Wire and Cable Market Size Worth $224.4 Billion by 2028 at 6.6% CAGR Lead by Aircraft & Construction Industry, Global Analysis by The Insight Partners

NEW YORK, July 19, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Wire and Cable Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Cable, Wire, and Push-Pull Controls) and End Use Industry (Aircraft, Transportation, Medical, Marine, and Construction)", the global wire and cable market size is expected to grow from $153.33 Billion in 2022 to $224.40 Billion by 2028; it is estimated to grow at a CAGR of 6.6% from 2022 to 2028.

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Wire and Cable Market Report Scope & Strategic Insights:

Wire and Cable Market: Competitive Landscape and Key Developments

ASK Automotive Pvt. Ltd; R KABEL; Bergen Cable Technology; Elliott Manufacturing; Carl Stahl Sava Industries, Inc.; LEXCO CABLE; Cablecraft; TOP CABLE; Guangdong Jinlianyu Cable industrial Co., Ltd; and HENAN SANHENG INDUSTRIAL CO., LTD. are among the key players operating in the wire and cable market. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.

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In 2021, RR Kable completed the acquisition of the Home Electrical Business of Luminous (Schneider Electric). This acquisition will strengthen RR Kable's portfolio in the consumer electrical business.

In 2020, ASK Automotive received an award from Honda Motorcycles and Scooter India Limited (HMSI) for the 19th time in various categories. This year HMSI awarded ASK Automotive in the category of Delivery management.

A cable comprises two or more insulated wires wrapped in a single jacket that allows the charge to pass through, whereas a wire is a single conductor. One of the key market-driving elements is the world's growing urbanization and infrastructure. As a result, the demand for power and energy in the commercial, industrial, and residential sectors has increased. The wire and cable market growth is also predicted to be fuelled by rising investments in smart grid development and smart system upgrades for power transmission and distribution. Smart grid technology implementation has satiated the growing need for grid interconnections, increasing expenditures on new underground and submarine cables. Moreover, the demand for power is rising due to the growing population.

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The major stakeholders in the global wire and cable market ecosystem include raw material suppliers/component suppliers, wire and cable manufacturers, and end users. The raw material supplier is a crucial stakeholder in the ecosystem of the wire and cable market. The major raw materials are rubber and plastic-based ingredients such as PVC grains. Copper, aluminum, thermoplastic, thermostats, and other plastics are common raw materials used to make wires and cables.

Impact of COVID-19 Pandemic on Wire and Cable Market Share:

Owing to the growing MRO activities, Europe is a key market for adopting aircraft wire and cable. The COVID-19 pandemic has impacted regional aviation stakeholder's companies. To control their existing operational costs during and after the COVID-19 pandemic, several airlines in the area delayed the scheduled dates for purchasing their aircraft fleet. As a result, the aircraft OEMs and component suppliers experienced financial losses. Hence, European aircraft wire and cable market share also suffered.

A pause in the construction of new housing projects in urban areas hampered the growth of the European real estate industry. This led to inflated real estate prices and unfair competition among licensed accommodation providers. According to Eurostat, in 2020, France and Spain reported a decline in housing permits, as many offices were completely or partially vacant due to the work-from-home model adopted by enterprises.

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Rising Adoption of Wire and Cable in Medical Industry to Create Lucrative Opportunities for Wire and Cable Market Growth:

Miniaturization of components and systems has been continuously demanded in the medical field. It has been required to design procedures and tools that are not currently on the market, especially for chemically resistant materials. For instance, LOROM, an international company, has made considerable historical investments in R&D to provide unmatched medical cables that are in a regulated environment. Every component of medical devices and interconnects can now be processed and manufactured by the company.

When paired with REDEL connections from The LEMO Group, the cable assembly offers strong resistance to environmental conditions and sterilizing techniques. High-quality push-pull connections made by LEMO are an essential component of machinery used in demanding applications, harsh conditions, and technical extremes. BioCompatic ensures valued customers' competitive advantage in the global economy by providing a speedy, dependable, and economical road to market. Thus, the rising adoption of wire and cable in the medical industry is expected to boost the demand for wire and cable, thus creating opportunities for the expansion of the wire and cable market size.

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Wire and Cable Market: End Use Industry Overview

Based on end use industry, the global wire and cable market is segmented into aircraft, transportation, medical, marine, and construction. The transportation segment is expected to dominate the market during the forecast period. The rising demand from the railway sector for wires and cables is propelling the wire and cable market size.

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