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Trends in the Wire and Cable Material Market reflect the changing electrical and telecommunications sectors. Electrical cables and wiring systems require wire and cable materials including polymers, metals, and insulators. Wire and cable manufacturers are increasingly using high-performance, ecological materials. As companies focus energy efficiency, durability, and environmental effect, demand for materials that fulfill strict technical criteria and sustainability goals has increased. This development matches the industry's move toward greener technology and cable manufacturing.
The wire and cable sector is also focusing on insulation and coating advancements. With advances in polymer chemistry, producers are creating materials with better electrical, flame, and mechanical performance. For their greater insulation, cross-linked polyethylene and high-density polyethylene are being used to make cables that can transfer higher voltages and frequencies. This trend shows the ongoing endeavor to enhance electrical and communication system efficiency and dependability.
The fast growth of the telecommunications sector also affects wire and cable materials. High-speed data transmission and 5G networks require specific cable materials that can handle greater frequencies and bandwidths. This trend supports the digital transformation and the increased need for data-intensive applications with dependable connection solutions.
In addition, electric vehicles and renewable energy systems are driving the wire and cable materials industry. The car industry's shift to electric propulsion systems has increased demand for high-voltage, temperature-resistant, and mechanically stressed cable materials. Solar and wind power growth requires strong wire materials that can withstand extreme climatic conditions. This trend shows how important wire and cable materials are for transportation electrification and renewable energy.
Wire and cable material market trends are shaped by government safety, energy efficiency, and environmental criteria. Global regulatory agencies are enforcing cable safety and reliability requirements for building wiring, automotive, and aerospace applications. Manufacturers must comply with these rules to fulfill market needs, ensure product safety, and promote responsible and sustainable wire and cable material manufacturing.
However, raw material price instability, global supply chain interruptions, and recycling solutions are issues. Copper and polymer prices affect the wire and cable materials industry. To reduce price volatility, strategic sourcing and supply chain management are needed. Recent global supply chain disruptions have affected material availability and transportation, requiring industry resilience and agility. Effective wire and cable recycling solutions are needed to provide responsible disposal of old cables and reduce environmental impact as sustainability becomes more important.
Wire Cable Voltage Market Highlights:
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
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