Global Wires And Cables Market by Voltage (Low, High, Medium, Extra High), by Installation (Overhead, Underground) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2020, the global wires and cables market was valued at USD 183.14 million. The market is expected to grow at a 4.4% compound annual growth rate (CAGR), between 2021 and 2028. The market is driven by rising urbanization and expanding infrastructure. These factors have had an impact on the energy and power demand in residential, commercial, and industrial sectors. Market growth is expected to be driven by increased investments in smart upgrading the power transmission and distribution system and the development smart grids. Smart grid technology has enabled grid interconnections to increase in demand, resulting in increased investments in new underground and sub-sea cables.

Smart grid refers to an electric grid that incorporates controls, automation and computers. It also includes innovative equipment and technologies that work together to provide efficient electricity transmission. The timely delivery of electricity is crucial for the functioning of the whole world. The increasing population means a rising demand for electricity. The technological advancements in grids are necessary to reduce storm impacts and power outages. It is also important to restore service quickly after they occur. Smart grids can generate reliable, efficient, and carbon-free power using a variety of energy sources. They also work with smart devices and smart houses and encourage the use of electric cars.

Increasing energy demand in South America, Asia Pacific and the Middle East has led to increased investments in smart grids. This will increase the demand for low-voltage cables. Other factors that contribute to the growth of low-voltage cables include the growth in power generation and distribution from renewable energy sources. Also, there is a demand from both automotive and other industries. The main reasons for the market's growth are industrialization and urbanization. There is a growing demand for submarine and underground cables because of the need to interconnect power grids in densely populated areas. North America and Europe are moving towards underground cables over overhead cables. Underground cables are more compact and provide reliable transmission of electricity.

Due to minor changes in communication technology, the COVID-19 epidemic has had a negative impact on wires and cables market growth. The global closure of universities and colleges has led to online classes and classes. Telehealth was introduced in the healthcare sector to reduce in-person visits. Companies working remotely following WFH policy (Work from Home) are just a few of the notable examples. The pandemic has seen connectivity and communication technology improve dramatically. The situation has been a huge benefit to the telecommunications industry, as it has shown the true value connectivity. Despite the economic downturn and pandemic, 5G has seen continued growth in connectivity and deployments.

Voltage Insights

Low voltage was the most profitable segment in 2020 with a 43% market share. This is due to the large use of low voltage cables in low voltage building wires, LAN cables and appliance wires as well as distribution networks. These cables and wires support smart grids in providing superior electric supplies and provide an improved supply of electricity for end-user consumers. Globally, the energy and power industries are undergoing rapid change. Both developed and developing countries have high electricity demand and are looking to incorporate large-scale renewable resources.

High voltage cables and wires are used to transmit electricity at 1,000 volts. To avoid contact with any person or other materials, these cables are coated with oil and paper. The type of insulation used determines the quality of high-voltage cables. The major driver of the market for high voltage cables is the demand from end-users like telecom, defense, oil and gas, and power distribution.

Installation Insights

With 64% of the market, overhead installation accounted for the largest revenue share. Overhead installation is the most popular method in the world. The easiest and most cost-effective way to install wires and cables is via the overhead method. Overhead installation is most popular in countries with lower populations. Overhead cable installation is more common in countries that are at high risk for natural disasters like earthquakes or floods.

Over the forecast period, the underground installation segment will grow at the highest rate of CAGR. Underground cable installations are more cost-effective, have lower transmission losses and can sustain the power loads effortlessly. There is a demand from many sectors, including residential, commercial, telecom, energy, power, and telecom. This will lead to an increase in infrastructure expansion. India, China and Vietnam are among the developing countries that spend a large portion of their GDP on infrastructure construction.

End-use Insights

With 37% of the market, energy and power accounted for the largest revenue share. The electricity T&D ecosystem has seen several technological improvements, including the conversion of old transmission lines to high/extra-high voltage lines to reduce transmission losses. These technological upgrades are intended to stabilize the ecosystem in spite of the unpredictable nature of renewable energy sources. The utilities sector has been negatively impacted by the introduction of new methods such as net metering and synchronized charging for electric vehicles. The need for countries to connect their transmission systems has increased due to the increasing renewable power capacity and the energy generation. This link-up will help to balance power generation and consumption through the import and export of electricity. The increase in renewable energy generation is expected to drive the electricity market. This will lead to an increase in the electricity trade.

