Global Wires and Cables Market By Installation Type (Overhead and Underground), By Voltage (Low Voltage, Medium Voltage, High Voltage and Extra High Voltage), By End User (Energy & Power, IT & Telecommunication, Building & Construction, Aerospace & Defense, Oil & Gas and Others), By Region, Industry Analysis and Forecast, 2020 - 2026

Market Report Description

The Global Wires and Cables Market size is expected to reach $250.8 billion by 2026, rising at a market growth of 5.4% CAGR during the forecast period. A smart grid basically refers to an electric grid that involves automation, controls, innovative tools & technologies, & computers that work together and provide more efficient electricity transmission. The timely supply of electricity is really beneficial in the effective functioning of the entire world. With the increasing population, the demand for power is also increasing. Technological developments in grids play an essential role in order to decrease the frequency and the time of impact by storms, power outages and replace service faster after outages. Smart grids facilitate the production of efficient renewable power, reliable power, decreasing carbon print, utilizing a combination of energy sources, functioning with smart gadgets & smart homes, and boosting the usage of e-vehicles.

Factors like growing urbanization & increasing infrastructure around the globe are fueling the growth of the market. The above-mentioned factors have affected the power & energy demand in industrial, commercial, and residential domains. The growth of the market is driven by the rising investments in the enhancement of the power transmission & distribution systems and the evolution of smart grids. The application of smart-grid technology has fulfilled the growing requirements for grid interconnections; hence it resulted in increasing investments in the latest underground & submarine cables.

Installation Type Outlook

Based on Installation Type, the market is segmented into Overhead and Underground. The underground installation segment would showcase the highest grow rate during the forecast period. This type of installation reduces the cost of maintenance, causes lower transmission losses, and thus, easily helps in the power loads. Various industries like residential, commercial, telecom, automotive, and power & energy are demanding more expansion in the upgrading infrastructure, which is expected to drive the growth of the wire and cables market. Many developing regions like China, Vietnam, India, amongst others are allocating a significant amount of their GDP to infrastructure development.

Voltage Outlook

Based on Voltage, the market is segmented into Low Voltage, Medium Voltage, High Voltage and Extra High Voltage. The low voltage category witnessed the highest revenue share in 2019. It is due to the high utilization of low voltage cables in LAN cables, building wires, distribution networks, appliance wires, and others. Low voltage wires and cables reinforce the smart grids in providing high electric supplies and deliver an enhanced provision of electric supply for the consumers.

End User Outlook

Based on End User, the market is segmented into Energy & Power, IT & Telecommunication, Building & Construction, Aerospace & Defense, Oil & Gas and Others. Building and construction market segment is anticipated to grow at a significant CAGR during the forecast period. In addition, restoration in aging commercial, residential, industrial buildings and new construction around the world is expected to drive the growth of the market. The developing regions like Africa, South America, Asia-Pacific, and the Middle East, are investing more in developing more advanced infrastructure like constructing rail tunnels, railway signals, and expansion in power generation & distribution.

Wires and Cables Market Report Coverage

Report Attribute	Details
Market size value in 2019	USD 185.4 Billion
Market size forecast in 2026	USD 250.8 Billion
Base Year	2019
Historical Period	2016 to 2018
Forecast Period	2020 to 2026
Revenue Growth Rate	CAGR of 5.4% from 2020 to 2026
Number of Pages	241
Number of Tables	384
Report coverage	Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling, Competitive Landscape
Segments covered	Installation Type, Voltage, End User, Region
Country scope	US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Growth Drivers	Usage of smart grid technology Increasing consumption of electricity
Restraints	The high cost of raw material in the manufacturing of wires and cables

Free Valuable Insights: Global Wires and Cables Market to reach a market size of $250.8 billion by 2026

KBV Cardinal Matrix - Wires and Cables Market Competition Analysis

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Region-wise, Asia-Pacific recorded the largest market size in 2019. The demand for wires and cables is anticipated to be constant in North America; although, the European region is anticipated to rise during the forecast period due to various initiatives. Additionally, North America has witnessed a huge rise in data consumption that resulted in investments by major telecommunication players like AT&T and Verizon in fiber networks. The Asia-Pacific region is expected to grow at a high CAGR during the forecast period owing to the increasing demand for power, light, and communication.

