Press release
Wire & Cable Market Set for Rapid Growth Analysis: Trends, Demand, Size, and Key Player Forecast 2029
The wire & cable market is projected to grow at a 5.8% compound annual growth rate (CAGR) in terms of value during the forecast period (2024-2029). Based on projections, the market is expected to grow from the current valuation of USD 201.04 billion in 2024 to USD 266.17 billion in 2029. This report provides a comprehensive analysis of the market, including wire & cable market trends [https://www.marketsandmarkets.com/Market-Reports/wire-and-cable-market-247134084.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=wireandcable], size, share, drivers and constraints, competitive aspects, and prospects for future growth. There are various factors due to which the demand for wire & cable will grow in the coming years. Firstly, the growing renewable energy sector is a major driver of the wire & cable market. Countries across the globe are increasing their renewable energy production by installing grid technology and initiating offshore as well as onshore wind projects. These projects are generating huge revenues for wire and cable manufacturers especially since there is an increased demand for submarine cables due to offshore projects. Additionally, countries worldwide are investing heavily and providing subsidies to boost EV sales, which is further necessitating the need for more EV charging points. This is significantly driving the need for specialized EV cables. Construction, Telecommunication, Energy & Power, Automotive, and Oil & Gas industries are generating significant demand for wire and cables.
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By 2029, Wire & Cable market is expected to grow moderately in terms of value.
Demand for wire & cables is expected to grow moderately over time due to their necessity in each and every electronic equipment. Additionally, the energy & power end-use industry is largely driving the demand for wires and cables. There is a growing focus of governments on renewable energy projects especially projects related to wind and solar energy generation. The manufacturers are harnessing this opportunity in this market by collaborating and building partnerships with the players in the renewable energy sector to increase their footprints in this end-use industry and capture a significant market share. The wire and cable market is based on the demand generated by various end-use industries and thus companies try to strengthen their position in specific end-use applications. Hence, the growing end-use industries especially in developing countries are driving the wire and cable market.
Underground cables dominate the global market in 2023, in terms of value.
Underground cables have dominated the global market of wire & cable in 2023. They have the highest share, if compared with the rest installations. Underground cables are less prone to damage caused by lightning and thus are more reliable. Additionally, they offer aesthetic advantages by reducing the visual clutters of the overhead cables, and thus are suitable for urban settings. The dominance of underground cables will also continue to increase in the future as cities grow and develop, in general, requiring various solutions to fit modern society's needs.
Asia Pacific region is expected to account for the largest market share in 2023.
The wire & cable market has been studied in North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa.
The Asia Pacific's wire & cable market accounts for the largest share in 2023 and is expected to grow in the forecasted period. The ongoing development of electrical systems in this region, along with investment in modernization, has elevated the importance of high-quality wiring solutions. This trend is driven by large-scale projects such as smart cities, transportation systems, and renewable energy platforms. Additionally, the region's growing manufacturing industry and the introduction of new technologies in telecommunications and data centers are increasing the demand for wire and cable systems. The Asia-Pacific region's increasing industrialization and urbanization, coupled with the persistent need for better connectivity and energy efficiency, are expected to drive continued growth in the wire and cable market.
Wire & Cable Companies [https://www.marketsandmarkets.com/ResearchInsight/wire-and-cable-market.asp?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=wireandcable]
Prominent companies include 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).
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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 Reseau de Transport d'Electricite (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.
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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