The highest expected CAGR for the building and construction sector is 5.0% during the forecast period. The market's growth is supported by refurbishment of aging commercial, residential, and industrial buildings. The Middle East, Africa, South America and the Asia Pacific region are developing countries that have new infrastructures for construction, such as rail signaling and rail tunneling. They also plan to expand power generation and distribution. The market for wire and cable is expected to grow due to factors such as infrastructure development, economic growth, and increased internet penetration.

Regional Insights

Asia Pacific had a 37.2% market share and accounted for the largest share of the wires & cables industry's revenue in 2020. North America's demand for cables and wires is stable. However, Europe is projected to see a rise in the coming years due to initiatives like Digital Agendas Europe 2025. Additionally, North America has seen an increase in data consumption. This has led to prominent telecommunications companies like AT&T and Verizon investing in fiber networks. Belden Inc., for instance, developed fiber solutions in April 2020 that enable data centers to build a reliable, robust and high-performance infrastructure. These solutions include the DCX Optical Distribution Frame and FiberExpress Flexible Ribbon cable, 1.6 mm Multi Fiber Trunks and Fiber MPO trunks. These significant investments in IT and telecommunications will drive the overall market.

Asia Pacific is expected to grow at a highest CAGR of 4.7% during the forecast period. Over the forecast period, the market will be driven by the growing demand for power, light, and communications. India's market will be driven by government initiatives like "Make in India" and "Go Green". The Indian Electrical Equipment Industry Mission Plan 2012-2022 outlines the government's plans to make India a major producer of electrical equipment and increase its productivity to USD 100 billion. This will be done by matching imports and exports to drive the demand for cables in the period 2012-2022.

Market Share Insights & Key Companies

The market is competitive and highly concentrated. In 2020, the largest three companies will account for most revenue share. Some of the market leaders include Nexans, Fujikura Ltd. and Belden Inc. To gain a competitive advantage, vendors in this market are focused on growing their customer base. Key companies are known for taking strategic initiatives such as partnerships, mergers and acquisitions, collaborations, new product/technology development, and partnership. Audax Management Company, LLC., an American alternative investing company, acquired EIS Inc., North American distributor of process materials, production supplies, connectivity, automation, specialty cables, and value-added parts. This acquisition was expected to enhance the product portfolio of the former company and increase its global customer base.

Market growth has been positively affected by the strategic initiatives of prominent companies operating in the wires/cables market. Nexans, for example, announced in June 2020 that it had delivered 1,700 km signaling cable to Egypt's BSA project. This was done to increase the company's global position by providing reliable services for its customers. Nexans also announced in March 2020 that it had donated 1.08 Mn Yuan-value cables to Suzhou. This donation was made to improve public health and aid in the fight against coronavirus. The following are some of the major players in the wires market:

• Belden Inc.

• Fujikura Ltd.

• Furukawa Electric Co., Ltd.

• Leoni AG

• LS Cables & System Ltd.

• Nexans

• NKT A/S

• Prysmian SpA

• Sumitomo Corporation

Up Market Research published a new report titled “Wires And Cables Market research report which is segmented by Voltage (Low, High, Medium, Extra High), by Installation (Overhead, Underground), By Players/Companies NKT A/S, Leoni AG, Belden Inc, Furukawa Electric Co Ltd, Fujikura Ltd, Prysmian SpA, Sumitomo Corporation, Nexans, LS Cables & System Ltd”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Wires And Cables Market Report Segments:

The market is segmented by Voltage (Low, High, Medium, Extra High), by Installation (Overhead, Underground).

Wires And Cables Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Wires And Cables Market

Overview of the regional outlook of the Wires And Cables Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Wires And Cables Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Wires And Cables Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Low

                2. High

                3. Medium

                4. Extra High

                1. Overhead

                2. Underground

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Wires And Cables Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Wires And Cables Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.