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
Wire & Cable Market
The global wire & cable market is valued at USD 201.0 billion in 2024 and is projected to reach USD 266.2 billion by 2029, growing at 5.8% cagr from 2024 to 2029. Due to the pressing need for cables in the renewable energy sector, governments worldwide are investing significantly in renewable energy projects, particularly offshore wind energy. The rising emphasis on renewable energy in the power sector creates substantial demand for wires and cables in various regions, leading to market growth and innovative developments.
Attractive Opportunities in Wire & Cable Market
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Global Wire & Cable Market Dynamics:
Drivers:Rising demand for cables from renewable energy sector
The global shift toward renewable energy sources such as wind, solar, and hydroelectric power significantly impacts the wire & cable market. This transition is leading to an increasing demand for specialized cables that can effectively meet the unique requirements of renewable energy systems.
The immense focus on wind, solar, and hydroelectric power significantly impacts this market. According to the US Energy Information Administration, in January 2024, renewable energy generated through wind and solar power had a significant share in the total energy generated. Thus, companies and governments have made significant investments in renewable projects, further driving the wire and cable demand globally.
Restraints: Fluctuating raw material prices
The wire and cable industry is significantly influenced by the fluctuating prices of raw materials, particularly copper and aluminum. These metals are essential in manufacturing wires and cables due to their excellent electrical conductivity properties. No substitute materials have been developed for these metals, but they are susceptible to price fluctuations due to global economic conditions, trade wars, and recessions.
The price volatility experienced in the wire and cable industry poses a significant vulnerability for manufacturers, serving as a major constraint on their business operations.
Opportunities: Surge in demand for cables in EV infrastructure
The rapid expansion of EV infrastructure influences the wire and cable industry, causing a surge in demand for cables adhering to EV standards. Countries worldwide are planning to boost the EV market and reduce carbon footprints. As the number of EVs continues to increase, there is a growing need for EV charging infrastructure.
EVs and EV infrastructure require level 1, level 2, and DC fast charging cables. Leading manufacturers provide these specialty cables and capture a significant share of the EV cables market.
Challenges: Enhancing insulation durability
Increasing cost and complexity pose significant challenges to insulation durability in the wire and cable industry. High and extra-high-voltage cables require advanced insulations, increasing their cost. For instance, submarine cables on the seabed must survive salinity, temperature variations, and extreme water pressure. These extreme conditions degrade insulation over time. Thus, wire and cable manufacturers must develop durable and resilient insulation solutions to ensure a prolonged cable life.
Wire & Cable Market: Ecosystem
Infrastructural development and rapid urbanization to drive demand for underground cable installation
Underground cables hold the largest market share in the installation segment of the wire & cable market. Infrastructural development and rapid urbanization in developing economies primarily drive the need for underground cables, providing superior protection over other installation types. These cables are less vulnerable to extreme weather conditions, making them ideal for urban settings. Moreover, the rising focus on technological advancements in telecommunication generates a massive demand for underground cables.
Rising dependence on computers and high–end automobiles to boost demand for electronic wires.
Electronic wires are expected to record the fastest growth in the wire & cable market due to the extensive manufacturing of electronic devices and technological advancements in several industries. In an era where smartphones, computers, and high-end automobiles have become indispensable in our daily lives, the world witnesses an increasing dependence on these electronic devices. Thus, there is a rising demand for efficient and innovative wiring solutions to support this technological reliance. Furthermore, the surge in IoT devices and data centers boosts the demand for reliable and durable electronic wires.
Excellent electrical conductivity of metal cables to drive market.
Wires and cables comprise metals such as copper and aluminum. These are sheathed with PVC, CPE, XLPE, TPE, TPV, TPU, and other polymers. Metal cables are expected to dominate the market during the forecast period as they are integral to wires and cables and have no substitute product. The excellent electrical conductivity of copper and aluminum makes them irrepressible. Copper is used for high conductivity and strength, whereas aluminum is used for lightweight and cost-effective properties.
Rising applications of low-voltage cables in residential and commercial settings to drive market.
