Wire & Cable Market worth $296.3 billion by 2031 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Sept. 23, 2026 /PRNewswire/ -- According to MarketsandMarkets™, the Wire & Cable Market is projected to reach USD 296.3 billion by 2031 from USD 224.8 billion in 2026, at a CAGR of 5.7%.

Browse 150 market data Tables and 100 Figures spread through 250 Pages and in-depth TOC on "Wire & Cable Market - Global Forecast to 2031"

Wire & Cable Market Size & Forecast:

• Market Size Available for Years: 2022-2031
• 2026 Market Size: USD 224.8 billion
• 2031 Projected Market Size: USD 296.3 billion
• CAGR (2026-2031): 5.7%

Wire & Cable Market Trends & Insights:

• The global wire & cable market is expanding steadily, supported by rising electricity consumption, grid modernization, renewable energy deployment, data-center expansion, and continued investments in telecommunications and transportation infrastructure. Demand is increasingly shifting toward higher-performance cables for power transmission and distribution, offshore wind, solar power projects, electric vehicles, charging infrastructure, and high-speed data networks. Grid replacement and expansion programs in developed economies, alongside rapid urbanization, industrialization, and electrification initiatives across Asia Pacific, the Middle East, and Latin America, are creating sustained demand for low-, medium-, and high-voltage cables. The growth of renewable generation is also increasing requirements for subsea, underground, and specialized power cables to connect decentralized generation assets with transmission networks. Meanwhile, data centers, 5G deployment, fiber-optic networks, and industrial automation are supporting demand for communication and control cables.
• Asia Pacific is projected to grow at the highest CAGR of 6.5% during the forecast period.
• By product type, electronic wires segment dominated the global wire & cable market with a share of 30.3% in 2025.
• By conductor, the copper segment accounts for largest share in the global wire & cable market.
• By insulation, PVC held the largest share in the global wire & cable market, in terms of value, in 2025.
• By voltage, the low-voltage segment dominated the global wire & cable market in 2025.
• By installation, the underground segment accounted for the largest share in the wire & cable market in 2025.
• By end-use industry, the energy & power segment held the largest share of 33.2% in 2025.
• Prysmian, Nexans, Fujikura Ltd., Furukawa Electric Co., Ltd., and LS Cable and System are star players in the wire & cable market, given their broad industry coverage and strong operational & financial strength.
• Tratos Group, Hubbell, TT Cables, Studer Cables AG, and Brugg Cables have distinguished themselves from startups and SMEs due to their well-developed marketing channels and extensive funding to build their product portfolios.

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The global wire & cable market is entering a new phase as demand shifts from conventional construction-led consumption toward infrastructure-intensive applications such as grid reinforcement, renewable power evacuation, electric mobility, data centers, and industrial electrification. The rapid expansion of AI and hyperscale data centers is creating new requirements for both power-distribution and high-speed connectivity cables, while rising electricity consumption is increasing the need for transmission and distribution networks. At the same time, manufacturers are responding to copper and aluminum price volatility, supply-chain constraints, tariffs, and regional localization initiatives by expanding production capacity and strengthening sourcing networks. These developments are encouraging greater adoption of higher-voltage, energy-efficient, fire-performance, and application-specific cable solutions, positioning the market for sustained growth as electrification and digital infrastructure investment accelerate globally.

"By voltage, the low-voltage segment is projected to exhibit the highest CAGR during the forecast period."

Low-voltage cables are expected to register the highest CAGR in the wire & cable industry, supported by the rapid expansion of residential, commercial, and light industrial electrical networks. Rising construction of smart buildings, data centers, retail facilities, and distributed energy systems is increasing demand for cables used in power distribution, lighting, control, and connectivity applications. The growing installation of rooftop solar systems, EV charging infrastructure, and building automation equipment is further creating demand for low-voltage cabling. In emerging economies, electrification initiatives and upgrades to aging building infrastructure are expanding the addressable market for these cables. 

"By installation, the underground segment is projected to exhibit the highest CAGR during the forecast period."

Underground installation is projected to register the highest CAGR in the wire & cable market as utilities and infrastructure developers increasingly shift power distribution networks below ground to improve system reliability and reduce exposure to weather-related disruptions. Rapid urbanization is also creating demand for space-efficient electricity networks, particularly in densely populated areas where overhead lines face land, safety, and aesthetic constraints. Investments in underground transmission and distribution infrastructure, grid modernization, renewable power evacuation, and electric vehicle charging networks are further expanding the requirement for underground cables. The replacement of aging overhead networks and government initiatives to improve grid resilience are further expected to accelerate underground cable deployment during the forecast period.

