The wire & cable market is expected to rise from USD 201.04 billion in the year 2024 to USD 266.17 billion in the year 2029 registering a CAGR of 5.8%. This report explores crucial wire & cable market trends, major drivers and market segmentation by [key segment categories]. The industry growth is facilitated by one of the highest demand for reliable and high-performance electricity delivery infrastructure due to further enhancements in the cause of renewable energy systems, smart grid technologies, and data center establishment. Novelties have also been experienced in the market, for instance evolution of fiber optic cables with high capacities and new efficient and powerful cable. Newer applications in flexible cables and high temperature super conductors are also included and have the capability to provide better output and reduced operating expenses. While industries and the government pay attention to the areas such as modernization of facilities and concerns over energy saving, the cord & cable market is growing steadily due to rising demand for the generation, transmission and distribution of electrical power, telecommunications applications in different sectors across the globe.
Based on Installation, the cord & cable market is divided into three types namely, overhead, underground, and submarine. The underground installation has the maximum demand in the cord & cable market. This is because human tends to require greater reliability and visibility in Urban areas which has also boosted the trend. There are many advantages of underground cables over overhead installation for instance they are not affected by weather conditions, they are less likely to be affected by an accident or a falling tree and they are less visible and thus are not disrupting the aesthetic view of an area. Also, installations located underground are less exposed to interference and acts of vandalism, and, therefore, suitable for dense neighbourhoods and important connections. The market share of underground solutions will also continue to increase in the future as cities grow and develop, in general, requiring various solutions to fit modern society’s needs.
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Based on product type, the cord & cable market is divided into five types namely, electronic cords, power cables, control & instrumentation cables, communication cables, and flexible & specialty cables. The electronic cords dominate the market with the highest market share and also is expected to be the fastest-growing type of product. Electronic cords have immense application various electronic devices including smartphones, computers, and other consumer electronic equipment. Thus, with the growing proliferation of these electronic devices, there is an expected growth in the demand of electronic cords.
Based on material type, the wire & cable market is divided based on metal and polymer. The metal is an irreplaceable part of the wire and cables and thus dominates the material segment of the wire & cable market. Metals include copper and aluminium which have excellent electrical conductivity properties. Copper is used for high-voltage power transmission and is on the expensive side whereas aluminium is used in lightweight and cost-effective wire and cables. Metals comprise the major part of wire and cables, whereas the polymer is mainly used to sheath them to protect from external damage.
Based on voltage, the wire & cable market is segmented into four types low, medium, high, and extra-high voltage. Low voltage wire and cables market comprises a major part of the wire and cable market because of their versatility. These components are useful in transmitting electric power and signals in residential, commercial, and industrial premises. This is because they are commonly used in society publicly and domestically due to they are cheap, and used widely in lighting systems, appliances, and network circuits age. Since more advanced constructions and structures are being put up and energy-saving features are incorporated in constructions, there is always a need to supply and support high-quality low voltage cables.
Based on End use industry, Energy & power end use industry holds the maximum share in wire and cable market. This sector includes almost all application in the power generation, transmission, and distribution where the wire and cable products are essential for efficient delivery of electricity. The need for energy and power cables is arising from increasing electric distribution networks, increasing utilization of renewable energy sources as well as updating energy distribution systems. Such achievements as new types of isolation, and high-temperature superconductors contribute positively to growth of cable technology industry. Since countries continue to invest on voltage upgrading and transformer expansion to cater to the rising consumption and emerging sustainable standards across the globe, the demand for wire and cable products in energy and power sector is also increasing.
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Based on Region, Currently, the wire and cable demand in Asia-Pacific is highest due to increased urbanization, development, and growth in the economy. With ongoing development in the electrical systems of the countries in this region accompanied by investment into the modernization of these systems, the role of high quality and performing wiring solutions assumes centre stage. This trend is attributed by mega structures like Smart cities, transportation systems, renewable energy platforms among others. Also, a growing manufacturing industry in the region and an increasing introduction of new technologies in the telecommunication and data centre industry increases the demand for the wire and cable system. The increasing levels of industrialization and urbanization in the Asia-Pacific region with persevered demands for higher connectivity and efficiency in energy usage would keep the region in the wire and cable market as a key growth factor.
The major players active in the cord & cable market are Prysmian (Italy), Belden Inc. (US), Fujikura Ltd. (Japan), Furukawa Electric Co., Ltd (Japan), Leoni Ag (Germany), Nexans (France), Emerson Electric Co. (US), Hellenic Cables (Greece), KEI Industries (India), Sumitomo Electric Industries, Ltd. (Japan), NKT A/S (Denmark), Finolex Cables Ltd (India), Helukabel (Germany), and LS Cable and System (South Korea). To be competitive, these companies have adopted themselves with various strategies to grow. These include mergers and acquisition, product launch, new product development, contracts, partnerships and other such developmental activities which has helped them to penetrate their presence in the cord & cable market.
Prysmian (Italy)
Prysmian Group from Italy is a leader of the worldwide wire and cable market, well-known for offering one of the widest portfolios of high-performance cables and energy-intensive solutions. Being one of the oldest companies with its history dating back to over a century, Prysmian Group has grown to be one of the most important developers of the sophisticated cables for energy and telecommunication markets. Power cables, optical fibers and specialty cables are part of the company’s products due to the different requirements of infrastructure projects, industrial uses and smart applications. In February 2024, Prysmian launches innovative breakthrough with Sirocco Extreme 864 fibres. It is an densest optical cable equipped with 864 individual optical fibers, making it worthy for high capacity, high bandwidth data transmission over long distances. Recently, Prysmian signed a framework agreement with Réseau de Transport d’Électricité (RTE) for the engineering, procurement, construction, installation, and commissioning (EPCI) of two export submarine power cable links to connect FOS offshore wind farm and Narbonnaise (NAR) offshore wind farm to the mainland power grid in France. The company has a widespread geographic presence and mostly operates in EMEA & North America region.
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Fujikura Ltd. (Japan)
Fujikura Ltd., established in Japan, is a leading global company in providing wire and cable solution with focus on innovation and advanced technology. Being founded in 1885, Fujikura has a long history of the company’s development that allowed it to become one of the pioneers in the creation of the complex cables and optical fibers for various purposes. The three main industries the company operates in are power cables, telecommunications cables and specialized fiber optics all of which operate at the highest level of performance. Fujikura’s focus on research and development means that the company progresses through improving the cable technology to withstand harsh conditions which makes it highly competitive. In October 2022, Fujikura Ltd. plans to construct a new optical fiber plant at Sakura Works in China to increase its Spider Web Ribbon production capacity by 30%. Recently in 2024, Fujikura Ltd. announced the development and sales launch of a new fiber optic cable, Single Jacket Single Armor Wrapping Tube Cable (SJSA-WTC) structure with optical fiber ribbon SWR that allows for mass fusion splicing connections.
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