Global wires and cables market forecast with a CAGR of 4.5 percent through 2028

Pune, India – The Global Wires and Cables Market Price, Trends, Share, Size, Report and Forecast 2023-2028 by Expert Market Research gives a comprehensive outlook of the global wires and cables market, evaluating the market based on its segments like voltage, material, installation, end-use, and major regions. The global wires and cables market reached a value of USD 165.35 billion in 2020 and is expected to grow at a CAGR of 5.4% over the forecast period of 2023-2028

One of the major driving factors for the global wires and cables market include the rapidly developing industries and growing urbanisation around the world. With the rapid development of various fields, such as commercial, industrial, and residential, the demand for wires and cables is expected to surge during the forecast period.

Governments of multiple nations are investing in the development of smart power grids, which can propel the market development of wires and cables. Smart grids are electrical grids consisting of controls, computers, automation, and other latest technologies. It implements multiple technologies that can enable automation for a two-way flow of electricity and data.

Smart grids are expected to develop rapidly as they enable the generation of efficient renewable power while reducing carbon emissions. Thus, for all these systems to work together, multiple connections would be required, which will increase the demand for wires and cables in the market. Therefore, it will further enhance the market value.

Wires are flexible pieces of metal that are utilised for the transportation of electricity. They are often manufactured in the form of rope and are designed to hold a consistent electric current that will not lead to a fire in case of a short circuit.

Meanwhile, cables are a bundle of wires which are covered by a safety guard made up of insulating materials, such as thermoplastics, rubber-like polymers, or varnish.