The global wire and cable market size is valued at USD 181.28 billion in 2021.
The market is expected to grow from USD 200.23 billion in 2022 to USD 294.73 billion in 2029, at a CAGR of 5.7% during the forecast period.
The global Covid-19 pandemic is unprecedented and alarming, with demand lower than expected in all regions compared to pre-pandemic levels.
According to our analysis, the global market declined by -8.8% in 2020 compared to 2019.
And lots of wire and cable companies offer jobs in the world for example Universal Networks, Autac Products Limited, HR Go Recruitment Bishop, NanoSun, Rockford Components Limited, Electrix International Ltd, SEB International Ltd, Power Electronic Measurements Ltd, and other companies A wire is a single electrical conductor whereas a group of wires in a bundle is called a cable.
Various cables, such as coaxial cables, are widely used to transmit power and communication signals throughout the industry.
Rising investment in transmission and distribution coupled with growing demand from data center and telecommunication industries will lead to the growth of the wire and cable market over the forecast period.
High cash flow from smart grid projects and upgrades to transmission systems are also expected to boost demand for wire and cable.
The massive investment in smart grids has led to an ever-increasing demand for network connectivity.
Additionally, increased funding for underground cables and advancements in renewable energy have boosted wire and cable adoption.
Plug-in electric vehicles (PEVs) are already available to consumers in various countries to support the transition to low-carbon transportation.
Smart grid systems are designed to have the infrastructure required for effective use of these PEVs.
Increasing production of electric vehicles is a growth opportunity for the market as several countries and other countries including India, China, Europe, and the United States are already adopting and encouraging the production of electric vehicles.
For example, in July 2021, US Public Electric & Gas (PSE&G) partnered with Landis + Gyr to supply and install advanced meters and related infrastructure and technology in New Jersey.
PSE&G will invest $1 billion to help customers improve energy efficiency and $700 million in smart meters and electric vehicle programs.
Wire and Cable Industry
The wire and cable manufacturing industry produces insulated non-ferrous metal wire and cable and optical fiber cables for power transmission and communication.
The industry does not produce non-ferrous wire or bare fiber optic material, but uses wire and fiber produced by companies outside the industry.
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