The global wires and cables market is poised for significant growth, with an estimated value of USD 211.62 billion in 2023. This market is projected to expand at a Compound Annual Growth Rate (CAGR) of 4.1% from 2024 to 2030.
Key factors driving this growth include rising urbanization and increasing infrastructure development worldwide. These factors have led to a surge in power and energy demand across commercial, industrial, and residential sectors. Additionally, substantial investments in upgrading power transmission and distribution systems, as well as the development of smart grids, are expected to further fuel market growth.
The implementation of smart grid technology addresses the growing need for grid interconnections, resulting in increased investments in new underground and submarine cables. Smart grids, characterized by their integration of controls, automation, computers, and innovative equipment & technologies, offer efficient electricity transmission.
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Installation Segmentation Insights
In 2023, the overhead installation segment held the largest share of the revenue. This method, involving the placement of wires and cables above ground, is the most common worldwide due to its simplicity and affordability. It's particularly favored in less populated countries. Even in regions prone to natural disasters like earthquakes and floods, overhead installation is often chosen.
However, the underground installation segment is projected to experience the fastest growth during the forecast period. Burying cables underground reduces maintenance costs and transmission losses, making it a more efficient and reliable option. The increasing demand from sectors like commercial, residential, automotive, telecom, energy, and power is driving the expansion and modernization of infrastructure, which, in turn, is boosting the demand for wire and cable products. Developing nations like India, China, and Vietnam are investing substantial portions of their GDP in infrastructure development, further fueling this growth.
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