Wires and Cables Market Size [2023-2029] to Hit USD 294.73 Billion by 2029 | Growing Demand for Renewable Energy Generation to Propel Market Growth

According to Fortune Business Insights, the global Wires and Cables Market size is projected to grow from USD 181.28 Billion in 2021 to USD 294.73 Billion in 2029 at CAGR of 5.7% during forecast period.

Pune, India, Aug. 21, 2023 (GLOBE NEWSWIRE) — The global wires and cables market size is anticipated to hit USD 294.73 billion by 2029 and exhibit a CAGR of 5.7% during the forecast period. 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, “Global Wires and Cables Market, 2023-2029”. The market size stood at USD 181.28 billion in 2021 and USD 200.23 billion in 2022. 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 global wires and cables market research reports offer a comprehensive and insightful analysis of wires and cables industry. This report helps to understand the market landscape, trends, opportunities, challenges, and key players. The research employs a combination of qualitative and quantitative methodologies to present a well-rounded view, including data-driven statistics, expert opinions, and market dynamics. By examining factors such as wires and cables market size, growth potential, competitive analysis, consumer behavior, and emerging technologies, this reports aims to help the businesses and stakeholders with valuable insights for strategic decision-making and successful market engagement.

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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.

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 wire & cable market growth is expected to be severely affected owing to the sharp fall in the demand for energy worldwide triggered in the wake of the coronavirus pandemic. The IEA’s ‘Global Energy Review 2020’, released in April 2020, found that countries imposing nationwide lockdowns experiencing a steep decline of 25% in the demand for energy per week. Furthermore, the IEA is also forecasting a massive drop in global energy investment of USD 400 billion compared to investment levels in 2019.

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.

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.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/wires-and-cables-market-103322

Report Coverage-

• 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.

Wires and Cables Market 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.

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.

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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.

A List of Key Manufacturers Operating in the Global Market:

• Prysmian Group (Milan, Italy)
• Southwire Company (Georgia, U.S.)
• Nexans (Paris, France)
• Furukawa Electric Co., Ltd. (Tokyo, Japan)
• Fujikura Ltd. (Tokyo, Japan)
• Sumitomo Corporation (Tokyo, Japan)
• Belden Inc. (Missouri, U.S.)
• LS Cable & System (Anyang, South Korea)
• KEI Industries Ltd. (Delhi, India)
• Cords Cable Industries Ltd. (Delhi, India)
• NKT A/S (Copenhagen, Denmark)
• Amphenol (Connecticut, U.S.)
• Finolex Cables Ltd (Maharashtra, India)
• Polycab (Maharashtra, India)
• Encore Wire Corp (Texas, U.S.)

Wires and Cables Market Segmentation:

By Voltage:

• Low Voltage
• Medium Voltage
• High Voltage
• Extra-High Voltage

By End-User:

• Aerospace & Defense
• Construction
• IT & Telecommunication
• Power Transmission and Distribution
• Oil & Gas
• Consumer Electronics
• Manufacturing
• Automotive
• Others

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Table of Content:

1.       Introduction

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

6.3.1.  Aerospace

6.3.2.  Construction

6.3.2.1.    Commercial

6.3.2.2.    Residential

6.3.3.  IT & Telecommunication

6.3.4.  Power Transmission & Distribution

6.3.5.  Oil & Gas

6.3.6.  Consumer Electronics

6.3.6.1.    High Tech Products

6.3.6.2.    Small Appliances

6.3.6.3.    Household Appliances

6.3.6.4.    White Goods

6.3.6.5.    HVAC

6.3.6.6.    Others

6.3.7.  Manufacturing

6.3.7.1.    Industrial Machinery

6.3.7.2.    Others

6.3.8.  Automotive

6.3.8.1.    Passenger Vehicles

6.3.8.2.    Utility Vehicles

6.3.9.       Others

6.4.    Market Analysis, Insights and Forecast – By Region

6.4.1.  North America

6.4.2.  Europe

6.4.3.  Asia Pacific

6.4.4.  Latin America

6.4.5.  Middle East and Africa

Continued….

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