Wires and Cables Market Size to Reach USD 357.34 Billion by 2032; Increase In Residential Projects and Commercial Structures to Propel Market Growth

The global wires and cables market size stood at USD 220.28 billion in 2024. The market is expected to rise from USD 233.00 billion in 2025 to USD 357.34 billion by 2032 at a CAGR of 6.30% from 2025 to 2032.

Fortune Business Insights™ presents this information in its report titled, “Wires and Cables Market Size, Share & Industry Analysis, By Material Type (Metal and Polymer), By Product Type (Power Cables, Hybrid Cables, and Communication Cables), By Installation (Overhead, Underground, and Submarine), 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, 2025–2032” 

Wires and cables are refered to a single or a collection of electrical conductor walled in a common shield. Growing number of residential projects and commercial structures is driving the market growth. Advancements in technology, development of renewable energy targets, expansion in the distribution and transmission of power, and growing investments from governments in real estate and transportation also contribute to the product demand. Growth in the adoption of smart grid infrastructures to improve energy efficiency across different economies has emerged as a trend in the wires and cables market. This is further supported by the growing adoption of electric vehicle charging infrastructure and advanced grid monitoring systems.

Introduction of Innovative Cable Solutions by Prominent Players to Fuel Market Development

In July 2023, Prysmian Group introduced the most advanced cable solution for solar power generation named Prysmian PRYSOLAR. Solar cables, also known as solar photovoltaic cables, are essential in photovoltaic systems to transfer electrical energy produced by solar modules and guaranteeing systematic and secure flow of electricity throughout the circuit.

Growing Number of Residential and Commercial Projects and Government R&D Initiatives to Augment Market Growth

An increase in residential and commercial projects demands a reliable electrical system to power the advanced tools and machinery that are used while constructing. This leads to growth in the need for advanced wires and cables. Additionally, government initiatives and investments in the R&D of innovative cables have further propelled the growth of the market. For example, in April 2023, Chinese state-owned telecommunication companies started a USD 500 million project to integrate an undersea fiber optic internet cable network linking Asia, the Middle East, and Europe.

Nevertheless, fluctuations in raw material prices to hamper wires and cables market growth.

Top Players Focus on Developing Innovative Products to Gain a Competitive Advantage

Businesses operating in wires and cables market are working on new wire and cables project development. This transformation is the result of advancements in wires and cables technology as well as growing demand for green energy solutions. Additionally, the continuous developments in transportation networks, energy infrastructure and development of infrastructure has enhanced the demand for advanced wires and cables. For example, in April 2023, Sumitomo Electric Industries, Ltd., launched a new plant in Scotland U.K., due to the higher demand for wires and cables in Europe. This lines up with the vision of U.K. to enhance the power cables by planning for offshore wind power projects and achieve the Scottish government's aim of net zero by 2045.

Key Industry Development:

• June 2023 - Belden Inc. announced the launch of field connectivity for its OptiTuff mini fiber optic cables. This enhances the offering provided by OptiTuff mini fiber optic cables in terms of installation of optic fibers and allows the installer to save space in different applications.

List of the Companies Profiled in the Report:

• 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)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/wires-and-cables-market-103322

Further Report Findings-

• Asia Pacific has the highest wires and cables market share for wires and cables due to the growing urbanization and development of infrastructures in developing economies, such as India and China.
• Market growth in North America is attributed to increasing investments from governments and private companies in renewable energy development and rising manufacturing and commercial activities.
• In terms of material type, the metal segment dominates the market due to its higher electrical conductivity. Aluminum is widely used due to its lightweight quality and cost-effectiveness.
• On the base of the installation, the overhead segment has the highest market share due to its lower cost of installation and repair, as well as easy application.
• Based on voltage, the low voltage segment holds the highest market share due to its advancements and higher feasibility in infrastructure and security operations.

Table of Segmentation