The global wires and cables market size is expected to grow from $210.35 billion in 2021 to $232.38 billion in 2022 at a compound annual growth rate (CAGR) of 10.5%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The wire and cable market is expected to reach $334.60 billion in 2026 at a CAGR of 9.5%.
What is the Global Wires And Cables Market?
The wires and cables market consists of the sales of new wires and cables by entities (organizations, sole traders and partnerships) that manufacture insulated fiber optic cables which are network cables containing strands of glass fibers inside an insulated case, and coaxial cables and other insulated nonferrous wires which are copper and aluminum wires used by industries including energy, automotive, telecoms and others. The wires and cables market does not include sales from services, repair and maintenance of wires and cables.
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What drives the Global Wires And Cables Market?
Technological advances in the communication industry are expected to be a key driver of the wires and cables market. Advances in fiber optic networks, and rising investments in high-capacity network infrastructure and wired broadband technologies will lead to an increase in the demand for fiber optic cables. Fiber optic cables support higher bandwidths and faster data transmission than standard coaxial cables. Therefore, an increase in fiber optics demand will support the manufacturers of new and advanced fiber optic cables.
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Global Wires And Cables Market Segments
The global wires and cables market is segmented:
By Type: Fiber Optical Cable, Coaxial Cables, Others
By End-Use Industry: Energy, Telecommunications, Building and Construction, Industrial Manufacturing, Automotive, Medical Equipment, Others
By Sales Channel: OEM, Aftermarket
By Mode: Online, Offline
By Geography: The regions covered in the wires and cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Wires And Cables Global Market Report 2022 provides market size and growth forecasts for the global wires and cables market, global wires and cables market share, wires and cables market segments and geographies, wires and cables market competitive landscape including leading competitors’ revenues, profiles and market shares. The wires and cables market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Wires And Cables Industry Players include Sumitomo Electric Industries Ltd., Guardian Industries, LLC, Prysmian Group, Nexans S.A., Southwire Company, LLC, LEONI AG, Corning Incorporated, Eaton Corporation plc, Fujikura Ltd., and Berkshire Hathaway Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
