Wires And Cables Market is expected to reach USD 232.6 billion by 2019 - 2025

Wires And Cables Market is expected to
reach USD 232.6 billion by 2019 - 2025
“Wires And Cables Market Size, Share & Trends
Analysis Report By Voltage (Low, Medium, High,
Extra-High), By Installation (Overhead,
Underground), By End Use, And Segment Forecasts,
2019 - 2025.”
The global wires and cables market is expected to reach USD 232.6 billion by 2025. It is
anticipated to expand at a CAGR of 4.9% during the forecast period. Increasing funds for upgrading
infrastructure coupled with the demand for refined power transmission and distribution systems are
expected to be the key factors driving the growth. Increasing investments in smart grids and
renewable energy generation are the other factors driving the overall market. Various types of
cables are used for several applications based on their voltage, resistance and flexibility such as
Poly Vinyl Chloride (PVC) cables are mostly used in food industry owing to their mechanical strength
and resistance. Rising economic activity and rapid urbanization in emerging economies will lead to
industrial growth. Sectors such as telecom and aerospace and defense are moving towards new
infrastructure and construction, driving the demand for wires and cables used in construction
activities. Technological upgrades require various services such as communication and internet
access. Expansions and upgrades in these will directly boost the demand for communication cables,
instrumentation cables, and Ethernet cables among others.
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Government initiatives in rural electrification also play a vital role in the growth of the wires and
cables market. Rural electrification involves major actions such as improved communication, setting
electricity infrastructure, and providing connectivity to households. Rural electrification is expected
to drive the product demand in the forthcoming years. For instance, according to the Ministry of
Power-Government of India, 26.3 million homes below poverty line in the country have been
electrified under the Rural Electrification section of Deen Dayal Upadhyaya Gram Jyoti Yojana
(DDUGJY). Smart grids diminish the general cost incurred in traditional including operational cost
incurred due to loss of power and it lowers the pressure on energy prices and total customer bills.
Indian government under the "Make in India" campaign has targeted installation of 130 million
smart meters by 2021 under Smart City Initiatives. In addition, the installation will be 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 U.S. to encourage the implementation of
smart grid.
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Further key findings from the report suggest:
Low voltage emerged as the fastest growing segment over the forecast period
Overhead emerged as the largest segment in 2018 and is estimated to generate revenue of
over USD 148.21 billion by 2025
Asia Pacific held the largest share of the wires and cables market in 2018. Government
initiatives such as Make in India, Smart Cities, and Sansad Adarsha Gram Yojana in the
region are anticipated to drive the growth
Key players include Prysmian S.p.A; Nexans; Belden Inc.; LS Cables & System Ltd.;
Furukawa Electric Co., Ltd.; Fujikura Ltd.; Sumitomo Corporation; Leoni AG; and NKT A/S;
among others accounted for the majority market share in 2018.
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