The Sustainable Wire and Cable Market Size was valued at USD 16.5 Bn in 2023 and is predicted to reach USD 59.3 Bn by 2031 at a 17.6% CAGR during the forecast period for 2024-2031.
Sustainable wires and cables describe conductive materials created, produced, and used, emphasising reducing their negative effects on the surroundings, encouraging resource conservation, and upholding ecological standards across their lifespan. These cables are designed to satisfy the increasing need in various businesses for ecologically friendly products that also support global development objectives. Technical breakthroughs, ethical issues, and a growing concentration on durability are driving a dramatic transition in the wire and cable business. The wire and cable industry is essential in many industries, such as energy production platforms, building and constructing, telecoms and multimedia facilities, factories, transit services, and medical institutions.
However, the industry expansion is hindered by the high initial expenses associated with acquisition and deployment. Their higher cost may hamper the deployment of sustainable wire and cable materials compared to conventional choices. Certain places have insufficient facilities, making it difficult to dispose of and recycle sustainable cables efficiently. Moreover, numerous uses, like strength, demand particular qualities that are challenging to accomplish with environmentally benign resources. The most popular biological polymer compounds are rubberized silicone and chlorine flexible, while wires need metal. The profitability of wire and cable makers is directly impacted by rising basic ingredient prices, especially those of copper, which restrains market expansion.
Competitive Landscape
Some of the Major Key Players in the Sustainable Wire and Cable Market are
- Polycab India Limited
- FURUKAWA ELECTRIC CO., LTD
- PSP Dynamic Limited
- Havells India Ltd
- Fujikura Ltd
- Oki Electric Cable Co., Ltd
- Other Prominent Players
Market Segmentation:
The sustainable wire and cable market is segmented based on end-user, application, installation, raw material, product, voltage, and conductor count. The market is segmented based on end-users into renewable energy systems, building and construction, telecommunications and data centers, industrial applications, transportation infrastructure, healthcare facilities, and others. The market is segmented by application into power and data transmission and communication. The market is segmented by installation type into overhead, underground, and in-system. By raw material, the market is segmented into metallic and non-metallic. The market is segmented by product type into fiber optic cables, coaxial cables, enameled/magnet cables, power cables, signal and control cables, telecom and data cables, and others. The market is segmented by voltage type into low voltage, medium voltage, and high voltage. By conductor type, the market is segmented into single-conductor and multi-conductor.
Based on the Installation Type, the Overhead Segment is Accounted as a Major Contributor to the Sustainable Wire and Cable Market
The overhead segment is holding a major global market share in 2023. Overhead installations are easier to maintain and replace. They are widely used in electricity networks, particularly in remote regions where technology is dispersed across a large area. Electricity systems are looking for ways to reduce their carbon footprint as sustainable development becomes increasingly important. Thus, in the demand for sustainable wires and cables, these criteria favorably influence a sizeable portion of overhead deployments.
Low Voltage Segment to Witness Growth at a Rapid Rate
The low-voltage industry uses the bulk of sustainable wire and cable because of its numerous advantages within a wide range of utilization, including facilities robotics, illumination, safety, and numerous others. These systems save the environment since they need fewer resources to run. They are also simpler to set up and conduct through the structure because they are more adaptable and lighter than conventional wires, especially in countries like the US, Germany, the UK, China, and India.
In the Region, the North American Sustainable Wire and Cable Market holds a Significant Revenue Share
The North American sustainable wire and cable market is expected to register the highest market share in revenue in the near future. This can be attributed to the increasing level of discretionary spending, significant legislative efforts, and significant corporate expenditures in the creation of electricity networks in this area. In addition, Asia Pacific is projected to grow rapidly in the global sustainable wire and cable industry because of this area's growing regulatory efforts to upgrade the region's current distribution and transmission of electricity facilities and its increasing development.
Recent Developments:
- In August 2024, Furukawa Electric Co., Ltd. decided to take responsibility for the New Economy Electricity and Commercial Innovation Company's Investigation and Growth Initiative of Improved Facilities for Creating Fifth-Generation Internet of Things Systems/Advanced Transistor Production Techniques.
- In May 2024, Havells India Limited is pleased to present its newest invention, a Made-in-India heating system Fluid Radiator, as that is its newest creation. Customized to satisfy domestic needs, this state-of-the-art technology sets new benchmarks regarding water warming with savings in electricity of up to 75%.
Sustainable Wire and Cable Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 16.5 Bn |
|
Revenue Forecast In 2031 |
USD 59.3 Bn |
|
Growth Rate CAGR |
CAGR of 17.6% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By End-User, By Application, By Installation Type, By Raw Material, By Product Type, By Voltage Type, By Conductor Count and By Region |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Polycab India Limited, FURUKAWA ELECTRIC CO., LTD, PSP Dynamic Limited, Havells India Ltd, Fujikura Ltd, Oki Electric Cable Co., Ltd, and other prominent players. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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