The low-voltage cables segment is expected to hold the largest share of the wire & cable market and is estimated to be the fastest-growing product type. These cables have massive applications in residential and commercial settings. They are used in electronic appliances, smart technologies, home automation, and other instruments. This growing demand is due to the surge in consumer electronics and automotive industries and the global emphasis on energy generation through renewable sources.
Increasing offshore wind energy projects to boost demand for energy and power industries.
The energy and power industry is undergoing a significant transition in the renewable energy sector. By the end of 2024, the total renewable energy generation capacity will cross 4,500 GW; however, it will not reach the low carbon energy system goal. Thus, governments in North America, Europe, and Asia Pacific are making significant investments in renewable energy projects, generating a massive demand for wires and cables. The efforts to upgrade grid infrastructure and increase offshore wind energy projects fuel the industry’s demand for wires & cables.
Fast economic growth and investments in power generation to boost demand for wires and cables in Asia Pacific.
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Asia Pacific is the largest regional market for wires and cables due to significant infrastructural developments, rising urban population, fast economic growth, and increasing concerns about environmental pollution. China, Japan, and India generate a substantial demand for wires and cables due to their large-scale investments in power generation, transportation, and innovative city projects. These countries are expanding electrical grids via advanced technologies, thus driving Asia Pacific’s wire & cable market.
Wire & Cable Market Players
Prominent companies in the wire & cable market are Prysmian (Italy), Fujikura Ltd. (Japan), Leoni Ag (Germany), Nexans (France), NKT A/S (Denmark), and LS Cable and System (South Korea). These companies are attempting to establish themselves in the wire & cable market by employing various inorganic and organic approaches. We have also studied a few SMEs in this market, such as Sarel (Turkey), Ramee Wire & Cable (US), Doncaster Cables (UK), and TT Cable (Bosnia and Herzegovina ). A thorough competitive analysis of these significant wire & cable market participants is included in the research, along with their company profiles, most recent developments, and essential market strategies adopted.
Wire & Cable Market Scope
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Report Metric |
Details |
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Years considered for the study |
2022–2029 |
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Base year |
2023 |
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Forecast period |
2024–2029 |
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Units considered |
Value (USD Billion) |
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Segments |
Product Type, Material, Installation, Voltage, End-Use Industry, and Region |
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Regions covered |
Europe, North America, Asia Pacific, Middle East & Africa, and Latin America |
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Companies profiled |
Prysmian (Italy), Fujikura Ltd. (Japan), Leoni Ag (Germany), Nexans (France), NKT A/S (Denmark), Belden Inc. (US), and LS Cable and System (South Korea) |
This research report categorizes the Wire & cable market based on voltage, installation, end use industry, and region.
By Volatge:
- Low Voltage
- Medium Voltage
- High Voltage
- Extra-high Voltage
By Installation:
- Overhead
- Underground
- Submarine
By Product Type :
- Electronic Wires
- Power Cables
- Control & Instrumentation Cables
- Communication Cables
- Flexible & Specialty Cables
By Material Type:
- Metal
- Polymer
By End Use Industry:
- Aerospace & Defense
- Building & Construction
- Oil & Gas
- Energy & Power
- IT & Telecom
- Automotive
- Medical Equipment
- Others (Consumer Electronics, Robotics, Industrial)
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Recent Developments
- In June 2024, Nexans acquired La Triveneta Cavi, a European company manufacturing medium and low-voltage cables. This acquisition by Nexans aims to expand its European customer base and enhance its business portfolio.
- In April 2024, Prysmian acquired Encore Wire, a US-based company, for USD 290.0 per share. This acquisition aims to expand Prysmian’s geographical presence in North America.
- In May 2023, LS Cable & System signed an agreement with Orsted to supply submarine cables for the Taiwan renewable energy project.
Frequently Asked Questions (FAQ):
What factors influence the growth of the wire & cable market?
Increasing demand from the energy & power sector drives the wire & cable market.
Which is the fastest-growing country-level market for wires & cables?
China is the fastest-growing wire & cable market due to the high cable demand from EV manufacturers.
Which factors contribute to the final cost of wires & cables?
