The global wire and cable market is slated to expand at a substantial rate through 2030 owing to increasing investments in better infrastructure across the globe. Additionally, prevailing need for uninterrupted power supply is likely to further drive market growth over the forecast timeline.
Recently, industry players have been working towards advancing infrastructural development, which has been favorable for industry growth. For instance, in February 2020, Riyadh Cables, a global leading cable producer, created opportunities in the power transmission and distribution market by investing in major testing and production facilities for Extra High Voltage cable systems. Riyadh Cables and Brugg Cables inked a technology transfer agreement to begin the production of two new 400 kV EHV cable systems that meet the requirement of Riyadh Cables' client Saudi Electricity Company.
The wire and cable market has been segmented on the basis of product, voltage, application, and region. Based on product, the industry has been divided into fiber optics cables, coaxial cables/electronic wires, power cables, telecom & data cables, and signal & control cable.
The fiber optics cables segment is expected to expand substantially through the forecast period due to increased consumer demand for Wi-Fi broadband as well as mobile internet data. The telecom & data cables segment is set to grow steadily through 2030 on account of increasing investments across the communication infrastructure.
With respect to voltage, the wire and cable market has been classified into low, medium, and high. The medium segment is anticipated to witness significant deployment over the forthcoming years because of its wide usage in the industrial, commercial, railway, and utility sectors.
With regards to application, the wire and cable market has been categorized into automotive, food & beverages, material handling/logistics, utilities, entertainment/leisure, railways, building infrastructure, consumer electronics, and others. The food & beverages segment is expected to showcase sturdy development through 2030 supported by rising electricity demand and soaring need for uninterrupted power supply.
The automotive segment is projected to grow at a steady pace by 2030 because of the paradigm shift towards the adoption of sustainable and clean source vehicles. The wire and cable market share from the material handling/logistics segment is slated to witness robust expansion over the forecast timeframe owing to rising construction activities and projects.
Furthermore, the entertainment/leisure segment is estimated to develop at an exponential rate over the study timeframe driven by technological advancements and the expansion of the tourism sector. The railways segment is expected to grow at a moderate rate through 2030 on account of enhancement and re-establishment of traditional rail networks with secure and sustainable technologies.
The consumer electronics segment is speculated to expand significantly through 2030 owing to increasing disposable income and improved living standards. The others segment is set to witness a significant CAGR of around 7% over the review timeline.
From the regional perspective, the Middle East & Africa wire and cable market is set to record a substantial growth rate by 2030 due to the escalating demand for reliable and long-lasting electricity infrastructure. Meanwhile, the Latin America wire and cable industry is projected to witness considerable growth over the assessment timeline owing to mounting government inclination towards strengthening the downstream sector, along with prominent economic development in LATAM.