Wire Cable Voltage Market Analysis

Global Wire and Cable Voltage Market Overview

Wire and Cable Voltage Market size was valued at USD 198.4 Billion in 2022. The Wire and Cable Voltage industry is projected to grow from USD 207.3 Billion in 2023 to USD 294.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.50% during the forecast period (2023 - 2032). Global infrastructure is expanding due to rising urbanisation, greater investments in smart grid development and electricity transmission and distribution system upgrades, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Wire and Cable Voltage Market Trends

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  Increasing Investments in Transmission & Distribution of Electric Power Fuels Demand for Wires and Cables is driving the market growth

  
  

The increase in spending in the Transmission & Distribution (T&D) sector, which is in charge of effectively distributing power to various electrical equipment at various stages of the network, is a significant factor contributing to the market's growth. The Indian government boosted overall investments by eight state-owned power companies, including REC Ltd, by almost 19% to USD 7.86 billion (*59,990.52 crores) for 2021–2022, compared to the revised estimate of USD 6.59 billion (50,311.03 crores). The transmission and distribution industry played a significant role in this increase. In September 2021, the government was working assiduously to spend the whole budget of Rs. 1.5 lakh crore on smart metering projects across the country in an effort to fix the failing discoms. The government wants 25 billion smart meters installed by the end of 2025. As a result, there will likely be a greater requirement for wires and cables. According to World Energy Investment data, there would be a USD 6.8 trillion rise in T&D infrastructure investments between 2014 and 2035.

Data centers are necessary for networking, communications, and IT services. Data centers are crucial for the storage of data and the routing of traffic via them. The rise of Big Data has resulted in a strong demand for data centers, which is partly driven by the Big Data phenomenon. In order to save money and avoid the headache of operating data centres, which would cost billions of dollars, businesses have started favouring cloud storage. The need for wires and cables will expand as there are more data centres, which will boost the availability, security, and inexpensive connection of IT infrastructure.

The industry is expanding as a result of rising renewable energy output, expanding smart grid technology reserves, and international government initiatives for improving distribution and transmission systems. Submarine infrastructure has become more and more common as content and cloud service companies try to increase customer numbers and offer bandwidth-intensive services. A undersea cable is anticipated to last 25 years. The demand for electrical wires and cables has also significantly increased as a result of the Indian government's goal of producing 100 GW of solar energy by the end of the fiscal year 2022 and policies like the excise duty exemption for ferro silicon magnesium used to manufacture components of wind-operated electric power generators. One component that is anticipated to play a significant role in the next generation of cable is deep fibre. To improve service, MSOs (Multiple System Operators) can move fibre closer to clients. In addition to pursuing strategies like HERD (Headends Re-Architected as a Data Centre), adoption of the telco CORD (Central Office Re-Architected as a Data Centre) initiative for the MSO market, and adoption of virtualization technologies, MSOs cable are trying to simplify numerous operations by bringing the digital technologies closer to a number of users. Thus, driving the Wire and Cable Voltage market revenue.

Wire and Cable Voltage Market Segment Insights

Wire and Cable Voltage: Voltage Insights

The Wire and Cable Voltage Market segmentation, based on Voltage, includes low voltage, medium voltage, high voltage, and extra high voltage. Low voltage segment dominated the global market in 2022. due to the extensive use of low voltage cables in distribution networks, LAN cables, appliance wires and building wiring. These wires and cables help smart grids deliver superior electric supplies while improving the provision of electricity for end users. The energy and electricity industries are changing quickly all around the world. The majority of developing and developed nations are facing high electricity demand and are working towards incorporating extensive renewable resources.

Wire and Cable Voltage Installation Insights

The Wire and Cable Voltage Market segmentation, based on Installation, includes overhead and underground. Overhead segment dominated the global market in 2022. The method most frequently employed worldwide is overhead installation. The simplest and least expensive method of installation for wires and cables is the overhead technique. Techniques for overhead installation are primarily used in nations with smaller populations. However, nations at high risk for natural disasters like earthquakes and flooding favour installing overhead cables.

Figure 1: Wire and Cable Voltage Market, by Installation, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Wire and Cable Voltage End Use Insights

The Wire and Cable Voltage Market segmentation, based on end use, includes aerospace & defense, building & construction, oil & gas, energy & power, it & telecommunication, and others. Energy & power segment dominated the Wire and Cable Voltage Market in 2022. The energy T&D ecosystem has seen a number of technological advancements, such as moving the old transmission lines to high/extra high voltage lines to prevent transmission losses. These modifications are intended to stabilize ecosystems in contrast to the fluctuating nature of renewable energy sources. Additionally, the utility industry has been severely impacted by the introduction of new technologies like the synchronised charging of electric vehicles and net metering for solar households.