Raw materials are crucial in determining the final cost, mainly impacting the pricing of wires and cables.
What are the opportunities in the wire & cable market?
Increasing EV infrastructure is a significant opportunity in the wire & cable market.
Which installation of wire & cable is expected to register the highest CAGR in the wire & cable market?
Underground cables will likely record the highest CAGR in the market due to their significant advantages over other installation types.
Who are the major wire & cable manufacturers?
Prysmian (Italy), Fujikura Ltd. (Japan), Leoni Ag (Germany), Nexans (France), NKT A/S (Denmark), and LS Cable and System (South Korea).
Which is the largest voltage segment in the wire & cable market?
Low voltage is the largest wire & cable market segment. .
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The study involves two major activities in estimating the current size of the wire & cable market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the total market size. After that, market breakdown and data triangulation procedures were used to determine the extent of market segments and sub-segments.
Secondary Research
Secondary sources referred to for this research study include financial statements of companies offering wire & cable and information from various trade, business, and professional associations. Secondary research has been used to obtain critical information about the industry’s value chain, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. The secondary data was collected and analyzed to arrive at the overall size of the wire & cable market, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the wire & cable market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, product development/innovation teams, and related key executives from wire & cable industry vendors; system integrators; component providers; distributors; and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, application, vertical, and region. Stakeholders from the demand side, such as CIOs, CTOs, CSOs, and installation teams of the customer/end users who are using the composites, were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of wire & cables and future outlook of their business which will affect the overall market.
Following is the breakdown of primary respondents:
Notes: Tiers of companies are selected based on their ownership and revenues in 2023.
Source: Secondary Research, Expert Interviews, and MarketsandMarkets Analysis
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Market Size Estimation:
The research methodology used to estimate the size of the wire & cable market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on procurements and modernizations of wire & cables in different end-use industries at a regional level. Such procurements provide information on the demand aspects of the wire & cable industry for each application. For each application, all possible segments of the wire & cable market were integrated and mapped.
Wire & Cable Market Size: Botton Up Approach
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Wire & Cable Market Size: Top Down Approach
Data Triangulation
After arriving at the overall wire & cable market size using the market size estimation processes as explained above, the market was split into several segments and sub-segments. To complete the whole market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides, mainly from different end-use industries. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Wires and cables are often used as two different terms but they represent two different electrical conduits. A wire is a single conductor that consists of an electrically conductive material, it can be aluminum or copper. This conductor can consist of a single strand or a number of strands bundled together and can be also bare or have a colored sheath. A cable is simply a collection of many numbers of conductors which are enclosed by some kind of insulation. Wire thickness is expressed in terms of the American Wire Gauge (AWG), which is a system of units of measurement based on the wire diameter. The smaller the number the wider the wire and the more amperage it can handle or conduct. AWG is primarily used for the definition of a single conductor with a single strand of metallic material but it can also be used for stranded and cable conductors.
Key Stakeholders
- Wire & cable manufacturers and distributors
- Key end-use industries
- Research and consulting firms
- R&D institutions
- Associations and government institutions
- Environmental support agencies
Report Objectives
- To analyze and forecast the global wire & cable market.
- To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
- To analyze the market segmentation and forecast the market size based on voltage, installation, and end-use industry
- To strategically analyze the markets with respect to individual growth trends, prospects, and contributions to the global market
- To analyze the opportunities in the market for stakeholders and provide a competitive landscape for market leaders
- To analyze competitive development strategies, such as acquisition, new product launch, and expansion in the market
- To strategically profile key players and comprehensively analyze their market shares and core competencies*
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs.
The following customization options are available for the report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolio of each company
Regional Analysis
- Further breakdown of Rest of Asia Pacific Wire & cable market
- Further breakdown of Rest of European Wire & cable market
- Further breakdown of Rest of North American Wire & cable market
- Further breakdown of Rest of Middle East & Africa Wire & cable market
- Further breakdown of Rest of Latin American Wire & cable market
Company Information
- Detailed analysis and profiling of additional market players (up to 10)
Growth opportunities and latent adjacency in Wire & Cable Market