Wires And Cables Market Size, Share & Trends Analysis growing at a CAGR of 4.1% from 2024 to 2030
The global wires and cables market size was estimated at USD 211.62 billion in 2023 and is projected to reach USD 281.64 Billion by 2030, growing at a CAGR of 4.1% from 2024 to 2030. Rising urbanization and growing infrastructure worldwide are some of the major factors driving the market.
Key Market Trends & Insights
- The Asia Pacific region dominates the wires and cables market accounted for a revenue share of 37.6% in 2023.
- The U.S. wires and cables market is heavily influenced by investments in energy-efficient systems and renewable power generation.
- By voltage, the low voltage segment accounted for the largest revenue share in 2023, with 43.5% market share.
- By installation, the overhead installation segment accounted for the largest revenue share in 2023.
- By end-use, the energy and power segment accounted for the largest revenue share in 2023.
Market Size & Forecast
- 2023 Market Size: USD 211.62 Billion
- 2030 Projected Market Size: USD 281.64 Billion
- CAGR (2024-2030): 4.1%
- Asia Pacific: Largest market in 2023
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The said factors have impacted the power and energy demand in commercial, industrial, and residential sectors. Increased investments in smart upgrading the power transmission and distribution systems and development of smart grids are anticipated to drive the market’s growth. Implementation of smart grid technology has met the increasing need for grid interconnections, thus resulting in rising investments in the new underground and submarine cables.
The smart grid is an electric grid that includes controls, automation, computers, and innovative equipment & technologies that function together and offer efficient electricity transmission. The functioning of the entire globe depends on the timely delivery of electric supply. Further, the increasing population leads to rise in demand for power. Technological advancement in grids is necessary to reduce the frequency and duration of storm impacts, power outages, and restore service quickly after outages. Smart grid helps generate efficient renewable power, reliable power, reducing carbon print, using a mix of energy sources, working with smart devices and smart homes, and encouraging the use of electric vehicles.
Increased energy demands in the Asia Pacific, Middle East, and South America have resulted in rising investments in smart grids in the regions. This will fuel the demand for low voltage cables. The other factors that influence the growth of low voltage cables are the growth in the power generation, power distribution sector from renewable energy sources and demand from automotive and non-automotive industries. Urbanization and industrialization are the major reasons for increasing overall market growth. The need for power grid interconnections in areas with dense population are creating a demand for underground and submarine cables. Regions such as North America and Europe are switching towards the adoption of underground cables instead of overhead cables. The underground cables reduce space required and offers reliable transmission of electricity.
