About Wire and Cable
A wire is known as the single conductor made up of copper and aluminum while the cable is made up of two or more insulated wires wrapped in one jacket. They both are used to carry electrical current from the power source to the end-user device, like an outlet or light. Wire and cable are the two different terms which are used in electrical and communication fields. The market of the Wire and Cable is rising continuously due to growing renewal of existing wire and cable connection with the new one, also the development in the electronics sector is booming a lot in the wire and cable market
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
CAGR | 8.3% |
The market is fragmented by key vendors who are focusing on production technologies, improving efficiency and shelf life. Growth opportunities can be captured by tracking the ongoing process improvement and financial flexibility to invest in optimal strategies Analyst at AMA Research estimates that United States, Japanese and Chinese Manufacturers will contribute the maximum growth to Global Wire and Cable market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Southwire (United States), General Cable (United States), Superior Essex (United States), Commscope (United States), Rea (Australia), Prysmian Group (Italy), Nexans (France), Grupo Condumex (United States), Corning (United States), Sumitomo Electric Industries (Japan), Belden (United States) and Furukawa Electric (Japan) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Hengtong Optic-Electric Co Ltd. (China), Jiagnan Group (China), LS Cable & System Ltd (South Korea) and Polycab Wires Private Limited (India).
Segmentation Overview
AMA Research has segmented the market of Global Wire and Cable market by Type (Low Voltage, Medium and High Voltage and Optical Fiber Cable), Application (Aerospace and defense, Automotive, Building and construction, Oil and gas, IT and Telecommunication and Energy and power) and Region.
On the basis of Type, Low Voltage are dominating the market in the year 2023On the basis of application, Building and construction segment is dominating the market in the year 2023On the basis of geography, the market of Wire and Cable has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). United States region held largest market share in the year 2023. If we see Market by Product Installation, the sub-segment i.e. Overground will boost the Wire and Cable market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Material, the sub-segment i.e. Electric Wire will boost the Wire and Cable market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Applied, the sub-segment i.e. Wire for Building will boost the Wire and Cable market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Demand for flexibility and customization of wires and cables is increasing and Huge demand for insulated wire and cable
Market Growth Drivers:
Rapid urbanization and rising global population, Renewal of existing power transmission and distribution network, Technological advancements and increasing income of consumers have resulted in increased spending on automobiles and Transmission network development
Challenges:
Declining growth in the production of appliances and other electrical equipment
Restraints:
Electronic devices which rely on wireless technology is reducing demand for the wire and cable
Opportunities:
Wire & Cables manufacturers are developing new products and systems which can adapt to their varying demands, thus offering numerous opportunities to the optical fiber cable segment
Market Leaders and their expansionary development strategies
In October 2023, TE Connectivity collaborated with Siemens to develop intelligent cable solutions for electric vehicle charging infrastructure.
In September 2023, Belden introduced its "Broadcast Grade 4K UHD Video Cable," ensuring reliable signal transmission for high-resolution video applications.
The U.S. government encourages the smart grid implementation through The Energy Independence and Security Act, NIST Smart Grid Framework and Roadmap, National Science & Technology Council Smart Grid IAWG & Smart Grid Task Force, and Federal Energy Regulatory Commission and Development of smart cities across the country under smart cities mission coupled with increasing number of electronic devices per household and development of manufacturing industries under the Make in India' initiative
Analyst View
copper is expected to be the most preferred material across the world. Although aluminum is expected to substitute copper in a few applications, it is anticipated to maintain its dominance in buildings and power transmission and distribution networks that make up more than half of the global wire and cable revenue. optical fiber cable is expected to be largely adopted owing to its advantages such as high bandwidth, resistance to electromagnetic interference, low security risk, and low power loss
Key Target Audience
Wire and Cable Industry Investors, Wire and Cable Providers/Vendors, Research Professionals, Emerging Companies, Raw Material Suppliers/ Buyers, Product Suppliers/ Buyers, Research Institutes, Original Equipment Manufacturer, Component Supplier, Distributors, Government Body & Associations and End user
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.