Global Wires and Cables Market size is expected to reach USD 312.51 billion by 2025

Global Wires and Cables Market size is expected to reach USD 312.51 billion by 2025, according to a new report by Radiant Insights, Inc. The market is estimated to witness a healthy CAGR of 6.4% over the forecast years. Increasing urbanization and rapidly growing building infrastructure are the major factors driving the market. These have impacted the energy and power demand in residential, commercial, and industrial sectors. Increased investments in smart grids and upgrading power transmission and distribution systems are expected to drive the market further.

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Wires and cables utilize various raw materials including copper, aluminum, tungsten, alloys, and plastics, such as Polyvinyl Chloride (PVC) and polypropylene (PP). The material costs consist of over 60% of the total cost of the product. The raw materials and work-in-progress cost consume a large portion of the financial resources. Unstable supply and cost of raw materials, due to exploration cost, labor price hikes, relationships between governments and mining companies, will be a burden to cable manufacturers. The manufacturers must either absorb the additional costs, find new ways to handle these expenses, or increase the cost of the end-product. However, increased products costs hamper the overall sales, hindering the market growth.

These factors cause difficulties for companies to procure raw materials needed for the production of cables. Manufacturers must collaborate with suppliers and customers to keep the products, components, and materials in circulation. This will create a chain, where the industry waste can be reused as raw materials. Funding constraints for large investments is also a major factor hindering the global market. To overcome funding issues, the government of India has begun to focus primarily on public-private partnerships with major infrastructure projects.

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Further key findings from the study suggest:

• The wires and cables market accounted for USD 186.09 billion in 2017 and is expected to progress at a CAGR of 6.4% from 2018 to 2025

• Low voltage is expected to emerge as the fastest-growing segment in the coming years

• Overhead installation segment led the market in 2017 and is estimated to expand further over the projected period

• Asia Pacific was the largest regional market in 2017 and is expected to grow further over the coming years. Government initiatives, such as Make in India and Smart Cities, are anticipated to drive the region's growth

• Key companies in the market include Prysmian Group; GE Cables; Nexans S.A.; Southwire Company, LLC; Belden, Inc.; LS Cable & System; The Furukawa Electric Co., Ltd.; Fujikura Ltd; Sumitomo Electric Industries, Ltd.; Leoni AG; and NKT Holding