Wire and Cable Market 2021 - 2031 | Industry Share, Size, Growth

Massive demand for wide range of wires and cabling technologies in the construction, telecommunication, and utilities industries has propelled continuous advancements in the materials used for products in the Wire and Cable Market. Rise in adoption of optical fiber cables by telecom companies world over has spurred the sales revenues in the wire and cable market. The global valuation of the wire and cable market is projected to reach US$ 285.05 Bn by the end of the forecast period of 2021-2031.

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The need for next-gen electronics and semiconductors for aerospace and oil & gas industries has spurred innovation in wire and cables. A lucrative application for manufacturers in the wire and cable market is their use in antennas for 5G networks. Increased availability of recycled black plastic waste for the making of cables is expected to generate incremental avenue sin the wire and cable market, notes an in-depth TMR study.

Widespread use of copper wires in electricity distribution networks, wiring for buildings, and utilities and power transmission systems has generated substantial revenue growth to companies in the wire and cable market. A growing spate of studies have used recycled materials for cutting-edge carbon nanotubes. Submarine cable technologies are broadening revenues streams for players in the wire and cable market.

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Wire and Cable Manufacturers Witnessing Abundant Avenues in Multiple End-use Industries: Wire and cable manufacturers and sellers are witnessing abundant avenues from the growing demand for products in multiple industries. The demand has proliferated in construction and transportation industries. New revenue streams have come from the use of modern wiring and cables for power transmission, find the analysts in a TMR study on the wire and cable market. Rise in demand for wires and cables for building heating systems and to meet the electrification needs of commercial spaces such as offices are catalyzing profitable avenues for players in the market. In recent times, the demand for wires and cables soared for meeting the requirements of hospitals.

Use of Recycled Raw Material in High-Quality Electric Cables Opens New Frontier: The use of recycled material is key to boosting the environmental sustainability of the products in the wire and cable market. The growing need for high-performing cables has led to the demand for both recycled as well as new raw materials such as copper, gold, aluminum, and silver. However, manufacturers are more leaning toward the use of material that can themselves be recycled efficiently. Thus, Plastic Waste Management is a key concern for stakeholders in the wire and cable market.

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The electrification of transportation system and the need for state-of-the art automotive electronics for next-gen vehicles have propelled the revenue potential of the wire and cable market.

Strides made in electrification and the emergence of advanced power distribution systems in developing economies are bolstering the outlook of the wire and cable market.

Asia Pacific is emerging as highly lucrative wire and cable market, assert the authors of the TMR study. Emerging economies are expected to drive new lucrative opportunities on the back of electrification of cities and the rising sales of automotive electronics in the automobile manufacturing industry. The growing number of submarine power transmission projects has opened up new avenues for various industry players in the Asia Pacific wire and cable market.
The Middle East and Africa wire and cable market is projected to expand at a promising CAGR during the forecast period, due to mainly rising demand for wires and cables in residential and commercial buildings.

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Some of the key players in the wire and cable market are Far East Cable Co., Ltd., Leoni AG, Nexans S.A., Hitachi Metals Ltd., Southwire Company, LLC., Polycab Wires Private Limited, TPC Wire & Cable Corp, Jiagnan Group, General Cable Corporation, Electric Industries, Ltd., Furukawa Electric Co., Ltd., and Hengtong Optic-Electric Co Ltd.

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