Wires And Cables Market Size, Share & Trends Analysis Report By Voltage (Low, Medium, High, Extra-High), By Installation (Overhead, Underground), By End Use, And Regional Forecasts, 2024 - 2030

Wires And Cables Market Summary

The said factors have impacted the power and energy demand in commercial, industrial, and residential sectors. Increased investments in smart upgrading the power transmission and distribution systems and development of smart grids are anticipated to drive the market's growth. Implementation of smart grid technology has met the increasing need for grid interconnections, thus resulting in rising investments in the new underground and submarine cables.

The smart grid is an electric grid that includes controls, automation, computers, and innovative equipment & technologies that function together and offer efficient electricity transmission. The functioning of the entire globe depends on the timely delivery of electric supply. Further, the increasing population leads to rise in demand for power. Technological advancement in grids is necessary to reduce the frequency and duration of storm impacts, power outages, and restore service quickly after outages. Smart grid helps generate efficient renewable power, reliable power, reducing carbon print, using a mix of energy sources, working with smart devices and smart homes, and encouraging the use of electric vehicles.

Increased energy demands in the Asia Pacific, Middle East, and South America have resulted in rising investments in smart grids in the regions. This will fuel the demand for low voltage cables. The other factors that influence the growth of low voltage cables are the growth in the power generation, power distribution sector from renewable energy sources and demand from automotive and non-automotive industries. Urbanization and industrialization are the major reasons for increasing overall market growth. The need for power grid interconnections in areas with dense population are creating a demand for underground and submarine cables. Regions such as North America and Europe are switching towards the adoption of underground cables instead of overhead cables. The underground cables reduce space required and offers reliable transmission of electricity.

The COVID-19 outbreak has impacted the wires and cables market growth due to a few minor shifts that occurred in communication technologies. Online courses and classes conducted by universities and colleges due to the worldwide closure, introduction of telehealth in the healthcare industry to reduce in-person visits, and companies working remotely and abiding by WFH (Work from Home) policy are some of the prominent examples that have been witnessed across the globe. Thus, connectivity and communication technologies have accelerated in the span of the pandemic. The telecommunications industry has been highly benefitted from the situation as the pandemic has highlighted the true value of connectivity. 5G progress in connections and deployments has continued despite the pandemic and resulting economic downturn.

Voltage Insights

The low voltage segment accounted for the largest revenue share in 2023, with 43.5% market share. Owing to the high usage of low voltage cables in the building wires, LAN cables, appliance wires, distribution networks, and others. These wires and cables support the smart grids in delivering superior electric supplies and offer an improved provision of electric supply for End use consumers. The energy and power sector across the world are experiencing a rapid alteration. Most of the developing and developed countries are experiencing a heavy demand for electricity and are moving towards incorporation of large-scale renewable resources.

The high voltage wires and cables are used for transmission of electricity from 1,000 volts. These cables are coated with paper & oil, to avoid direct contact of the cables with an individual or any other material. The quality of high voltage cables depends upon the insulation material type used. High demand of these cables from the end users such as power distribution oil & gas, telecom, aerospace and defense is the major factor responsible for the growth of the high voltage cable market over the forecast period.

Installation Insights

The overhead installation segment accounted for the largest revenue share in 2023. Overhead installation technique is the most widely used approach across the world. The overhead approach of wires and cables are easiest and cheapest form of installation. Overhead installation techniques is mostly adopted in countries with lower population. However, countries with high risk of natural calamities such as earthquakes, floods tend to have overhead cables installation.

Underground installation segment is expected to grow at the highest rate over the forecast period. The underground cables installation lowers the maintenance costs, incurs less transmission losses, and hence, effortlessly sustains the power loads. The demand from various sectors such as commercial, residential, automotive, telecom, energy and power industries are leading to expansion and upgradation of infrastructure which in turn is anticipated to drive the demand for the wire & cables market. The developing countries such as India, China, Vietnam, amongst others are spending a significant portion of their GDP in infrastructure development.

End-use Insights

The energy and power segment accounted for the largest revenue share in 2023. Several technological upgrades such as shifting the old transmission lines to high/extra high voltage lines to avoid the transmission losses are being made in the electricity T&D ecosystem. These changes aim at making the ecosystems stable in contradiction of the alternating nature of renewable sources of energy. Moreover, the introduction of new methodologies such as synchronized charging of electric vehicles and net metering for solar homes have aggressively affected the utilities sector. However, this growing renewable power capacity and energy generation have further augmented the need of countries to interrelate their transmission systems.

This link up is expected to balance the power generation and demand through export and import of electricity. With the rise in generation of renewable energy, the electricity trade is anticipated to increase, thus resulting in the construction of high-capacity interconnection lines in turn driving the wires and cables market.

Building and construction segment is expected to grow at the highest rate of 4.8% over the forecast period. However, refurbishment in aging commercial, residential, industrial buildings, and new construction worldwide supports the growth of the market. Developing countries in the Middle East and Africa, South America, and the Asia Pacific region are undertaking new construction infrastructures, including rail signaling, rail tunneling, and expansion in power generation and distribution. Further, owing to factors including infrastructure development, economic growth in developing countries, and increasing internet penetration, the wires and cables market is anticipated to grow over the forecast period.

