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 the rapid urbanization and infrastructure development worldwide. These developments have led to increased power and energy demands across commercial, industrial, and residential sectors.
The market is further fueled by substantial investments in upgrading power transmission and distribution systems and the development of smart grids. The implementation of smart grid technology addresses the growing need for grid interconnections, leading to increased investments in new underground and submarine cables.
Smart grids, characterized by their integration of controls, automation, computers, and innovative technologies, offer efficient electricity transmission. As the global population continues to grow, so does the demand for power. Technological advancements in grids are crucial to mitigate the impact of storms, reduce power outages, and expedite service restoration.
Smart grids contribute to various benefits, including efficient renewable power generation, reliable power delivery, reduced carbon emissions, utilization of diverse energy sources, compatibility with smart devices and smart homes, and promotion of electric vehicle adoption.
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Voltage Segmentation Insights
The low voltage segment was the revenue leader in 2023, capturing a 43.5% market share. This dominance is attributed to the widespread use of low voltage cables in various applications, including building wires, LAN cables, appliance wires, and distribution networks. These cables play a crucial role in supporting smart grids, enabling efficient delivery of superior electric supply to end-users.
The global energy and power sector is undergoing rapid transformation. Many developing and developed countries are grappling with increasing electricity demand and are actively integrating large-scale renewable energy sources into their power grids.
High voltage wires and cables, designed for transmitting electricity at voltages exceeding 1,000 volts, are typically coated with paper and oil to ensure safety and prevent direct contact. The quality of high voltage cables hinges on the type of insulation material employed. Strong demand from end-users such as power distribution companies, oil and gas industries, telecom operators, aerospace firms, and defense organizations is a primary driver for the growth of the high voltage cable market over the forecast period.
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