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Wires and Cables Market Outlook 2024: Opportunities and Industry Trends
Wires and Cables Market Outlook
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According to The Business Research Company's, The wires and cables market size has grown strongly in recent years. It will grow from $243.37 billion in 2023 to $258.42 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to automotive industry growth, telecommunications boom, power transmission networks, consumer electronics demand, growth of the manufacturing sector.
The wires and cables market size is expected to see strong growth in the next few years. It will grow to $321.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to demand for high-speed data transmission, fiber optic expansion, renewable energy projects, smart cities development, e-commerce growth. Major trends in the forecast period include 5g network expansion, internet of things (iot), digitalization in industries, flexible and lightweight materials, e-mobility infrastructure, recyclability and sustainability.
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Market Drivers and Trends:
Technological advances in the communication industry are expected to be a key driver of the wires and cables market. Advances in fiber optic networks and rising investments in high-capacity network infrastructure and wired broadband technologies would lead to an increase in the demand for fiber optic cables. Fiber optic cables support higher bandwidths and faster data transmission than standard coaxial cables. Therefore, an increase in fiber optics demand would support the manufacturers of new and advanced fiber optic cables.
The demand for miniature connectors is growing rapidly in industries such as mobile technology, aerospace, defense, and medical equipment to enhance connectivity and minimize space in electrical and electronic devices. Miniature connectors' also known as micro connectors include sub- miniature, micro-miniature, and ultra-micro miniature connectors. Micro connectors are rectangular cross sections that carry power and data. Miniature connectors can handle about 10 Gbps data and advanced miniature board-to-board connectors can handle about 20 Gbps data. For instance, some of the major companies offering miniature connectors include AMETEK, Omnetics, Amphenol, and Molex.
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Major Key Players of the Market:
Berkshire Hathaway Inc., Sumitomo Electric Industries Ltd., Eaton Corporation plc, Prysmian Group S.p.A., TE Connectivity Ltd., Corning Incorporated, Amphenol Corporation, CommScope Holding Company Inc., Southwire Company LLC, Nexans S.A., Motion Industries Inc., Furukawa Electric Co. Ltd., Hengtong Optic-Electric Co. Ltd., Leoni AG, Fujikura Ltd., Endress+Hauser Group International AG, Belden Inc., Polycab India Limited, KEI Industries Limited, EMCORE Corporation, TELE-FONIKA Kable S.A., New England Wire Technologies Inc., Dacon Systems Inc., Waskönig & Walter GmbH, Guardian Industries Corporation, Wilms Group, NKT A/S, Shanghai Shenghua Group Co. Ltd., ABA Industry Group Co. Ltd., American Wire Group, Joseph Fazzio Inc.
Wires And Cables Market 2024 Key Insights:
• The wires and cables market size is expected to see strong growth in the next few years. It will grow to $321.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Role Of Technological Advancements In Driving The Fiber Optic Cables Market
• Rising Demand For Miniature Connectors For Enhancing Connectivity And Space Efficiency Across Industries
• Asia-Pacific was the largest region in the wires and cables market in 2023
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