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"By end-use industry, the automotive segment is expected to witness the highest CAGR over the forecast period."

The automotive industry is expected to register the highest CAGR in the wire & cable market, driven by the increasing electrical content in modern vehicles and the transition toward electric and hybrid powertrains. EVs require extensive high-voltage cables, battery interconnections, charging systems, and lightweight wiring harnesses, creating demand for specialized cables with enhanced thermal resistance and electrical insulation. The integration of advanced driver assistance systems (ADAS), infotainment, autonomous driving technologies, and connected vehicle features is further increasing the volume and complexity of automotive wiring. Additionally, vehicle manufacturers are adopting zonal electrical architectures and high-speed data cables to improve power distribution and reduce wiring weight, supporting sustained market growth.

"By region, the Asia Pacific region is expected to witness the highest CAGR over the forecast period."

Asia Pacific is projected to register the highest CAGR in the wire & cable market due to the rapid expansion of data centers, telecommunications networks, and 5G infrastructure across countries such as China, India, and Southeast Asian economies. The region is also witnessing significant investments in semiconductor manufacturing, renewable energy generation, electric mobility, and railway electrification, creating new requirements for specialized power and communication cables. Rising urbanization and the development of smart cities are further driving demand for low-voltage, medium-voltage, and high-voltage cables in residential, commercial, and industrial applications. Additionally, the presence of major cable manufacturers and expanding domestic production capabilities is strengthening regional supply chains and supporting faster market penetration. 

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Key Players

Prominent wire & cable companies include Prysmian (Italy), Belden Inc. (US), Fujikura Ltd. (Japan), Furukawa Electric Co., Ltd. (Japan), Nexans (France), Emerson Electric Co. (US), Hellenic Cables (Greece), KEI Industries (India), Sumitomo Electric Industries, Ltd. (Japan), NKT A/S (Denmark), Finolex Cables Ltd. (India), Helukabel (Germany), and LS Cable and System (South Korea) and others.

Investment Funding

The global wire & cable market is attracting significant investment toward expanding cable manufacturing capacity, strengthening copper supply, and supporting grid electrification and energy-transition infrastructure. In September 2025, the European Investment Bank (EIB) provided Nexans with EUR 250 million (USD 289.8 million) in financing to support its research, development, and industrial investment program for 2024–2029. The financing includes a EUR 190 million (USD 220.2 million) InvestEU-backed loan and a EUR 60 million (USD 69.6 million) loan, supporting projects across Nexans' high-, medium-, and low-voltage cable activities.

The funding supports the construction of a new facility in Lens, France, which is expected to increase copper wire production by more than 50% and enable recycling of up to 80,000 tonnes of copper annually, alongside capacity expansion for low-carbon medium-voltage cables and offshore wind and submarine interconnection applications. Separately, Prysmian announced a USD 500 million investment in its Encore Wire campus in McKinney, Texas, including a new 650,000+ sq. ft. medium-voltage cable manufacturing facility expected to be operational in 2027. These investments indicate that capital is increasingly being directed toward manufacturing capacity expansion, medium- and high-voltage cable production, copper recycling, and infrastructure supporting grid modernization and electrification.

Revenue Shift

The wire & cable market is expanding as demand shifts toward higher-performance, reliable, and application-specific cable solutions across power transmission and distribution, building & construction, industrial, telecommunications, and other applications. The market is projected to increase from USD 212.6 billion in 2025 to USD 296.3 billion by 2031, at a CAGR of 5.7% from 2026 to 2031, supported by grid modernization, rising electricity demand, renewable energy integration, data center expansion, and infrastructure development. Wire & cable products are gaining adoption because they enable efficient power transmission, connectivity, and reliable electrical and communication networks across residential, commercial, industrial, and utility applications. Conventional cable systems face increasing competition from advanced solutions offering higher voltage ratings, improved thermal and fire performance, greater energy efficiency, enhanced durability, and application-specific designs for modern power and connectivity infrastructure.

Mergers and Acquisitions

Mergers and acquisitions in the wire & cable market remained active, with major players focusing on geographic expansion, cable manufacturing capacity, and connectivity solutions. In April 2026, Nexans agreed to acquire Republic Wire for approximately USD 791 million, strengthening its US low-voltage wire business and North American footprint. In August 2026, Prysmian agreed to acquire Atkore for approximately USD 3.8 billion, expanding its US electrical infrastructure portfolio. Prysmian also acquired Channell Commercial for up to USD 1.15 billion in 2025 and Encore Wire for USD 4.79 billion in 2024, strengthening its connectivity and North American wire and cable capabilities.

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