Wire and Cable Voltage Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Wire and Cable Voltage Market dominated this market in 2022 (45.80%). The use of data in the North American region has significantly increased, prompting major telecommunications providers like AT&T and Verizon to invest in fibre networks. For instance, Belden Inc. created new fibre solutions in April 2020 that enable data centres to build a dependable, strong, and high-performance infrastructure. Further, the U.S. Wire and Cable Voltage market held the largest market share, and the Canada Wire and Cable Voltage market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: WIRE AND CABLE VOLTAGE MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Wire and Cable Voltage market accounted for the healthy market share in 2022. the rising demand for renewable energy and the escalating investment in grid infrastructure. Spain, Italy, Estonia, Finland, Sweden, and Norway have nearly 100% coverage of smart metres, according to smartEn, a European business group integrating consumer-driven solutions of the clean energy transition. Further, the German Wire and Cable Voltage market held the largest market share, and the U.K Wire and Cable Voltage market was the fastest growing market in the European region

The Asia Pacific Wire and Cable Voltage market is expected to register significant growth from 2023 to 2032. Over the course of the forecast period, the market is expected to be driven by the rising demand for communication, power, and light. The Indian market is anticipated to be driven by government efforts like "Make in India" and the "Go Green" programme. Moreover, China’s Wire and Cable Voltage market held the largest market share and the Indian Wire and Cable Voltage market was the fastest growing market in the Asia-Pacific region.

Wire and Cable Voltage Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Wire and Cable Voltage market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Wire and Cable Voltage industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Wire and Cable Voltage industry to benefit clients and increase the market sector. In recent years, the Wire and Cable Voltage industry has offered some of the most significant advantages to medicine. Major players in the Wire and Cable Voltage market, including Belden Inc., Fujikura Ltd., Furukawa Electric Co. Ltd., Leoni AG, LS Cables & System Ltd., Nexans, NKT A/S, Prysmian S.p.A, and Sumitomo Corporation, are attempting to increase market demand by investing in research and development Installations.

Manufacturing and selling cable systems, including electrical cable, materials, and energy equipment, is what LS Corp (LS) does. The business sells cables for electricity and communications as well as items for the transfer of electric power. LS also offers the smelting of copper and other precious metals, including electrolytic copper, gold, and silver. Tractors, injection moulding equipment, ultracapacitors, superconductive and submarine cables, track shoes, lift cables and control cables are among its product offerings. The Tarboro Facility in North Carolina, USA, will receive a USD 26.9 million investment by LS Cable & System in May 2022.

For offshore wind farms, Nexans SA (Nexans) offers cable and connectivity solutions. The business provides cabling solutions including copper and fibre optic wires. It benefits network operators, infrastructure and equipment manufacturers, as well as builders, installers and distributors in the land and sea transportation, data centre, commercial and residential construction, oil and gas, mining and renewable industries. Nexans Fabrice's aeronautical-grade wires were delivered to Amedeo's IMOCA in April 2022.

Key Companies in the Wire and Cable Voltage market include

• Belden Inc.


• Fujikura Ltd.


• Furukawa Electric Co. Ltd.


• Leoni AG


• LS Cables & System Ltd.


• Nexans


• NKT A/S


• Prysmian S.p.A


• Sumitomo Corporation

Wire and Cable Voltage Industry Developments

May 2022 Australia's future fibre network will use cable from Prysmian Group. The business declared it will collaborate with Telstra to develop a brand-new, cutting-edge inter-capital fibre network in Australia.July 2023 Sumitomo Electric Industries has developed a new high-voltage cable that can withstand temperatures of up to 250 degrees Celsius. The new cable is expected to be used in a variety of applications, including electric vehicles and renewable energy projects.

Wire and Cable Voltage Market Segmentation

Wire and Cable Voltage Voltage Outlook

• Low Voltage


• Medium Voltage


• High Voltage


• Extra High Voltage

Wire and Cable Voltage Installation Outlook

• Overhead


• Underground

Wire and Cable Voltage End Use Outlook

• Aerospace & Defense


• Building & Construction


• Oil & Gas


• Energy & Power


• IT & Telecommunication


• Others

Wire and Cable Voltage Regional Outlook

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  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America