Industrial Wire Market Size, Share, Growth, Global Industry Analysis, By Type (Copper, Aluminium, Fiber Optic, and Others) By Application (IT and Telecom, Energy and Utility, Construction (Residential and Commercial), Manufacturing, and Others), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

INDUSTRIAL WIRE MARKET REPORT OVERVIEW

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The global industrial wire market size was USD 1,03,600 million in 2019 and is projected to touch USD 275750.64 million by 2031, exhibiting a CAGR of 8.5% during the forecast period. 

Industrial cables consist of more than one electrical conductor working in a row and merged, warped, or intertwined together with an overall covering. These cables are mainly used to transmit electrical power. One end of the wire can be attached to two devices, allowing the transmission of electrical signals from one end to the other. Although electrical cables are in demand globally, industrial cables are becoming more popular in increasing sales prospects for contributors in the global market. To attain higher security, industrial wiring systems are mostly prepared from numerous kinds of cabling materials.

The rapidly expanding communication industry combined with rising investments in the transmission of electric power, increasing demand from data units, and telecom sector is anticipated to drive the market forward. Increasing demand for high-speed Internet and emphasis on good quality telecommunication structures is anticipated to boost opportunities in the global market. Moreover, the increasing demand for wire materials in communications, building & construction, and automotive sectors globally is anticipated to drive the industrial wire market. 

COVID-19 Impact: Supply Chain Disruption to Hamper Market Growth  

The global COVID-19 pandemic has been unprecedented and staggering, with explosion panels experiencing lower-than-anticipated/higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the industrial wire market growth and demand returning to pre-pandemic levels once the pandemic is over.

The outburst of the COVID-19 pandemic is anticipated to have a robust impact on the overall progress of the global industrial wire market. COVID-19 has adversely affected the demand across the globe owing to reduction in demand from various end-use sectors. The market will develop at a slow rate owing to least industrial activity in numerous regions, supply chain obstructions, and limitations on transportation. The COVID-19 epidemic affected the market considerably, builders were required to keep production on hold. The global lockdown forced builders to function on compact capacities. The shutting of the automotive sector, low demand from various end-use sectors, and postponement in construction plans, the global industrial wire market is anticipated to grow at a slow pace.

LATEST TRENDS

"Introduction of Cable Reels to Thrust Market Expansion"

Industrial cable reels are coverable automatic reels, which allow easy and harmless processes in manufacturing applications. They are also called as heavy duty cable reels and it provides power or transporting solutions in an industrial application. They are available in several types such as hand wind or manual industrial cable reels, powered industrial cable reels, and spring driven industrial cable reels. It could be wall, ceiling, or bench mounted, and are extensively accepted in industrial applications such food and beverages, wastewater treatment, construction, and power distribution, for distributing fluid or power to static or transportable tools. Such innovations are expected to pose an opportunity in the forecast period. 

INDUSTRIAL WIRE MARKET SEGMENTATION

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• By Type

According to type; the market is divided into Copper, Aluminium, Fiber Optic, and Others. 

Fiber optic holds the largest part in the type segment and it is expected to dominate the market. Optical fiber cable is anticipated to consume high demand due to its benefits that contain resistance to electromagnetic intrusion, low security risk, low power loss, and high bandwidth in long distance communication. Prominent growth in the communication technology has prompted the necessity for high performance data and communication applications. 

• By Application

Based on the application; the market is divided into IT and Telecom, Energy and Utility, Construction (Residential and Commercial), Manufacturing, and Others.

Construction segment projected to observe the maximum growth level. The increasing population, high prices of raw material used in construction and development in the emerging regions are the major factors over the thriving growth of the market. Moreover, increasing urbanization with rising application of smart home devices generates the requirement for consistent cable technology.

DRIVING FACTORS

"Increasing Applications in Construction Sector to Support Market Growth"

The construction sector has observed significant growths with growing importance on sustainable improvement and green construction methods, new technologies, and innovations are progressively achieveing a existence in the current construction sector. The increasing number of construction plans has observed a major spike and the demand for industrial wire has increased. The electrical sector that works through the construction sector has also improved over the past few years owing to which, new materials have entered the market. This factor is set to impact the growth of the global industrial wire market during the forecast period.

