Wire and cable manufacturing is among the most crucial components of infrastructural development. In our interconnected world, wires and cables have an indispensable role, which has evolved drastically as the industry navigates its journey from simple copper wires to modern fibre-optic cables. Starting from advancement in design, use of material and integration of technology to the advanced manufacturing process, all have collectively paved the way for the global wires and cables industry to undergo massive growth.
A report shared by Fortune Business Insights projected that the global wires and cables market size would touch $294.73 billion in 2029, up from $200.3 billion in 2022, recording a CAGR of 5.7 percent. Similarly, the domestic electric wire and cable market is expected to grow by $2189.92 million between 2022 and 2027, marking a CAGR growth of 4.63 percent. Much of the projected growth will be driven by the country’s burgeoning energy consumption in domestic and industrial segments and the need for innovation in the wire and cable sector. Additionally, with the growing urban density, the demand for multi-layered, fire-resistant and flexible domestic cables is increasingly rising as more entities prioritise safety norms to eliminate the risk of accidental electrical fire hazards.
In the last decade, the wire and cable manufacturing segment has emerged as a core industry whose increasing growth is a direct result of the soaring demand from the infrastructure, renewable energy, oil and gas, automobiles and defence sectors. As more industries and global cities push for efficient and capable transmission of data, the wire and cable industry continues to leave a notable impact on crucial industries.
This story is from the Efficient Manufacturing - Mar 2024 Issue edition of EM - Efficient Manufacturing.
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This story is from the Efficient Manufacturing - Mar 2024 Issue edition of EM - Efficient Manufacturing.
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