The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Prysmian Group and Furukawa Electric Co., Ltd. are the forerunners in the Wires and Cables Market. Companies such as Southwire Company, LLC, Belden, Inc., Nexans SA, and LS Cable & System Ltd. are some of the key innovators in the market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include LS Cable & System Ltd., Prysmian Group, Nexans SA, LEONI Group, Furukawa Electric Co., Ltd., Belden, Inc., Encore Wire Corporation, Fujikura Ltd., KEI Industries Limited, and Southwire Company, LLC.

Recent Strategies Deployed in Wires and Cables Market

» Partnerships, Collaborations, and Agreements:

• Dec-2020: PPC Broadband, a Belden brand came into partnership with Amphenol Corporation, a major producer of electronic and fiber optic connectors, cable, and interconnect systems. Under this partnership, the companies included a variety of home networking inventions and make MoCA and other solutions widely available for system operators around the world.
• Nov-2020: LS Cable & System came into a 5-year agreement with Ørsted, a Danish multinational power company. Together, the companies focused on supplying high voltage export cables for offshore wind farms.
• Jun-2020: Nexans came into a contract with AMSC, an American energy technologies company. The companies manufacture a cable for the Resilient Electric Grid (REG) project in Chicago. The cable along with a special jointing system has been deployed in a Commonwealth Edison (ComEd) substation.
• Jun-2020: Nexans received a contract from SSE Renewables, a renewable energy subsidiary of SSE PLC. In this contract, the company is developing, manufacturing, and installing the high voltage (HV) onshore and offshore export cables for the Phase 1 development of the Seagreen offshore wind farm project. The factory of Nexans in Charleston supplies the three 65 km offshore export cables. This factory expanded the manufacturing of HV subsea power cables and currently it is the only facility having that capability in North America. The three 20 km onshore export cables have been manufactured for the project at Nexans’ factory in Charleroi, Belgium.
• Dec-2019: Nexans signed an agreement with offshore wind developers, Ørsted and Eversource Energy. Under this agreement, Nexans is delivering its export cabling up to 1,000km to Ørsted’s potential offshore wind projects off the US east coast. Nexans expected the first order to be delivered in 2022 and the framework deal stretches to 2027.
• Nov-2019: Nexans extended its partnership with Vestas, the industry's global partner on sustainable energy solutions. Under this expansion, Windlink medium voltage (MV) and low voltage (LV) cable kits were implemented inside Vestas onshore wind turbines in Europe, the US, and China.
• Nov-2019: Nexans came into a two-year contract with Siemens Gamesa Renewable Energy. In this contract, Nexans supplies Windlink cables for its onshore and offshore wind turbines.
• Oct-2019: Belden extended its 10-year partnership agreement with Omni Cable Corporation, a PA-based distributor of wire and cable, electrical products, and value-added services. Under this expansion, the companies are working together to share their values. Earlier, Belden has positively impacted Omni's growth and product offering and Omni Cable offered a reliable, consistent source of Belden products to customers.
• Jan-2019: Prysmian entered into a contract with SP Power Assets Limited, a utility service provider. The contract aimed for designing, supplying, installing, and commissioning two high-voltage power cable systems to link the Rangoon and Paya Lebar substations in Singapore. The EPCI type contract highlighted the company’s ability to deliver a comprehensive package of services and to offer a complete cable system solution which includes installation in a 50-m deep tunnel in water-cooled troughs and supply of auxiliary cables, fiber optic cable, and DTS for distributed temperature sensing of power cables.

» Acquisition and Mergers:

• Jan-2021: Belden signed an agreement to acquire OTN Systems N.V., a leading provider of automation networking infrastructure solutions. The acquisition will support Belden’s core strategic priorities regarding the increasing demand for industrial automation by introducing proprietary technology and mission-critical hardware and software products for a better and complete end-to-end solution.
• Dec-2020: Southwire took over American Elite Molding, a manufacturer of nylon cable ties. Under this acquisition, AEM’s prevailing product line integrated with Southwire’s Components Solutions platform, by adding products like releasable ties, EZ-Off ties, and HVAC duct straps to Southwire’s selection.
• Nov-2020: Furukawa Electric Co. acquired the Atlanta-based Optical Fiber Solutions (OFS) business of Lucent Technologies. Furukawa is also planning to form a joint venture with CommScope Inc., the nation's largest coaxial cable manufacturer. CommScope will have approximately a 50 percent stake in the joint venture that will be classified into a fiber-only unit and a separate fiber-cable business.
• Jul-2020: Southwire acquired Madison Electric Products LLC of Solon, a manufacturer of high-quality, electrical components and accessories. The acquisition helped Southwire to add Madison Electric Products to its product line and to better serve its customers with its ever-evolving line of solutions aimed at professionals.
• Jan-2020: Encore Wire announced the merger of SMTM and McCreary Sales, two Texas-based representative agencies. The merger boosted Encore Wire’s growth across their home state of Texas and also expanded the geographical footprints of McCreary Sales in east and central Texas, along with north and west Texas, New Mexico, and Oklahoma.
• Jun-2018: Prysmian completed the acquisition of General Cable, an American multinational cable manufacturing company. The acquisition expanded Prysmian's cable portfolio.
• Oct-2017: Southwire Company announced the acquisition of DCN Cables, a leader in manufacturing power whips for mission-critical facilities. In this acquisition, Southwire added DCN cables to offer a 24-hour turn around and an expansive, customized offering of receptacles, color choices, and variable cable lengths made to deal with specific customer requirements. With the acquisition, Southwire aimed to better serve their customers in the data center space by the experience, focus, expertise, and efforts put forth by their new employees in Youngsville.

» Product Launches and Product Expansion:

• Nov-2020: Nexans introduced Nexans Aurora at Ulstein Verft. The 149.9 m long and 31 m wide vessel work in the offshore renewables market, implementing subsea cables which include cables connecting offshore wind farms to the grid and interconnector systems.
• Aug-2020: Belden Inc. launched a new CAT 6A cable named 10GXW Cable. The company claims it to be the market’s smallest-diameter Category 6A cable that supports multi-gigabit connectivity. 10GXW Cables have been mainly introduced to provide reliable connectivity infrastructure solutions optimized for smart buildings.
• Jul-2020: LS Cable & System introduced SimpleWide, a local area network cable that sends data and power till 200 meters at the same time. The cable doubled the limit of prevailing LAN cables in the market which only transmits data till 100 meters.
• May-2020: Furukawa Electric launched Rakuraku Cable, a high-performance low-voltage CV cable with an aluminum conductor. Along with that, the company also launched the Rakuraku Cable System, a series of products that included a terminal block, special terminals, and a special tool, all for uses with Rakuraku Cable.
• May-2020: Prysmian launched the world’s first commercially available 180µm fiber cable. This cable is marketed under the brand of Sirocco Extreme microduct cable. These Prysmian’s Sirocco Extreme cable has 6.5mm of diameter with 288 fibers.
• Jul-2019: Prysmian launched two new 525 Kv extruded land cable systems, one qualified with P-Laser and the second with XLPE insulation. These land cable systems were developed at a high voltage level and with huge conductor cross-sections to offer optimal technical solutions for long-distance high power transmission with reduced use of land.

» Geographical Expansions:

• Jan-2021: LS Cable & System announced the completion of the construction of its first African cable plant in Egypt. The company also entered into a contract with the Egyptian Electricity Transmission Company to deliver cables for the latest power grids being made for new towns and started mass-production with the completion of the new plant soon.
• Oct-2020: LS Cable & System expanded the production capacity of its Indian subsidiary, LS Cable & System India (LSCI), by establishing a new plant on its premise. The company is also supplying its products to Airtel, Reliance Jio, and Vodafone by Samsung Electronics and Ericsson in India. The company witnessed a 20 percent market share in the Indian market.
• May-2019: LEONI expanded its geographical footprints with the inauguration of its building at its facility in Kitchener, Canada. The expansion aimed to support the manufacturing of specialty cable and interconnect systems for non-automotive industries and the release of new intONE product line.

Scope of the Study

Market Segments Covered in the Report:

By Installation Type

• Overhead
• Underground

By Voltage

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

By End User

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

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

• LS Cable & System Ltd.
• Prysmian Group
• Nexans SA
• LEONI Group
• Furukawa Electric Co., Ltd.
• Belden, Inc.
• Encore Wire Corporation
• Fujikura Ltd.
• KEI Industries Limited
• Southwire Company, LLC