"Rising  Investments through Government to Drive Demand "

The global industrial wire market growth is owed to the progress in renewable power generation,  increasing investments in metro railways, and expansion and revamping of Transmission & Distribution infrastructure. Increasing investments in smart grid schemes and upgradae in power transmission and distribution systems are projected to drive the demand for wires globally. Additionally, increasing investments in concealed cables and the development of renewable energy are to intensify the adoption of wires. Substantial investments in smart grid tools have occasioned an increasing requirement for grid interconnections. The demand is dependent on the development of the manufacturing sector and telecommunications, infrastructure in the power, residential and commercial segments.  

RESTRAINING FACTORS

"High Costs of Raw Materials to Decline Market Demand"

The industrial wire industry has massive potential of development but it has some challenges too. The increasing price and competition from Chinese imports are the major restraints for this sector. The industry is facing instability in raw material rates, as the cost of copper continues to rise, profit boundaries are clutched. Countries are suffering from high prices of fuel which directly impact on domestic transport. Also, a large section of the industry is still unorganised; there is a lack of quality product offerings from these players due to non-compliance with the product guidelines.

INDUSTRIAL WIRE MARKET REGIONAL INSIGHTS

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"Increasing Population to Fuel Industry Development in Asia Pacific"

Asia Pacific has the largest part in the global industrial wire market share due to rapid economic expansion, increase in energy utilization, growing government, energy consumption, and private funds in the power segment. Moreover, the increasing number of population and corresponding energy depletion are predicted to be main aspects driving growth in the region.

North America is expected to witness significant growth in the industrial wire market owing to the growing expansions, upsurge in renewable energy generation is projected to impact electricity trade in the region. There are substantial investments in the construction of high-capacity transmission lines in the region, which will considerably drive the market during the forecast period. Numerous government’s initiatives in the U.S. are achieveing a substantial situation in renewable energy resources. 

Europe is expected to grow considerably in the coming years due to advantages such as Digital Agendas for Europe 2025. Such events would help people and businesses in Europe gain assistances with digitization. Therefore, rising use of wires in the IT & telecommunication in the region is expected to boost the industrial wire market in the region. 

KEY INDUSTRY PLAYERS

"Manufacturers Focus on R&D Activities to Strengthen their Position"

The report delivers information about the list of market players and their working in the industry. The information is collected and reported with proper research, technological developments, new products, partnerships, acquisitions & mergers. Other aspects examined for the global peripheral guidewire market include which companies are producing the maximum revenue, bringing inventions in products, costing and pricing of their products. 

List of Market Players Profiled

• GC Electronics (U.S.)
• Panduit (U.S.)
• Pheonix Contact (Germany)
• Legrand Electric Ltd (India)
• CCL Industries (Canada)
• Brady (U.S.)
• Partex Marking Systems (India)
• K-Sun (U.S.)
• CLOU Electronics (China)
• Thomas and Betts (U.S.)
• Guangzhou Horizon (China)
• TE Connectivity (Switzerland)
• 3M (U.S.)
• Hellermann Tyton (U.K.)
• Cablecraft Ltd (Canada)
• Tempo Greenlee Textron (U.K.)
• DYMO (U.S.)

INDUSTRY DEVELOPMENT

• February 2020: SAB North America launched SABmed line series of cables that are very elastic and biocompatible cable solutions for medical devices. These cables can survive high temperature, humidity, and rough treatment. This allowed the firm to reinforce its market presence, and improvement of these cables has delivered a prospect for the firm to increase a competitive benefit above its rivals. These strategic initiatives along with other contributing factors are estimated to fuel the industry.

REPORT COVERAGE

The report examines end-user applications in various product areas and the global market. The report observes the growth of various market segments by gathering significant data from relevant sources. In addition, the study explains the market size and growth rate of each sector. The study examines important geographic divisions and details all of the beneficial factors that are propelling market expansion. The research report inspects the key variables that are driving the market's growth. It generates trends, limitations, and impulses that influence the market favorably or badly. The numerous segments and applications are also discussed in this section.