Press Release

The Global Wire and Cable Market is projected to grow from USD 198 billion in 2021 to USD 415 billion by 2030 at a CAGR of 8 % during the forecast period.     

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Rising urbanization and IT infrastructure are driving the global wire and cable market. Industrial, residential, and commercial, energy and power demand have all been affected by the aforementioned factors. Increased investment in power transmission system upgrades, as well as smart grid development, is projected to move the industry forward. To address the increasing need for grid interconnections, smart grid technology has been used, resulting in growing investments in new submarine cables.                                                                                                                                                                                                  

Growing infrastructure and rising construction sector expenditure would boost demand for plastic insulated cables and wires, propelling the market forward over the anticipated period. The market for wire and cable is expected to grow in the future years due to rising demand in industries such as chemical, electric & electronics, cosmetics & personal care, and automotive.

COVID-19 has had a severe influence on businesses all across the world, including the automotive and aviation industries. Manufacturing activities are often regarded as crucial since they fuel the global industrialization of poor economies, and hence have been primarily exempted from the lockdown restrictions. As a result, demand for wires and cables in this industry have remained consistent. COVID-19's spread poses a serious danger to the worldwide industry.

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The power sector is a major user of wires and cables, contributing significantly to market growth. This is clear because governments in various locations are launching new forthcoming power projects to address the demand for electricity. Annual power demand in the United States is expected to rise to 5000 TWh in 2030, according to the World Nuclear Association, due to nuclear reactors producing 807 billion kWh in 2018. As a result, the government has announced intentions to build two reactors by the end of 2021.

Offshore renewable technologies such as offshore wind farms have also grown in popularity. To transmit power, the offshore wind turbines are connected to electrical cables that must be buried in the seafloor. Additionally, subsea umbilical connections are necessary for the ongoing maintenance of these wind turbines. Similarly, floating PV, which is solar PV that is built on water rather than land, has just been developed. Subsea power lines connect the floating PV system, which is installed on a floating platform with an anchoring mechanism in water bodies. The increased usage of renewable energy has resulted in a massive growth of renewable energy infrastructure around the world, resulting in increased demand for wires and cables.

IT services and networking is relying on data centers. Data centers are extremely important for data storage and traffic routing. Data centers are in high demand as a result of the expansion of Big Data, and Big Data is contributing to the exponential growth of qualitative and trustworthy data centers. Cloud storage has become popular among businesses as a way to save money and avoid the burden of operating expensive data centers. The demand for wires and cables will increase as the number of data centers increases, resulting in increased availability, security, and economical connection of IT infrastructure.       

North America is predicted to increase significantly due to rising renewable energy generation and energy efficiency. According to the International Renewable Energy Agency (IRENA), total renewable energy capacity in North America will reach 392,262 megawatts (MW) in 2020, an increase of about 8% year over year.  

Asia Pacific is expected to be the fastest growing market for wires and cables due to China and India are dramatically boosting their investment in transmission and distribution networks. Moreover, the growing demand for renewable energy-generated electricity is a big contributor to the market's expansion. The US Energy Information Administration predicted in September 2019 that by 2050, the Organization for Economic Cooperation and Development (OCED) Asian nations, led by China, will account for more than half of world energy consumption growth.

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KEY INDUSTRY DEVELOPMENTS:     

In May 2021, Prysmian Group announced the launch of its ECO CABLE label. It's the industry's first exclusive green product label, and it'll help utilities and distributors improve their green supply chain and value offer.

In April 2021, Nexans and Siemens Energy collaborated to complete an electrical Type Test of a 525 kV DC gas-insulated switchgear (GIS) sealing end in accordance with CIGRE TB 496. For a 525 kV DC XLPE cables system, Nexans designed a dedicated GIS cable sealing end.

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