The global wires and cables market size is expected to reach USD 260.16 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 4.4% from 2021 to 2028. Wires and cables are one of the essential components of infrastructure development across the world. The growing emphasis on investments and government initiatives to generate power from renewable sources has enforced the adoption of wires and cables across the globe. Increasing funds in the upgradation of infrastructure and the demand for refined power transmission and distribution systems are the key factors driving the market over the forecast period.
Infrastructure development, modernization, and upgradation of infrastructure such as railways, tunnels, tunnel-lighting and signaling; commercial, residential, and industrial buildings; and implementation of smart grid technology is expected to drive the global market. Sectors such as defense, aerospace, and telecom are moving towards new infrastructure and construction, which increases the demand for cables and wires across the globe. Technological upgrades require various services, such as internet access and communication. Expansions and upgrades will directly increase the demand for cables such as communication cables, instrumentation cables, Ethernet cables, and others.
The government initiatives in rural electrification also play a vital role in the growth of the overall market. Rural electrification entails actions, including setting electricity infrastructure, improving communication, and providing connectivity to households. Rural electrification is anticipated to drive the demand for wires and cables in the coming years. For instance, according to the Ministry of Power – Government of India, 26.3 million homes below the poverty line have been electrified under the Rural Electrification section of Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY). Smart grids diminish the general cost incurred in traditional systems, including the operational cost encountered due to loss of power. It also lowers the pressure on energy prices and total customer bills. The Indian government, under the “Make in India” campaign, has targeted the installation of 130 million smart meters by 2021 under Smart City Initiatives. The installation was done at the consumer base, where the monthly consumption is above 200 units by 2019. There are various steps taken by the government in other countries, such as the U.S., to encourage the smart grid implementation.
Browse Full Report (Tables & Figures) @ https://www.grandviewresearch.com/industry-analysis/wire-and-cable-market-analysis-market