According to a new report by Expert Market Research titled, “Global Wires and Cables Market Share, Size, Report and Forecast 2024-2032″, the global wires and cables market reached a value of USD 266.3 billion in 2023. Aided by the accelerating pace of urbanisation, growth in the construction sector, and technological advancements in telecommunications, the market is projected to further grow at a CAGR of 3.5% between 2024 and 2032.
Wires and cables, while often used interchangeably, have distinct definitions. Wires are single conductors, while cables are a group of wires encapsulated within a sheath. Their primary function is the transmission of electricity or telecommunication signals. They form the backbone of modern infrastructure, whether it is lighting up homes, powering industries, or connecting the world through telecommunications.
The global infrastructural boom is primarily responsible for the propulsion of the wires and cables market growth. As nations continue to urbanise, the demand for power escalates, necessitating robust power distribution and transmission networks. This transition towards urban living and modern conveniences has escalated the need for reliable wires and cables that ensure safety and efficiency.
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Moreover, the digital revolution, characterised by an insatiable demand for faster and more reliable internet connections, acts as a significant market driver. With the proliferation of the Internet of Things (IoT), 5G networks, and smart cities, the reliance on high-quality cables, especially fibre-optic cables, has intensified. These technological innovations, which promise unprecedented connectivity and automation, rely heavily on the cables market for realisation.
Industrialisation too plays a role in influencing the wires and cables market outlook. As industries grow and modernise, there’s an increasing demand for specialised cables that can withstand harsh conditions, resist chemicals, or bear heavy loads. Such specialised requirements have led to innovations and the development of tailor-made cable solutions for various industrial applications.
The industry is moving towards sustainable solutions. Research is ongoing into alternative materials that are both cost-effective and eco-friendly. Furthermore, recycling initiatives are gaining momentum, with manufacturers investing in technologies to recycle and reuse old cables, turning potential waste into valuable resources. Another notable wires and cables market trend is the development of smart cables. These are equipped with sensors and offer real-time data on the cable’s health, predicting wear and tear, and thus preventing potential mishaps or disruptions.
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Market Segmentation
The market can be divided based on voltage, material, end use, and region.
Market Breakup by Voltage
• Low Voltage
• Medium and High Voltage
• Optical Fibre
Market Breakup by Material
• Copper
• Aluminium
• Glass
• Others
Market Breakup by End Use
• Building and Construction
• Aerospace and Defence
• Oil and Gas
• IT and Telecommunication
• Energy and Power
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global wires and cables market. Some of the major players explored in the report by Expert Market Research are as follows:
• Belden Inc.
• Furukawa Electric Co., Ltd.
• Hitachi Ltd.
• KEI Industries Limited
• Leoni AG
• LS Cable & System Ltd.
• Nexans S.A.
• Prysmian S.p.A
• Sumitomo Electric Industries, Ltd.
• Others
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