PUBLISHER: The Business Research Company | PRODUCT CODE: 1435614
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435614
Wire and cable refer to uninsulated single conductors, typically composed of copper or aluminum, used for transmitting electricity. Communication and energy cables, on the other hand, consist of two or more insulated wires enclosed in a single jacket, serving the purpose of carrying data, electricity, or both. Notably, communication cables usually carry electricity at lower voltage levels compared to standard energy transmission cables.
The primary categories of wires and cables include fiber optic cables, coaxial cables, and other cables. Fiber optic cables, designed for long-distance, high-performance data networking, and communications, comprise strands of glass fibers enclosed in an insulated casing. Various sales channels, such as OEM and aftermarket, cater to end users in sectors such as energy, telecommunications, building and construction, industrial manufacturing, automotive, medical equipment, and others.
The wires and cables market research report are one of a series of new reports from The Business Research Company that provides wires and cables market statistics, including wires and cables industry global market size, regional shares, competitors with a wires and cables market share, detailed wires and cables market segments, market trends and opportunities, and any further data you may need to thrive in the wires and cables industry. This wires and cables market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 expansion observed in the historical period can be credited to the growth of the automotive industry, a surge in the telecommunications sector, the development of power transmission networks, increasing demand for consumer electronics, and the overall 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 anticipated growth in the forecast period can be ascribed to the increasing need for high-speed data transmission, the expansion of fiber optic infrastructure, the implementation of renewable energy projects, the progress in smart cities development, and the ongoing growth of e-commerce. Key trends expected in the forecast period encompass the expansion of 5G networks, the proliferation of the Internet of Things (IoT), the digitization of industries, the utilization of flexible and lightweight materials, the development of e-mobility infrastructure, and a focus on recyclability and sustainability.
Technological advancements in the communication industry are anticipated to play a pivotal role in driving the wires and cables market. The progress in fiber optic networks and heightened investments in high-capacity network infrastructure and wired broadband technologies are poised to elevate the demand for fiber optic cables. Given their ability to support higher bandwidths and facilitate faster data transmission compared to standard coaxial cables, the surge in demand for fiber optics is expected to bolster manufacturers producing innovative and advanced fiber optic cables.
The growing need for industrial automation is projected to be a significant catalyst for the wires and cables market's expansion. Industrial automation involves the utilization of various technologies and control systems to operate industrial machinery and processes with minimal human intervention. This complex network of cables is essential for tasks such as data transmission, power distribution, and control in industrial automation. The trend towards industrial automation fosters customization, prompting the development of specialized cables tailored to meet the unique requirements of automated systems. For example, as of October 2021, the International Federation of Robotics reported a 6% increase in the number of industrial robots operating in UK factories, totaling 23,000, compared to the previous year. Thus, the growing demand for automation is a driving force behind the ongoing growth of the wires and cables market.
Restrictions on free trade imposed by both developed and developing economies are anticipated to impede the wires and cables market's progress in the forecast period. Post-Brexit, heightened trade restrictions between the UK and other European countries are expected, and the USMCA trade agreement between the USA, Canada, and Mexico may lead to increased prices for metal components imported from Mexico. Moreover, the US government's imposition of higher tariffs, particularly on foreign steel, including from China, to 25% has resulted in increased production costs for wire and cable manufacturers. Consequently, the curtailment of global free trade is projected to hinder market growth due to the anticipated rise in production costs and tariffs.
The demand for miniature connectors is experiencing rapid growth across various industries such as mobile technology, aerospace, defense, and medical equipment. This surge is driven by the need to enhance connectivity while minimizing space in electrical and electronic devices. Micro connectors, encompassing sub-miniature, micro-miniature, and ultra-micro miniature connectors, are integral to this trend. Micro connectors, characterized by rectangular cross sections, serve the dual purpose of carrying power and data. These connectors are capable of handling around 10 Gbps data, and advanced miniature board-to-board connectors can even manage approximately 20 Gbps data. Key players in the miniature connectors market include major companies such as AMETEK, Omnetics, Amphenol, and Molex.
Prominent companies in the wires and cables market are strategically focusing on innovative products such as multi-core optical fiber and cable to deliver reliable services to their clientele. A multi-core optical fiber and cable refer to a specialized optical fiber containing multiple individual cores within a single cable structure. In October 2022, STL (Sterlite Technologies Limited), an India-based company engaged in the design, manufacture, and deployment of optical fiber, introduced the first multi-core optical fiber and cable. This innovative multi-core optical fiber employs space division multiplexing (SDM) to achieve four times the transmission capacity of a conventional optical fiber of the same diameter. Named multiverse, it is a quad-core optical fiber enabling SDM by having four cores within the same sheath, facilitating the simultaneous accommodation of four separate data streams. This advancement in multi-core optical fibers increases the data transfer capacity into and out of data centers.
Major companies operating in the wires and cables market report are 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., Waskonig & 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.
Asia-Pacific was the largest region in the wires and cables market in 2023. North America was the second largest region in the wires and cables market. The regions covered in the wires and cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the wires and cables market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The wires and cables market consists of sales of insulated cables, shipboard cables, aircraft and automotive cables, single-mode fiber cables, multimode-fiber cables, and other wires and cables. The wires and cables market does not include sales from services, repair, and maintenance of wires and cables. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Wires And Cables Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on wires and cables market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for wires and cables ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The wires and cables market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.