The wires and cables market consists of the sales of new wires and cables by entities (organizations, sole traders and partnerships) that manufacture insulated fiber optic cables which are network cables containing strands of glass fibers inside an insulated case, and coaxial cables and other insulated nonferrous wires which are copper and aluminum wires used by industries including energy, automotive, telecoms and others. The wires and cables market does not include sales from services, repair and maintenance of wires and cables.
The main types of wires and cables are other cables, fiber optical cables and coaxial cables. A fiber optic cable is a type of network cable that consists of strands of glass fibers enclosed in an insulated casing. They are intended for long-distance, high-performance data networking and communications. The various sales channels include OEM and aftermarket that are used by energy, telecommunications, building and construction, industrial manufacturing, automotive, medical equipment and other end users.
The global wires and cables market size is expected to grow from $210.35 billion in 2021 to $232.38 billion in 2022 at a compound annual growth rate (CAGR) of 10.5%. The growth in the wires and cables market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The wire and cable market is expected to reach $334.60 billion in 2026 at a CAGR of 9.5%.
Technological advances in the communication industry are expected to be a key driver of the wires and cables market. Advances in fiber optic networks, and rising investments in high-capacity network infrastructure and wired broadband technologies will lead to an increase in the demand for fiber optic cables. Fiber optic cables support higher bandwidths and faster data transmission than standard coaxial cables. Therefore, an increase in fiber optics demand will support the manufacturers of new and advanced fiber optic cables.
Post time: Dec-23-2022
