"Wire and Cable: Materials, Technologies, and Global Markets" explores the different materials used to make wires and cables, such as copper, aluminum, and fiber optics. It also looks at the latest technologies that are improving their performance and efficiency. Finally, it covers how the global market for these products is growing, highlighting key regions and industries driving demand, like telecommunications, energy, and construction."
BOSTON, Dec. 13, 2024 /PRNewswire/ -- According to the latest study from BCC research, the demand for Wire and Cable: Materials, Technologies and Global Markets is estimated at $254.0 billion in 2024 and is projected to reach $387.3 billion by the end of 2029, at a compound annual growth rate (CAGR) of 8.8% during the forecast period of 2024 to 2029.
The report covers the different types of wires and cables based on voltage (low to extra-high), installation methods (overhead or underground), and materials used (insulation and conductor materials). It also looks at the various industries that use wires and cables, such as power transmission, telecommunications, infrastructure, transportation, electronics, and oil & gas. It breaks down the global market by region North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Revenue estimates are based on manufacturers' total sales, given in U.S. dollars without adjusting for inflation.
Interesting Facts about Wire and Cable: Materials, Technologies and Global Markets
- Environmental Impact: Because making wire and cable uses so much energy and can harm the environment, manufacturers are focusing on recycling, sustainability, and eco-friendly production methods.
- Space Exploration: Wires and cables play a crucial role in space travel, transmitting data and power in extreme conditions.
- Global Connectivity: The underwater cables that connect countries to the internet must be able to withstand ocean pressure, corrosion and even bites from marine life.
Factors contributing to the market's growth include:
- Urbanization and infrastructure development.: As more people move to cities, there is an increasing need for new housing, roads, bridges, transportation, water supply, and energy systems. This infrastructure development helps improve living conditions, create jobs, and make cities more efficient and connected.
- Transition to electric vehicles (EVs).: EVs reduce pollution and the use of fossil fuels. This shift is driven by efforts to protect the environment, improve air quality, and lower transportation costs over time. It also includes building more charging stations and advancing battery technology to make EVs more convenient and efficient.
- Increased use of renewable energy.: More people and businesses are turning to energy sources that can be naturally replenished, like solar, wind, and hydropower, instead of relying on fossil fuels like coal and oil. This helps reduce pollution and protect the environment, as renewable energy is cleaner and will not run out. It's an important key step in fighting climate change and creating a more sustainable future.
- Specialized Use of Wires and Cables: Many manufacturers of wires and cables focus on specialized uses for their products. For example, some manufacturers design wires and cables especially for military hardware, aircraft, charging systems, oilfield instruments, smoke extractor fans, drilling operations, pipeline monitoring, remote control systems, smoke alarms and emergencies, solar panel arrangements, railcars, trolleys, and crane cranes. In the healthcare sector, manufacturers are creating wires and cables for use in in vitro diagnostics, medical markers for X-rays, stents, electrosurgery and guide wires.
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Report Synopsis
Report Metric | Details |
Base year considered | 2023 |
Forecast period considered | 2024-2029 |
Base year market size | $234.1 billion |
Market size forecast | $387.3 billion |
Growth rate | CAGR of 8.8% for the forecast period of 2024-2029 |
Segments covered | Installation Type, Voltage Type, Material Type, End-Use, and Region |
Regions covered | North America, Europe, Asia-Pacific, South America, Middle East and Africa |
Countries covered | China, India, Japan, U.S., Canada, Mexico, Germany, France, U.K., Brazil, Argentina, Saudi Arabia, South Africa, and UAE |
Market drivers | • Urbanization and infrastructure development. • Transition to EVs. • Increased use of renewable energy. |
This report addresses the following questions:
- What is the projected market size?
The global wire and cable market was valued at $234.1 billion in 2023 and is projected to grow to $254.0 billion in 2024 and to $387.3 billion by the end of 2029 at a compound annual growth rate (CAGR) of 8.8% during the forecast period. - What are the factors driving the growth of the market?
- Transition of automobiles and transport towards EVs
- Renewable energy expansion
- Urbanization and infrastructure development - What segments are covered in the report?
The wire and cable market is segmented by voltage type, installation type, material type and end use. The voltage types are low, medium-high, and extra-high. The installation types are overhead and underground. Material types include insulation material and conductor material, with insulation material subsegmented into PVC, XLPE, PE and others, and conductor material subsegmented into copper, aluminum and others. End-use industries include power transmission, infrastructure, telecommunications, transportation, consumer electronics and oil & gas. - Which end-use segment will dominate the market by the end of 2029?
The power transmission segment will be the dominant segment at that time. - Which region has the largest market share?
Asia-Pacific holds the largest share of the market, due to its growing demand for electricity and the rise in investment in infrastructure. The growing government focus on renewable energy resources and EVs further drive the Asia-Pacific market.
Leading companies include:
- AMPHENOL CORP.
- BELDEN INC.
- BRITISH CABLES CO.
- FUJIKURA LTD.
- FURUKAWA ELECTRIC CO. LTD.
- KEI INDUSTRIES LTD.
- LS CABLE & SYSTEM LTD.
- NEXANS
- NKT A/S
- PRYSMIAN
- SHENGHUA CABLE
- SOUTHWIRE CO. LLC.
- SUMITOMO ELECTRIC INDUSTRIES LTD.
- TFKABLE
- WASKONIG+WALTER KABEL-WERK GMBH U. CO. KG
Related report:
Global Electric Vehicle Insulation Market: These insulation materials help protect EV components, such as batteries and motors, from heat, cold, and electrical interference. As more people buy EVs worldwide, the need for better insulation increases to improve vehicle safety, efficiency, and performance. This market includes various types of insulation products.
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