The global wires and cables market size was estimated at USD 211.62 billion in 2023 and is projected to reach USD 281.64 billion by 2030, growing at a CAGR of 4.1% from 2024 to 2030. The market growth is primarily driven by increasing urbanization and rapid infrastructure development across the world. These factors have significantly influenced the demand for power and energy across commercial, industrial, and residential sectors.

Rising investments in modernizing power transmission and distribution systems, along with the expansion of smart grids, are anticipated to further fuel market growth. The deployment of smart grid technology has enhanced the need for grid interconnections, thereby driving the demand for new underground and submarine cables.

A smart grid is an advanced electricity network that integrates controls, automation, computing, and innovative equipment to ensure efficient electricity transmission and distribution. Since global operations rely heavily on a stable and timely power supply, maintaining the efficiency of electrical networks is crucial. Moreover, the growing global population continues to increase power consumption, emphasizing the need for advanced grid technologies.

Technological innovations in smart grids play a vital role in minimizing the frequency and duration of power outages, mitigating storm-related impacts, and enabling quicker restoration of services. Additionally, smart grids support the generation of efficient and renewable power, promote the use of mixed energy sources, and help reduce carbon footprints. They also integrate seamlessly with smart devices, smart homes, and electric vehicles, ultimately contributing to a more sustainable and resilient power infrastructure.

Key Market Trends & Insights:

• The Asia Pacific region dominated the global wires and cables market, accounting for a revenue share of 37.6% in 2023. This dominance can be attributed to rapid industrialization, extensive urban development projects, and growing investments in power generation and transmission infrastructure across countries such as China, India, Japan, and South Korea. The region’s strong focus on expanding renewable energy capacity and upgrading existing grid infrastructure has also significantly contributed to its leading position in the global market.

• Based on voltage, the low voltage segment held the largest revenue share of 43.5% in 2023. This segment’s growth is primarily driven by its widespread application in residential, commercial, and industrial sectors for lighting, wiring, and power distribution. The increasing adoption of low voltage cables in smart homes, electric vehicles, and communication systems has further reinforced its market dominance.

• In terms of installation, the overhead installation segment accounted for the largest revenue share in 2023. Overhead installations remain the most preferred method due to their cost-effectiveness, ease of installation, and convenience in maintenance and repairs. These systems are widely utilized in rural and semi-urban regions for efficient electricity distribution.

• By end-use, the energy and power segment emerged as the largest revenue contributor in 2023. The rising global demand for electricity, coupled with large-scale projects aimed at expanding power transmission and distribution networks, has driven the demand for wires and cables in this segment. Additionally, ongoing efforts to integrate renewable energy sources into existing grids have further boosted market growth within the energy and power sector.

Order a free sample PDF of the Wires And Cables Market Intelligence Study, published by Grand View Research.

Market Size & Forecast:

• 2023 Market Size: USD 211.62 Billion

• 2030 Projected Market Size: USD 281.64 Billion

• CAGR (2024-2030): 4.1%

• Asia Pacific: Largest market in 2023

Key Companies & Market Share Insights:

The global wires and cables market is highly competitive and concentrated, with the top three companies contributing to a significant portion of total revenue in 2023. Leading players such as Belden Inc., Nexans, and Fujikura Ltd. dominate the market through their extensive product portfolios, global presence, and technological expertise. These companies are continuously focusing on expanding their customer base and strengthening their market position to gain a competitive advantage.

To achieve this, key players are actively engaging in various strategic initiatives, including partnerships, mergers and acquisitions, collaborations, and new product or technology developments. Such efforts are aimed at improving product innovation, broadening geographical reach, and enhancing operational capabilities.

For instance, in July 2024, Prysmian S.p.A. completed the acquisition of Encore Wire Corporation, a U.S.-based cable manufacturer. This strategic move strengthened Prysmian’s presence in North America and positioned the combined entity to support the region’s ongoing electrification and digital transformation efforts. The acquisition also enables the company to contribute to the expansion of data centers and the modernization of power grid infrastructure.

Furthermore, strategic initiatives by prominent market players have significantly contributed to overall industry growth. In April 2023, Nexans acquired Reka Cables, a company that manufactures high, medium, and low-voltage cables for building applications, power distribution, and onshore wind projects. This acquisition allowed Nexans to integrate Reka Cables’ specialized expertise, enhancing its capability to deliver innovative, sustainable, and reliable cable solutions across the Nordic region. Such moves highlight the growing emphasis on innovation, sustainability, and regional expansion within the wires and cables market.

Key Players

• Belden Inc.

• Encore Wire Corporation

• Finolex Cables.

• Fujikura Ltd.

• Furukawa Electric Co., Ltd.

• KEI Industries Limited.

• LEONI AG

• LS Cable & System Ltd.

• Nexans

• NKT A/S

• Prysmian S.p.A

• Sumitomo Corporation

• Southwire Company, LLC

• Amphenol TPC.

• American Wire Group

• CommScope, Inc.

• CommScope, Inc.

• Shanghai Shenghua Cable (Group) Co., Ltd.

• TE Connectivity

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

Conclusion:

The wires & cables market is set to continue moderate growth driven by urbanisation and infrastructure development worldwide. Investments in power transmission, smart grid upgrades and renewable-energy projects are supporting demand, while regions with large infrastructure expansion are expected to dominate.