 billion in 2022 and exhibit a CAGR of 5.7% during the forecast period. The global wires and cables market size stood at USD 181.28 billion in 2021. The rising demand for renewable energy generation, coupled with growing investments in distribution and transmission of electric power are expected to amplify the market growth. Fortune Business Insights has presented this information in its report titled, Wires and Cables Market, 2022-2029.
Additionally, the escalating demand from IT facilities and data centres is projected to be a key trend stimulating the market growth during the forecast period. Growing Demand for Renewable Energy Generation to Propel Market Growth.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 5.7% |
| 2029 Value Projection | USD 294.73 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 181.28 Billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 180 |
| Segments covered | Voltage, End-User and Region |
| Growth Drivers | Key Players Adopt Ingenious Strategies to Garner Growth |
| Growing Demand for Renewable Energy Generation to Propel Market Growth |
COVID-19 Impact-
The market has been greatly affected by the coronavirus pandemic due to hindered production and temporary shutdowns of manufacturing facilities. The supply chain disruptions and diminished demand from aviation and automotive industries have negatively impacted the market growth. However, the market is gradually recovering as investments in smart infrastructure development from various countries increases. The market is likely to witness significant growth in the forthcoming years.
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Drivers & Restraints-
Growing Demand for Renewable Energy Generation to Propel Market Growth
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 demand for wires cables from IT facilities and data centers due to the growing demand for Big Data is expected to favor market growth. The rising adoption of cloud computing by companies to eliminate maintenance and other miscellaneous costs is likely to stimulate market growth.
The escalating investments in transmission and distribution sector for effective power transmission is likely to be a major growth driver for the wires and cables market. Moreover, the rising investments in the industrial sectors are anticipated to benefit the market.
However, volatile raw material costs may hinder the market growth.
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Regional Insights-
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.
Segmentation-
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.
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Competitive Landscape-
Key Players Adopt Ingenious Strategies to Garner Growth
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.
Industry Developments-
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.
List of Key Companies Profiled in the Market Report:
- Prysmian Group
- Southwire Company
- Nexans
- Furukawa Electric Co., Ltd.
- Fujikura Ltd.
- Sumitomo Corporation
- Belden Inc.
- LS Cable & System
- KEI Industries Ltd.
- Cords Cable Industries Ltd.
- NKT A/S
- Amphenol
- Finolex Cables Ltd
- Polycab
- Encore Wire Corp
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