Wires And Cables Market Significant Profits Estimated to be Generated by 2030: Grand View Research Inc.

 Wires And Cables Market Growth & Trends

The global wires and cables market size is expected to reach USD 281.64 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to attain a CAGR of 4.2% from 2023 to 2030. 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 in the forecast period.

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.

Wires And Cables Market Report Scope 

Report Attribute	Details
Market size value in 2023	USD 211.62 billion
Revenue forecast in 2030	USD 281.64 billion
Growth rate	CAGR of 4.2% from 2023 to 2030
Base year for estimation	2022
Historical data	2017 - 2021
Forecast period	2023 - 2030

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, improved 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, had targeted the installation of 130 million smart meters in 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's implementation.

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Wires And Cables Market Report Highlights

• The global market accounted for USD 202.05 billion in 2022 and is expected to attain a CAGR of 4.2% from 2023 to 2030. 
• The extra-high voltage segment emerged as the fastest-growing segment over the forecast period. 
• Overhead emerged as the largest segment in 2022 and is estimated to generate revenue of over USD 178.35 billion by 2030. 
• The Asia Pacific market held the largest share in the market in 2022. government initiatives such as Make in India, Smart Cities in the region are anticipated to drive the market.

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Wires And Cables Market Segmentation

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

Wires And Cables Voltage Outlook (Revenue, USD Billion, 2017 - 2030)

• Low Voltage
• Medium Voltage
• High Voltage
• Extra High Voltage

Wires And Cables Installation Outlook (Revenue, USD Billion, 2017 - 2030)

• Overhead
• Underground 

Wires And Cables End-use Outlook (Revenue, USD Billion, 2017 - 2030)

• Aerospace & Defense
• Building & Construction
• Oil & Gas
• Energy & Power
• IT & Telecommunication
• Others

Wires And Cables Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • UK.
  • Germany
• Asia Pacific
  • China
  • India
  • Japan
• South America
  • Brazil
• Middle East & Africa

List of Key Players in Wires And Cables Market

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

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.