Wires and Cables Market Size, Growth & Share | Report (2028)
The factors driving the growth of Wires and Cables Market includes increasing electricity consumption around the world
Wires and Cables Market
The Wires and Cables Market is anticipated to reach USD 183 billion in 2020, exhibiting a CAGR of 4.4% over the forecast period (2021-2028).
The factors driving the growth of Wires and Cables Market includes increasing electricity consumption around the world, adoption of renewable sources of energy and growing investments in energy and transmission infrastructure. As per the report published by International Energy Agency (IEA), the energy demand in the International Markets is projected to rise by 4.6% in 2021 and Electricity demand is predicted to expand by 4.5% during the same year, which will boost the Wires and Cables Market size. Moreover, the increasing number of smart grid projects and growing demand for wires, cables from data centers and rising technological innovations in wires and cables, are some of the additional factors augmenting the market growth. In addition, rapid urbanization, and Strategic Government initiative to aid the cable manufacturing, have propelled the market growth, for instance, the Government of India has allocated $93 billion for highway projects under its flagship program National Highways Building Project (NHDP).
However, the growth of Wires and Cables Market is hindered due to fluctuations in the prices of raw materials.
The leading players operating in the market are KEI Idustries Ltd., LEONI AG, Finolex Cables Ltd., Fujikura Ltd., LS Cable & System Ltd., Nexans, Prysmian S.p.A, Belden Inc., Encore Wire Corporation and Furukawa Electric Co., Ltd., among others.
Voltage – Segment Analysis
Based on voltage, the high voltage segment captured significant market share during the forecast period attributed to its increasing application in the end-use industries such as aerospace and telecom and growing investments in smart grids.
End-Use – Segment Analysis
Based on end-use, the energy and power segment is projected to grow at a faster CAGR over the forecast period owing to increased demand for electricity and incorporation of renewable sources of energy.
Regional – Segment Analysis
Based on region, the North American region is witnessed a remarkable CAGR during the forecast period owing to increasing energy consumption levels and adoption of renewable sources of energy according to International Renewable Energy Agency (IRENA), the total renewable energy calculated in capacity was valued more than 392,262 MW in 2020
Global Wires and Cables Market by Voltage
Global Wires and Cables Market by Installation
Global Wires and Cables Market by End-Use
Aerospace & Defense
Building and Construction
Oil & Gas
Energy & Power
IT & Telecommunication
Global Wires and Cables Market by Region
Rest of APAC
United States of America
Rest of Europe
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