Wires And Cables Market Size Worth $260.16 Billion By 2028 | CAGR: 4.4%: Grand View Research, Inc.

SAN FRANCISCO, March 16, 2021 /PRNewswire/ -- The global wires and cables market size is expected to reach USD 260.16 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 4.4% from 2021 to 2028. Wires and cables are one of the essential components of infrastructure development across the world. The growing emphasis on investments and government initiatives to generate power from renewable sources has enforced the adoption of wires and cables across the globe. Increasing funds in the upgradation of infrastructure and the demand for refined power transmission and distribution systems are the key factors driving the market over the forecast period.

Key suggestions from the report:

• The global market accounted for USD 183.14 billion in 2020 and is expected to grow at a CAGR of 4.4% from 2021 to 2028.
• The extra-high voltage segment emerged as the fastest-growing segment over the forecast period.
• Overhead emerged as the largest segment in 2020 and is estimated to generate revenue of over USD 165.17 billion by 2028.
• The Asia Pacific market held the largest share in the market in 2020. Government initiatives such as Make in India and Smart Cities in the region are anticipated to drive the market.
• Key players including Prysmian SpA, Nexans, Belden Inc., LS Cables & System Ltd., Furukawa Electric Co., Ltd., Fujikura Ltd., Sumitomo Corporation, Leoni AG, NKT A/S, among others accounted for the majority share of the overall market in 2020.

Read 120 page research report with ToC on "Wires And Cables Market Size, Share & Trend Analysis Report By Voltage (Low, Medium, High, Extra High), By Installation (Overhead, Underground), By End-use, By Region, And Segment Forecasts, 2021 - 2028'' at: https://www.grandviewresearch.com/industry-analysis/wire-and-cable-market-analysis-market

Infrastructure development, modernization, and upgradation of infrastructure such as railways, tunnels, tunnel-lighting and signaling; commercial, residential, and industrial buildings; and implementation of smart grid technology is expected to drive the global market. Sectors such as defense, aerospace, and telecom are moving towards new infrastructure and construction, which increases the demand for cables and wires across the globe. Technological upgrades require various services, such as internet access and communication. Expansions and upgrades will directly increase the demand for cables such as communication cables, instrumentation cables, Ethernet cables, and others.

The government initiatives in rural electrification also play a vital role in the growth of the overall market. Rural electrification entails actions, including setting electricity infrastructure, improving communication, and providing connectivity to households. Rural electrification is anticipated to drive the demand for wires and cables in the coming years. For instance, according to the Ministry of Power - Government of India, 26.3 million homes below the poverty line have been electrified under the Rural Electrification section of Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY). Smart grids diminish the general cost incurred in traditional systems, including the operational cost encountered due to loss of power. It also lowers the pressure on energy prices and total customer bills. The Indian government, under the "Make in India" campaign, has targeted the installation of 130 million smart meters by 2021 under Smart City Initiatives. The installation was done at the consumer base, where the monthly consumption is above 200 units by 2019. There are various steps taken by the government in other countries, such as the U.S., to encourage the smart grid implementation.

Grand View Research has segmented the global wires and cables market on the basis of voltage, installation, end-use, and region:

• Wires And Cables Voltage Outlook (Revenue, USD Million, 2017 - 2028)
• Low Voltage
• Medium Voltage
• High Voltage
• Extra High Voltage
• Wires And Cables Installation Outlook (Revenue, USD Million, 2017 - 2028)
• Overhead
• Underground
• Wires And Cables End-use Outlook (Revenue, USD Million, 2017 - 2028)
• Aerospace & Defense
• Building & Construction
• Oil & Gas
• Energy & Power
• IT & Telecommunication
• Others
• Wires And Cables Regional Outlook (Revenue, USD Million, 2017 - 2028)
• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• Asia Pacific
• China
• India
• Japan
• South America
• Brazil
• Middle East & Africa

List of Key Players of Wires And Cables Market

• Belden Inc.
• Fujikura Ltd.
• Furukawa Electric Co., Ltd.
• Leoni AG
• LS Cables & System Ltd.
• Nexans
• NKT A/S
• Prysmian SpA
• Sumitomo Corporation

Find more research reports on HVAC & Construction, by Grand View Research:

• High Voltage Cables Market – The global high voltage cables market size was estimated at USD 35.11 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 3.7% from 2020 to 2027.
• North America Wires And Cables Market – The North America wires and cables market size was valued at USD 25.1 billion in 2018 and is estimated to exhibit a CAGR of 4.2% over the forecast period.
• Latin America Low Voltage Cables Market – The Latin America low voltage cables market size was estimated at USD 5.65 billion in 2014.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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