Wire and Cable Market Research Report and Outlook by 2028

The wire and cable industry is projected to expand from US$ 153,334.35 million in 2022 to US$ 224,402.27 million by 2028, reflecting a compound annual growth rate (CAGR) of 6.6% during this period.

A cable consists of several insulated wires grouped within a single protective sheath, facilitating the transmission of electricity, whereas a wire denotes a single conductor. The global shift towards urbanization and infrastructure enhancement significantly drives this market, resulting in heightened demand for energy across residential, commercial, and industrial domains. Additionally, investments in smart grid technologies and enhancements to power transmission and distribution networks are anticipated to further stimulate market growth. Smart grids utilize advanced technology, computer systems, automation, and controls to optimize electricity transmission efficiency. The adoption of smart grid technology has addressed the increasing need for grid interconnections, leading to greater investments in underground and submarine cables. The rising population has escalated power demands, necessitating advancements in grid technology to minimize the frequency and duration of outages and to ensure rapid service restoration. The integration of smart grid systems has facilitated the utilization of diverse energy sources, reduced carbon emissions, and encouraged the proliferation of smart devices and electric vehicles.

Governments are progressively embracing green energy solutions to lessen dependence on fossil fuels, resulting in a surge in the establishment of solar farms and wind turbines, which in turn boosts the demand for wires and cables. Moreover, the expansion of offshore renewable technologies, such as offshore wind farms, and the installation of cables beneath the ocean floor for power transmission are expected to enhance the wire and cable market. The anticipated growth in the market is closely linked to the increasing demand for renewable energy sources. Furthermore, the rising implementation of Big Data is likely to escalate the need for wires and cables in data centers and IT facilities. The market is poised for substantial growth as more enterprises adopt cloud computing to lower maintenance and related costs. The wire and cable market share is expected to benefit from heightened investments in the transmission and distribution sector, aimed at enhancing power transmission efficiency. Additionally, the market is set to gain from increased investments in various industrial sectors.

In North America, particularly in the US, Canada, and Mexico, the market is being propelled by the growing adoption of Ethernet technologies that provide high-performance data delivery, catering to the needs of smart buildings. Furthermore, advancements in intelligent power management, cooling, and airflow control for critical data center operations are also contributing to market expansion. The US leads in high-performance networking and machine connectivity within the industrial sector. Consumers are increasingly seeking products that ensure reliability and consistent performance across a wide array of industrial automation applications.

Moreover, the wire and cable market in North America is anticipated to witness significant growth due to the rapid development of communication technologies and increased investments aimed at modernizing power and grid infrastructures. Government initiatives in this area are also fostering market growth. For instance, in March 2021, the US government unveiled a $2 trillion plan to revamp the nation?s infrastructure, aiming to create a resilient and innovative economy. This plan encompasses the reconstruction of 20,000 miles of roads, repairs to 10 major bridges, and initiatives to develop a more resilient electricity transmission system that targets carbon-free electricity generation by 2035. Such efforts are expected to significantly enhance the wire and cable market size in the region.

The global wire and cable market ecosystem comprises various stakeholders, including raw material suppliers, component manufacturers, and end-users. Raw material suppliers are crucial to the wire and cable market, providing essential components such as rubber, plastic materials, copper, aluminum, thermoplastics, and thermostats. Notable raw material suppliers include CHINALCO HENAN LUOYANG ALUMINUM FOIL CO., LTD, RusAL, Rio Tinto, Codelco, and Southern Copper & Supply Company Inc. Recently, Lubrizol India Private Limited introduced a new halogen-free, flame-retardant polymer compound suitable for wire and cable applications.

In 2021, the Asia Pacific (APAC) region dominated the global wire and cable market in terms of revenue share. The region's rapid industrialization and population growth are driving electricity demand, which is expected to propel the wire and cable market in APAC. The robust growth of the manufacturing and service sectors, coupled with the availability of cost-effective labor, supports revenue growth in this market. The increasing need for communication, power, and lighting is projected to further drive the wire and cable market size in the coming years. Additionally, India aims to emerge as a leading producer of electrical equipment, with government initiatives like "Make in India" and the "Go Green" program expected to stimulate growth in the Indian market. The Indian government plans to boost productivity to USD 100 billion by aligning exports with imports, which will enhance the demand for the wire and cable market, as outlined in the Indian Electrical Equipment Industry Mission Plan 2012-2022.

The wire and cable market size has been assessed through both primary and secondary research methods. Comprehensive secondary research has been conducted to gather qualitative and quantitative data from various internal and external sources regarding the wire and cable market. This process has provided a detailed overview and forecast for the wire and cable market across all segments. Additionally, numerous primary interviews have been conducted with industry participants to validate the data and gain further analytical insights. Participants in this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, including research analysts, valuation experts, and key opinion leaders specializing in the wire and cable market.

Key companies operating in the wire and cable market, as profiled in the report, include ASK Automotive Pvt. Ltd; R KABEL; Bergen Cable Technology; Elliott Manufacturing; Carl Stahl Sava Industries, Inc.; LEXCO CABLE; Cablecraft; TOP CABLE; Guangdong Jinlianyu Cable Industrial Co., Ltd; and HENAN SANHENG INDUSTRIAL CO., LTD.