According to the research report titled ‘Global Wires and cables Market Size study, by Installation (Overhead Segment, Underground Segment), by End use (Aerospace & Defense, Building & Construction, Oil & Gas, Energy & Power, IT & Telecommunication, Others), by Voltage (Low Voltage, Medium Voltage, High Voltage, Extra High Voltage) and Regional Forecasts 2021-2027’, available with Market Study Report, global wires and cables market was worth USD 183.14 billion in 2020 and is expected to register 4.3% CAGR over 2021-2027 to reach a valuation of USD 245.91 billion by the end of the projected timeframe.
 

Rising investments in grid projects, rapid urbanization, and continued government focus towards development of energy sector are catalyzing the growth of global wires and cables market.
 

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Additionally, increased T&D (transmission & distribution) enhancement investments, and surging awareness regarding the potential of renewable power are creating a positive industry outlook. For instance, in 2020, 60 solar cities were approved in India, and USD 1.3 billion was allocated for building 50 solar parks of 40GW.
 

On the contrary, escalating price of raw materials is likely to hamper the industry growth over the analysis timeframe.
 

With respect to installation, worldwide wires and cables market is bifurcated into underground, and overhead segments, whereas based on end user terrain, the industry vertical is classified into oil & gas, IT & telecommunication, building & construction, energy & power, aerospace & defense, and others. Speaking of voltage, the market sphere is fragmented into extra high voltage, high voltage, medium voltage, and low voltage.
 

From a regional point of view, North America, Europe, Latin America, and Asia pacific are major benefactors to industry remuneration. Among these, North America currently holds a considerable market share, attributed to rising investments by telecommunication companies.
 

Parallelly, Asia Pacific industry is slated to register a significant growth rate over the projected period, owing to establishment of new power plants, and increasing focus on developing smart infrastructure.
 

Leading companies in global wires and cables market include Nexans S.A., Encore Wire Corporation, Furukawa Electric Co., Ltd., Finolex Cables, Ltd., LS Cable & System, Ltd., Belden Incorporated, Fujikura, Ltd., KEI Industries, Ltd., Prysmian S.p.A., and Leoni AG.