DELRAY BEACH, Fla., Sept. 23, 2026 /PRNewswire/ -- According to MarketsandMarkets™, the Wire & Cable Market is projected to reach USD 296.3 billion by 2031 from USD 224.8 billion in 2026, at a CAGR of 5.7%.
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The global wire & cable market is entering a new phase as demand shifts from conventional construction-led consumption toward infrastructure-intensive applications such as grid reinforcement, renewable power evacuation, electric mobility, data centers, and industrial electrification. The rapid expansion of AI and hyperscale data centers is creating new requirements for both power-distribution and high-speed connectivity cables, while rising electricity consumption is increasing the need for transmission and distribution networks. At the same time, manufacturers are responding to copper and aluminum price volatility, supply-chain constraints, tariffs, and regional localization initiatives by expanding production capacity and strengthening sourcing networks. These developments are encouraging greater adoption of higher-voltage, energy-efficient, fire-performance, and application-specific cable solutions, positioning the market for sustained growth as electrification and digital infrastructure investment accelerate globally.
"By voltage, the low-voltage segment is projected to exhibit the highest CAGR during the forecast period."
Low-voltage cables are expected to register the highest CAGR in the wire & cable industry, supported by the rapid expansion of residential, commercial, and light industrial electrical networks. Rising construction of smart buildings, data centers, retail facilities, and distributed energy systems is increasing demand for cables used in power distribution, lighting, control, and connectivity applications. The growing installation of rooftop solar systems, EV charging infrastructure, and building automation equipment is further creating demand for low-voltage cabling. In emerging economies, electrification initiatives and upgrades to aging building infrastructure are expanding the addressable market for these cables.
"By installation, the underground segment is projected to exhibit the highest CAGR during the forecast period."
Underground installation is projected to register the highest CAGR in the wire & cable market as utilities and infrastructure developers increasingly shift power distribution networks below ground to improve system reliability and reduce exposure to weather-related disruptions. Rapid urbanization is also creating demand for space-efficient electricity networks, particularly in densely populated areas where overhead lines face land, safety, and aesthetic constraints. Investments in underground transmission and distribution infrastructure, grid modernization, renewable power evacuation, and electric vehicle charging networks are further expanding the requirement for underground cables. The replacement of aging overhead networks and government initiatives to improve grid resilience are further expected to accelerate underground cable deployment during the forecast period.
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"By end-use industry, the automotive segment is expected to witness the highest CAGR over the forecast period."
The automotive industry is expected to register the highest CAGR in the wire & cable market, driven by the increasing electrical content in modern vehicles and the transition toward electric and hybrid powertrains. EVs require extensive high-voltage cables, battery interconnections, charging systems, and lightweight wiring harnesses, creating demand for specialized cables with enhanced thermal resistance and electrical insulation. The integration of advanced driver assistance systems (ADAS), infotainment, autonomous driving technologies, and connected vehicle features is further increasing the volume and complexity of automotive wiring. Additionally, vehicle manufacturers are adopting zonal electrical architectures and high-speed data cables to improve power distribution and reduce wiring weight, supporting sustained market growth.
"By region, the Asia Pacific region is expected to witness the highest CAGR over the forecast period."
Asia Pacific is projected to register the highest CAGR in the wire & cable market due to the rapid expansion of data centers, telecommunications networks, and 5G infrastructure across countries such as China, India, and Southeast Asian economies. The region is also witnessing significant investments in semiconductor manufacturing, renewable energy generation, electric mobility, and railway electrification, creating new requirements for specialized power and communication cables. Rising urbanization and the development of smart cities are further driving demand for low-voltage, medium-voltage, and high-voltage cables in residential, commercial, and industrial applications. Additionally, the presence of major cable manufacturers and expanding domestic production capabilities is strengthening regional supply chains and supporting faster market penetration.
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Prominent wire & cable companies include Prysmian (Italy), Belden Inc. (US), Fujikura Ltd. (Japan), Furukawa Electric Co., Ltd. (Japan), Nexans (France), Emerson Electric Co. (US), Hellenic Cables (Greece), KEI Industries (India), Sumitomo Electric Industries, Ltd. (Japan), NKT A/S (Denmark), Finolex Cables Ltd. (India), Helukabel (Germany), and LS Cable and System (South Korea) and others.
The global wire & cable market is attracting significant investment toward expanding cable manufacturing capacity, strengthening copper supply, and supporting grid electrification and energy-transition infrastructure. In September 2025, the European Investment Bank (EIB) provided Nexans with EUR 250 million (USD 289.8 million) in financing to support its research, development, and industrial investment program for 2024–2029. The financing includes a EUR 190 million (USD 220.2 million) InvestEU-backed loan and a EUR 60 million (USD 69.6 million) loan, supporting projects across Nexans' high-, medium-, and low-voltage cable activities.
The funding supports the construction of a new facility in Lens, France, which is expected to increase copper wire production by more than 50% and enable recycling of up to 80,000 tonnes of copper annually, alongside capacity expansion for low-carbon medium-voltage cables and offshore wind and submarine interconnection applications. Separately, Prysmian announced a USD 500 million investment in its Encore Wire campus in McKinney, Texas, including a new 650,000+ sq. ft. medium-voltage cable manufacturin
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