Wires and Cables Market to Surge at 5.94% CAGR over 2023 to 2030; Growing Reliance on Renewable Energy to Spur Market Growth

The global wires and cables market size was valued at USD 202.57 billion in 2022. The market is anticipated to expand from USD 213.01 billion in 2023 to USD 319.01 billion by 2030, exhibiting a CAGR of 5.94% during the forecast period.

Fortune Business Insights™ presents this information in its report titled “Wires and Cables Market Size, Share & COVID-19 Impact Analysis, By Voltage (Low Voltage, Medium Voltage, High Voltage, and Extra-High Voltage), By End-User (Aerospace & Defense, Construction, IT & Telecommunication, Power Transmission & Distribution, Oil & Gas, Consumer Electronics, Manufacturing, Automotive, and Others), and Regional Forecast, 2023– 2030”.

The increasing reliance on renewable energy, especially in power generation is creating opportunities for wire and cable manufacturers to cater to the expanding renewable energy markets. With development of voltage in the cable industry is able to create products that are efficient, reliable, and cost efficient.

Supply Chain Disruptions during the Pandemic Impacted the Industry Growth Negatively

The wire and cable market faced challenges with supply chain disruptions in raw materials due to the closure of manufacturing facilities globally. This led to a decrease in resources and manpower, impacting the production capabilities and overall performance for wires and cables market.

Prysmian Group Introduced PRYSOLAR To Ensure Efficient and Safe Flow Of Electricity From Solar Modules

In July 2023, Prysmian Group introduced PRYSOLAR, an innovative solar cable solution, optimizes the transmission of electrical energy in photovoltaic systems. PRYSOLAR by Prysmian was a cutting-edge solar cable, played a vital role in ensuring the efficient and safe flow of electricity from solar modules in solar power generation.

Technological Advancements and Innovation Drive to Propel Market Growth

Robust government initiatives promoting domestic manufacturing and infrastructure development serve as a catalyst for the wire and cable sector, creating a favorable environment for market growth. The wire and cable industry's proactive investment in research and development, coupled with a transition toward Industry 4.0 practices, positions it for a sustained growth by meeting the evolving demands of a competitive international market.

However, fluctuations in the prices of copper and nickel hinders the wires and cables market growth, affecting profit margins and investment decisions.

Key Industry Participants Focus on Green Energy Initiatives to Boost their Product Portfolio

Companies are ramping up new wire and cable projects amid surging demand for green energy and advanced wire tech. Ongoing infrastructure development, including transportation networks, residential and commercial constructions, and energy projects, is fueling the demand for wires and cables. Sumitomo Electric Industries' move to establish a new plant in Scotland by April 2023 responds to the heightened demand in the European market, supporting the U.K.'s vision to lead in power cables and contribute to Scotland's net-zero goal by 2045 through offshore wind projects.

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Key Players

• Prysmian Group (Italy)


• Furukawa Electric Co., Ltd. (Japan)


• Southwire Company (U.S.)


• Nexans (France)


• Fujikura Ltd. (Japan)


• Sumitomo Corporation (Japan)


• Belden Inc. (U.S.)       


• LS Cable & System (South Korea)


• KEI Industries Ltd. (India)


• Cords Cable Industries Ltd. (India)


• NKT A/S (Denmark)


• Amphenol (U.S.)


• Finolex Cables Ltd (India)


• Polycab (India)


• Encore Wire Corp (U.S.)


• Habia Cable (Sweden)

Key Industry Development

• March 2023- LS Cable & System secured a USD 85 million contract to supply subsea cables for Taiwan Power Corporation's offshore wind farm project.

Further Report Findings

• The Asia Pacific leads the in wires and cables market share. Increasing emphasis on renewable energy sources and the evolution of smart cities in Asia Pacific drive demand for specialized cables, particularly in solar and wind projects, along with opportunities stemming from the expanding adoption of the Internet of Things (IoT).

Table of Segmentation