Regional Insights

The wires and cables market in North America is primarily driven by modernization of power grids, increased investment in renewable energy, and the expansion of data centers. Infrastructure upgrades and the adoption of electric vehicles (EVs) are also contributing to the rising demand for specialty cables. The region’s focus on smart technologies and IoT further propels the growth of fiber-optic cables for high-speed communication.

U.S. Wires And Cables Market Trends

The U.S. wires and cables market is heavily influenced by investments in energy-efficient systems and renewable power generation. Government initiatives to boost electric vehicle (EV) adoption and upgrade the national power infrastructure are key drivers. In addition, the 5G rollout is creating significant demand for fiber-optic cables to support high-speed data transmission

Asia Pacific Wires And Cables Market Trends

The Asia Pacific region dominates the wires and cables market accounted for a revenue share of 37.6% in 2023. largely due to rapid industrialization, urbanization, and infrastructure development in countries such as China and India. The expansion of renewable energy projects, alongside government initiatives in smart city development, drives demand for power and fiber-optic cables. The region’s strong automotive and telecom industries further contribute to its market growth.

Europe Wires And Cables Market Trends

Europe’s wires and cables market is driven by stringent regulations promoting renewable energy and energy efficiency. The region is witnessing significant demand from the automotive sector, especially with the growing production of electric vehicles (EVs). Countries such as Germany, France, and the UK are focusing on smart grids, data centers, and upgrading aging power infrastructure, fueling further growth.

Key Wires And Cables Company Insights

The market is highly competitive and concentrated, with the top three companies accounting for the majority revenue share in 2023. Belden Inc.; Nexans; and Fujikura Ltd. are some of the dominant market players. The vendors in the market focus on expanding their customer base to obtain a competitive edge. Therefore, key companies take various strategic initiatives, including partnerships, mergers & acquisitions, collaborations, and new product/ technology development. For instance, in July 2024, Prysmian S.p.A completed the acquisition of Encore Wire Corporation, a U.S.-based cable producer. This combined entity is strategically positioned to drive electrification and digital transformation across North America, including the expansion of data centers and power grid enhancements.

Strategic initiatives taken by prominent companies in the wires and cables parasol have positively impacted the market growth. For instance, In April 2023, Nexans acquired Reka Cables, a company specializing in the production of high, medium, and low-voltage cables used in building applications, power distribution networks, and onshore wind projects. This acquisition combined the expertise of both companies, ensuring continued innovation and sustainability in delivering safe and reliable cables across the Nordic region.

Recent Developments

• In June 2024, a French subsea power cable manufacturer, Nexans, completed the acquisition of La Triveneta Cavi s.p.a., an Italian company specializing in medium and low-voltage cables. This acquisition marks a major advancement in Nexans' strategy to establish itself as a dedicated electrification player.

• In April 2024, Finolex Cables introduced a series of eco-safe wires under the FinoGreen brand, which is expected to comprise about 5% of the company’s wire business. The new FinoGreen line features flame-retardant and halogen-free industrial cables specifically designed to reduce safety risks in electrical installations and prevent accidents, particularly fires.

• In April 2024, Amphenol TPC, a prominent provider of high-performance cables, connectors, wire, and assemblies for harsh industrial environments, announced the launch of ATPC Medium Voltage Cables. The new cables enhance the company's existing medium voltage cable range, offering additional options for insulation, conductor, and jacket materials.

• In September 2023, Southwire Company LLC announced the acquisition of Genesis Wire & Cable business from Resideo Technologies, Inc. The acquisition is expected to enhance Southwire's position in the low-voltage wires and cables market. This strategic acquisition aims to promote innovation and expand Southwire's influence within the industry

• In April 2023, Nexans acquired Reka Cables, a company specializing in the production of high, medium, and low-voltage cables used in building applications, power distribution networks, and onshore wind projects. This acquisition combined the expertise of both companies, ensuring continued innovation and sustainability in delivering safe and reliable cables across the Nordic region.

• In June 2023, Prysmian Group announced an investment of approximately USD 128.4 million in its strategic plant located in Pikkala, Finland. The funding was dedicated to expanding the production capacity of its 525 kV HVDC submarine cable systems. With this expansion, the company aimed to address the rising demand for these cables as power grids undergo development and upgrades to support the transition toward cleaner energy sources.

Wires And Cables Market Report Scope

Global Wires And Cables Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the wires and cables market report by voltage, installation, end use, and region:

• Voltage Outlook (Revenue, USD Billion, 2018 - 2030)

  • Low Voltage

  • Medium Voltage

  • High Voltage

  • Extra High Voltage

• Installation Outlook (Revenue, USD Billion, 2018 - 2030)

  • Overhead

  • Underground

• End-use Outlook (Revenue, USD Billion, 2018 - 2030)

  • Aerospace & Defense

  • Building & Construction

  • Oil & Gas

  • Energy & Power

  • IT & Telecommunication

  • Automotive

  • Others

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • KSA

    • UAE

    • South Korea