Global Wire Market is valued at USD 96.22 Billion in 2021 and is expected to reach USD 152.7 Billion by 2028 with a CAGR of 6.82% over the forecast period.
Global Wire Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Growing renewable energy production and rising infrastructural activities are some of the major factors driving the growth of the Global Wire Market.
A wire is usually a single cylindrical, flexible strand or metal rod. Wires are used to withstand mechanical loads or electricity and telecommunication signals. A metal drawing is usually made of wire through a hole in a die or draw plate. Wire gauges come in a variety of standard sizes, as expressed in terms of gauge numbers. The term 'wire' is more loosely used to refer to a bundle of such strands, such as ""multistranded wire"", which in mechanics is called a wire rope or an electric cable. However, the wire comes in the form of a solid core, stuck or braided. Although typically rounded in cross-section, the wire can be made into squares, hexagons, flat rectangles, or other cross-sections, either for decorative purposes or for technical purposes, such as high-performance voice coils in loudspeakers. Edge-bound coil springs, like a slinky toy, are made of special flat wire. Wire has many uses. It is used as a raw materials from many important manufacturers, such as the wire netting industry, engineered springs, wire-cloth making, and spinning of wire rope, in which it occupies a place like textile fiber. Wire cloth with strength and fineness of all layers of mesh is used for sifting and checking machinery, for removing the paper pulp, for window curtains, and for many other purposes.
Copper, nickel, aluminum, and steel wires are highly used for telephone and data cables and as conductors in electric power transmission and heating. This does not reduce the demand for fencing, and the cost of construction of suspension pools and cages. In the production of stringed instruments and scientific instruments, wire is again widely used. Carbon and stainless spring steel wire is an important use in engineered springs for critical automotive or industrial manufactured parts/components. Making pins and hairpins; Needle and fish hook industry; making nails, pegs and rivets; and carding machines use a large amount of wire as feedstock.
During Covid-19, industries around the world, such as automotive and aviation, are affected. Manufacturing activities are generally considered essential because they drive the industrialization of the underdeveloped economy globally and, therefore, are exempted from most lockdown measures. Therefore, the demand for wires in this sector has remained stable. However, the spread of the Covid-19 pandemic is a significant threat to the global wire. Emerging economies such as China and India are key countries for setting up new energy projects, focusing more on building smart infrastructure and providing advanced transportation facilities, which increases wire reserves. As the spread of Covid-19 pushes China and then India towards lockdown, it disrupted the supply chain and significantly delay new installations in offices and commercial, applications. This will hamper the growth of the wire industry.
Global Wire Market is segmented into voltage, end-use and region & country level. On the basis of product, the market is segmented into low voltage, medium voltage, high voltage and extra-high voltage. On the basis of end-user, the market is segmented into aerospace & defense, building & construction, oil & gas, energy & power, IT & telecommunication and others.
On July 14th, 2021; In March, Hitachi estimated Global Logic’s acquisition at USD 9.6 billion, the largest deal in the engineering services sector, double the value Capgemini acquired Altran at USD 4 billion in 2020. With regulatory approval, the two companies will create a roadmap on how they can work together.
The Government of India is developing 'green cities' in every state of the country, supported by renewable energy. ‘Green City’ is working to bring environmentally friendly energy into the mainstream through solar rooftop systems on all homes, out-of-town solar parks, waste to energy projects, and electric mobility-enabled public transport systems. According to U.S. Energy Information Administration (EIA), In the United Sate total, renewable energy consumption is 11.6 quadrillion Btu in 2020. These numbers indicate that, in recent years, the growing population has increased the demand for electricity worldwide. This has made renewable sources of energy sufficient to meet the demand for electricity. Also, the construction of rooftop solar panels to meet the electricity demand of a house, installation of new low voltage lines in the developing stage is in full swing. All these implementations require the wires which is fostering the growth of global wire market.
Increased demand from data centers and IT facilities and increased investment in the transmission and distribution (T&D) sector are also driving the growth of the wire market. The growing number of data centers and IT facilities will increase the applications of wires for a high level of availability, and affordable connectivity of IT infrastructure. Hyper-scale deployments and liquid cooling are expected to be trending in 2020 and in the coming years, leading to increased demand for data centers and IT facilities. According to Brandessence research, global cloud data center traffic is projected to reach 20.6 zettabytes (ZB) per year by 2021, up from 6ZB per year in 2016. This represents an increase of 628 hyper-scale data centers globally in 2021, compared to 338 in 2016.
Increasing investment in the transmission and distribution (T&D) sector is also supplementing the growth of the market in order to effectively transmit power across different electrical systems at different stages of the network. In India, for example, grid spending increased to USD 20 billion, mainly in the transmission and distribution sector. The government’s Central Electricity Authority has started requiring USD 40 billion for transmission over the next three years. It is 60 percent higher than the current level. Investment in digital grid technology has grown by 10 percent, reaching USD 35 billion in 2018. Statistics on energy investment in T&D infrastructure are driving the growth of the wire market.
North America is expected to dominate the global wire market owing to the growing developments in the wire industry in this region. The significant growth can be attributed mainly to the increase in renewable energy generation which is expected to affect the electricity trade in the region. Furthermore, the country has a significant investment in the construction of high-capacity transmission lines, which will significantly increase the market in the forecast period. Many sub-national governments in the United States are playing a key role in renewable energy and energy efficiency innovation. Moreover, various emerging states in the U.S. are also increasing their investments in various renewable energy technologies. This strategy has made states emerge as leaders in renewable energy. More recently, in 2019, the Energy Information Administration (EIA) estimates that the share of total electricity generation generated from all renewables in the United States except hydropower will reach 13 percent of total production in 2020, compared to 10 percent in 2018. Fiber now passes through 39 million homes in the United States (1.6 million of which have multiple fibers passes) and connects 18.6 million homes, up 17 percent from 2017.
The Asia-Pacific is expected to witness a significant growth in the global wire market owing to the high investments in EHV (additional high voltage) wire, hydel, and biomass-based energy projects, and others.
Middle East and Africa
|Historical data||2018 - 2021|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 96.22 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 152.7 Billion|
|Tables, Charts & Figures:||175|
|Key Players / Manufacturers||Belden Inc., Furukawa Electric Co., Ltd. Hitachi Ltd., KEI Industries Limited, Leoni AG, Nexans S.A., Prysmian S.p.A, Sumitomo Electric Industries, Ltd., and others.|
|Segments Covered||By Product, By End-User|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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