According to Fact.MR, a market research and competitive intelligence company, the worldwide wire and cable market is expected to grow at a CAGR of 5.3% from 2022 to 2031, reaching a valuation of US$ 285.05 billion.
The key driver of market development is rapid infrastructural expansion paired with rising urbanisation. As a result, the whole demand for energy and electricity in numerous industries has been altered. The need for contemporary, dependable technology is increasing, necessitating the creation of more efficient power systems.
As the number of data centres grows, so will the demand for wires and cables, resulting in enhanced availability, security, and cost-effective connectivity of IT infrastructure. Cable producers are increasing their fire-resistant cable production facilities to suit the increased demand for these goods from the construction sector.
Product adoption will rise as worries about power outages, fires, disease, and other operational hazards grow. Furthermore, the increased attention of government entities on enhancing current transmission capacities as a result of increased deployments of sustainable and energy-efficient components would promote product demand.
Key Takeaways from Market Study
- Global wire and cable market to reach valuation of US$ 285.05 billion by 2031.
- Market in Asia Pacific accounted for share of 37.2% in 2020.
- Demand for low voltage wires and cables expected to increase at CAGR of 8% over forecast period.
Which Region Will Lead the Global Wire and Cable Market?
Asia Pacific had the greatest revenue share in the worldwide wire and cable market in 2020, accounting for 37.2 percent. Rising power consumption as a result of population expansion and rapid industrialisation will drive market growth in Asia Pacific.
The robust expansion of the manufacturing and service industries, as well as the availability of low-cost labour, will contribute to market revenue growth.
What is driving the growth of the wire and cable market in the United States?
Because of increased expenditures in extending grid infrastructure, the market in the United States is expected to grow rapidly.
Increasing endeavours to establish high-capacity transmission lines will have a significant impact on the market throughout the projected period. Several sub-national government bodies in the United States are gaining a significant footing in renewable energy and efficiency advances.