Wires and Cables Market size was over USD 222.46 billion in 2024 and is poised to exceed USD 457.33 billion by 2037, growing at over 5.7% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of wires and cables is evaluated at USD 232.6 billion.
This market growth is assessed to be encouraged by the growing need for energy globally. As a result, the demand for cutting-edge wires and cables to ensure effective transmission is increasing, an essential infrastructure component for producing, moving, and storing power.
According to the EIA projections, by 2050, the world's need for power may have increased by roughly one-third to three-quarters.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
5.7% |
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Base Year Market Size (2024) |
USD 222.46 billion |
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Forecast Year Market Size (2037) |
USD 457.33 billion |
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Regional Scope |
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Voltage (Low, Medium, High, Extra High)
Low segment is poised to account for wires and cables market share of more than 57% by the end of 2037. The segment growth can be accredited to the growing telecommunication industry propelled by the increased need for digitization and high-speed connectivity. As a consequence, the market for wires and cables is anticipated to develop steadily over the coming years.
For instance, in 2023, the global telecommunications market is predicted to increase rapidly, with roughly USD 1 trillion estimated to be spent globally.
The wiring system known as low voltage cabling is made to withstand lower voltages and is also commonly utilized for telecommunications purposes as it serves as the foundation of contemporary communications, offering the networks, telephony, and data transmission infrastructure.
Additionally, low-voltage wiress and cables are utilized in many different applications, such as phone systems and internet access since they use less energy and produce less heat.
End-Use (Aerospace & Defense, Building & Construction, Oil & Gas, Energy & Power, IT & Telecommunication)
The energy & power segment is estimated to gather the highest CAGR during the forecast timeframe. The major factor for the expansion of the segment is the rising global population. Particularly, by 2024, the world's population will be expanding at a rate of over 0.90% per year. As a result, worldwide electricity demand is anticipated to increase, leading to a significant hike in the need for subterranean high- and extra-high-voltage (HV) cables.
Installation (Overhead, Submarine Underground)
The overhead segment in wires and cables market is assessed to generate a robust revenue share by the end of 2037. The growing prevalence of natural disasters is the primary driver of the segment's growth. The most recent increases in flooding and severe storm occurrences have been caused by greenhouse gasses trapping more heat in the atmosphere.
Therefore, overhead cables are essential, since power lines that have been undergrounded may be more vulnerable to floods from rain, ice melting, and storm surges that are corrosive.
In a report published by Our World in Data, global deaths from natural disasters, such as floods, droughts, earthquakes, and storms, range from 40,000 to 50,000 annually.
Our in-depth analysis of the market includes the following segments:
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Voltage |
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Installation |
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End-Use |
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APAC Market Statistics
Asia Pacific industry is anticipated to dominate majority revenue share of 47% by 2037. The market growth in the region is expected on account of rapid urbanization. Due to this, the region is witnessing rapid industrialization, which is accelerating the energy demands, leading to higher demand for wires and cables. As per the World Bank, with an average yearly urbanization rate of 3%, East Asia and the Pacific are the regions that are urbanizing the fastest in the world.
Over the past ten years, China's need for wires and cable has increased quickly driven by increased telecommunications investments and a notable rise in electric vehicle sales.
Japan now boasts one of the top electronics businesses in the world led by the growing use of smart devices and Internet of Things (IoT) technology, this has led to a significant increase in market demand. For instance, Japan's consumer electronics market is expected to increase by around 0.11% between 2024 and 2028.
South Korean cable manufacturers raise their output quickly in response to a significant spike in orders from data centers and battery producers worldwide.
North American Market Analysis
The North America region will also encounter massive growth for the wires and cables market through 2037 and will hold the second position owing to the increasing infrastructure initiatives in this region. It is anticipated that the region's infrastructure will deploy more wiress and connections to update the current grid network.
It is estimated that the US consumer electronics market will expand by more than 2% between 2023 and 2024, which might lead to a significant rise in the need for wiress and cables.
Canada is fifth in the world for natural gas production and fourth in the world for oil production, thus there is a higher need for wires and cable products that must function well in challenging conditions.
The wires and cables market consist of many key players who are launching various strategic initiatives to expand their market position in the industry.
Author Credits: Abhishek Verma
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