The report “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 is estimated at USD 201.0 billion in 2024 and is projected to reach USD 266.2 billion by 2029, at a CAGR of 5.8% from 2024 to 2029. There are various factors due to which the demand for wire & cable will grow in the coming years. Firstly, the growing renewable energy sector is a major driver of the wire & cable market. Countries across the globe are increasing their renewable energy production by installing grid technology and initiating offshore as well as onshore wind projects. These projects are generating huge revenues for wire and cable manufacturers especially since there is an increased demand for submarine cables due to offshore projects.
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• 120 Market data Tables
• 60 Figures
• 312 Pages and in-depth TOC on “Wire & Cable Market– Global Forecast to 2029″
Some of the prominent key players are:
- Prysmian (Italy),
- Belden Inc. (US),
- Fujikura Ltd. (Japan),
- Furukawa Electric Co., Ltd (Japan),
- Leoni Ag (Germany),
- Nexans (France), and many more….
Driver: 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.
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Underground cables dominate the global market in 2023, in terms of value.
Underground cables have dominated the global market of wire & cable in 2023. They have the highest share, if compared with the rest installations. Underground cables are less prone to damage caused by lightning and thus are more reliable. Additionally, they offer aesthetic advantages by reducing the visual clutters of the overhead cables, and thus are suitable for urban settings. The dominance of underground cables will also continue to increase in the future as cities grow and develop, in general, requiring various solutions to fit modern society’s needs.
Asia Pacific region is expected to account for the largest market share in 2023.
The wire & cable market has been studied in North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa.
The Asia Pacific’s wire & cable market accounts for the largest share in 2023 and is expected to grow in the forecasted period. The ongoing development of electrical systems in this region, along with investment in modernization, has elevated the importance of high-quality wiring solutions. This trend is driven by large-scale projects such as smart cities, transportation systems, and renewable energy platforms. Additionally, the region’s growing manufacturing industry and the introduction of new technologies in telecommunications and data centers are increasing the demand for wire and cable systems. The Asia-Pacific region’s increasing industrialization and urbanization, coupled with the persistent need for better connectivity and energy efficiency, are expected to drive continued growth in the wire and cable market.