Increasing demand for wire and cable products in the construction sector is increasing the wire and cable market size
Increasing demand for redevelopment of existing industrial infrastructure and surge in construction of state-of-the-art industrial facilities are expected to create attractive growth avenues for market players.
Wilmington, Del., December 5, 2022 /PRNewswire/ — The global wire and cable market is expected to record a CAGR of 5.3% from 2021 to 2031. Global market value US$ 150.02 billion In 2020. Increasing trend of digitalization and electrification is expected to boost the growth of the industry over the next few years. Additionally, increasing demand for electrified and efficient building heating solutions and increased need for reliable cabling in the transportation sector are some of the prominent factors expected to accelerate the growth of the market. The market is projected to grow at a steady pace over the next decade due to the increasing construction of new highways, railways and metro rail projects across the globe.
Other significant drivers driving the growth of the industry include increasing disposable income of consumers and continuous growth and advancement in manufacturing and production technologies. In addition, increasing urbanization drives the demand for new and efficient transportation systems. Thus, the market outlook seems to be positive.
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Wire and Cable Market – Key Findings of the Report
Increase the selection of high quality metals: Manufacturers operating in the global industry are focusing on expanding their product inventories by launching new and technologically advanced products. In line with this objective, they are using the best quality metals like silver, aluminium, copper and gold. These precious and high-quality metals are used to design and manufacture specific components in various electronic equipment, solutions and systems. The companies assessed in this market report are adopting the latest data research and predictive analytics techniques to protect themselves against continued volatility in the prices of these metals.
Increasing application of wire and cable products in various end-use industries: Solutions offered by market players are used in a diverse range of end-use industries such as electronics and transportation, utilities, aerospace, consumer electronics, telecommunications and oil and gas. Manufacturers are focusing on diversifying their product portfolio according to the changing needs of important stakeholders in these industries. This trend is expected to help them strengthen business growth in the near future. Additionally, electrification of automotive vehicles as well as increase in demand for various complex industrial processes is expected to boost the market in the coming decade.
Wire and Cable Market – Growth Drivers
Increasing demand for wires and cables from the transportation sector is boosting the global industry
Increasing trend of digitalization as well as electrification across the globe is driving the market growth
The proliferation of industries in developing economies is creating new revenue opportunities for market players
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Wire and Cable Market – Major Players
The competitive landscape of the global market is highly fragmented due to the presence of a large number of players. Prominent companies evaluated in the global wire and cable market report include Hangzhou Optic-Electric Co., Ltd., Sumitomo Electric Industries, Ltd., Jiagnan Group, LS Cable & System Ltd., Southwire Company, LLC, Nexons SA, Far East Cable Company . ., Ltd., Prysmian Group, Furukawa Electric Co. Ltd., General Cable Corporation, TPC Wire & Cable Corp., Polycab Wire Pvt. Ltd., Hitachi Metals Ltd., and Leoni AG.
Key players are engaged in various growth and expansion strategies to increase their market share. This includes launching new and technologically advanced products and solutions as well as designing and developing the next generation of affordable yet reliable wire and cable products. In addition, the US Players from developed economies including are focusing on mergers and acquisitions to increase their production and regional footprint in the global industry.
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Wire and Cable Market Segmentation
Wire and Cable Market, by Type
Wire and cable market, by material
Wire and cable market, by end-use industry
Aerospace and Defense
IT and Telecommunication
Energy and Utilities
oil and gas
Wire and Cable Market, by Region
Middle East And Africa
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