Wire and cable are an uninsulated single conductor (which is mostly made of copper or aluminium) that carries electricity. Communication and energy cables are two or more insulated wires wrapped in one jacket that carry, data, or both. Communication cables carry electricity usually at lower voltage levels than regular energy transmission cables.
The main types of wires and cables are other cables, fiber optical cables, and coaxial cables. A fiber optic cable is a type of network cable that consists of strands of glass fibers enclosed in an insulated casing. They are intended for long-distance, high-performance data networking, and communications. The various sales channels include OEM and aftermarket that are used by energy, telecommunications, building and construction, industrial manufacturing, automotive, medical equipment, and other end users.
The global wires and cables market is segmented -
1) By Type: Other Cables, Fiber Optical Cable, Coaxial Cables
2) By End-Use Industry: Energy, Telecommunications, Building & Construction, Industrial Manufacturing, Automotive, Medical Equipment, Other End-Users
3) By Sales Channel: OEM, Aftermarket
4) By Mode: Online, Offline
Subsegments Covered: Insulated Cables, Shipboard Cables, Aircraft And Automotive Cables, Single-Mode Fiber Cable, Multimode-Fiber Cable
The global wires and cables market grew from $228.34 billion in 2022 to $247.24 billion in 2023 at a compound annual growth rate (CAGR) of 8.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The wires and cables market is expected to grow to $329.25 billion in 2027 at a CAGR of 7.4%.
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.
Major companies in the wires and cables market 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.
Many developed and developing economies are imposing restrictions on free trade, which are expected to hinder the growth of the wires and cables market in the forecast period. Post-Brexit, trade restrictions between the UK and other European countries are likely to increase, while the new trade agreement between the USA, Canada, and Mexico, USMCA, imposed by the US government, is expected to increase the prices of metal components imported from Mexico. The increase of tariffs on foreign steel especially from China by the US government to 25% has increased the production costs for wire and cable manufacturers. Therefore, a reduction in world free trade is expected to hinder the growth of the wires and cables market due to the expected increase in production costs and tariffs.
The demand for miniature connectors is growing rapidly in industries such as mobile technology, aerospace, defense, and medical equipment to enhance connectivity and minimize space in electrical and electronic devices. Miniature connectors’ also known as micro connectors include sub- miniature, micro-miniature, and ultra-micro miniature connectors. Micro connectors are rectangular cross sections that carry power and data. Miniature connectors can handle about 10 Gbps data and advanced miniature board-to-board connectors can handle about 20 Gbps data. For instance, some of the major companies offering miniature connectors include AMETEK, Omnetics, Amphenol, and Molex.
Asia-Pacific was the largest region in the wires and cables market in 2022. 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 and Africa.
The countries covered in the batteries market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
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.
The wires and cables market research report is 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.