Global Copper Wire and Cable Market Size to Reach USD 291.31 Billion in 2032 | Emergen Research
Expansion of telecommunication networks, data centers, and cloud computing services is a major factor driving copper wire and cable market revenue growth
Vancouver, Sept. 28, 2023 (GLOBE NEWSWIRE) — The global copper wire and cable market size was USD 167.23 Billion in 2022 and is expected to register a revenue CAGR of 5.8% during the forecast period, according to the latest analysis by Emergen Research. Expansion of telecommunication networks, data centers, and cloud computing services is a major factor driving market revenue growth.
The expansion of telecommunication networks, data centers, and cloud computing services is playing a vital role in driving revenue growth for the copper wire and cable market. A strong and dependable infrastructure is required to handle rising demand for high-speed Internet connectivity and data storage. Copper wire and cables are essential components in building the networking and data transmission systems required for telecommunications networks, data centers, and cloud computing services. The superior electrical conductivity of copper ensures efficient data transfer, while its durability and reliability make it ideal for withstanding the demands of these environments. The migration toward higher bandwidth requirements, such as the deployment of 5G networks, further amplifies the need for copper wire and cables.
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In addition, increasing adoption of copper wire and cable in Electric Vehicle (EV) charging stations is driving revenue growth of the market. EV charging stations require high-capacity power transmission to deliver electricity to vehicles quickly, and low resistance of copper enables efficient energy transfer with minimal power loss. The number of Electric Vehicle (EV) charging points is expected to surpass 20 million by 2030. The North American market alone is expected to witness significant growth, reaching a value of USD 18.6 billion by 2030. Furthermore, by 2040, it is expected that passenger EVs will require over 3.7 million tons of copper annually, while passenger Internal Combustion Engine (ICE) vehicles will require just over 1 million tons of copper.
However, volatile prices of copper pose a major challenge and restrain revenue growth of the copper wire and cable market. Copper is a key raw material in the production of wire and cables, and its price fluctuations can impact profitability of manufacturers and suppliers. The price of copper is subject to various factors, including global supply and demand dynamics, geopolitical events, and economic conditions. Sharp price increases can lead to higher production costs for wire and cable manufacturers, which result in higher prices for customers or reduced profit margins.
Scope of Research
|Market size in 2022||USD 167.23 Billion|
|Revenue forecast to 2032||USD 291.31 Billion|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, voltage, application, and region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA|
|Key companies profiled||Sumitomo Electric Industries Ltd., Hitachi Metals, Ltd., Prysmian Group, Nexans, Furukawa Electric Co., Ltd., Southwire Company LLC, LS Cable & System Ltd., Belden Inc., Tatung Co., Ltd., Ningbo Jintian Copper (Group) CO., LTD., American Wire Group, and Elcowire Group AB|
|Customization scope||10 hours of free customization and expert consultation|
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Major Companies and Competitive Landscape
The global copper wire and cable market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective copper wire and cable. Some of the major companies included in the global copper wire and cable market report are:
- Sumitomo Electric Industries Ltd.
- Hitachi Metals, Ltd.
- Prysmian Group
- Furukawa Electric Co., Ltd.
- Southwire Company LLC
- LS Cable & System Ltd.
- Belden Inc.
- Tatung Co., Ltd.
- Ningbo Jintian Copper (Group) CO., LTD.
- American Wire Group
- Elcowire Group AB
- On 12 July 2023, Prysmian Group, a global leader in the energy and telecom cable systems sector, entered into a Service Level Agreement (SLA) with TenneT, the German-Dutch transmission system operator. The agreement entails Prysmian Group offering inspection, maintenance, and repair services for TenneT’s High Voltage Direct Current (HVDC) and High Voltage Alternating Current (HVAC) submarine power cables in the North Sea. To fulfill this agreement, Prysmian Group will collaborate with N-Sea, a Dutch subsea solutions service provider specializing in surveying, inspection, maintenance, and construction of subsea cables, as well as identification and disposal of Unexploded Ordnance (UXO).
- On 16 February 2023, Nexans entered into a significant agreement with KGHM to provide copper cathodes from 2023 to 2027. The contract stipulates the delivery of approximately 22.8 thousand to over 27.8 thousand tonnes of cathodes annually. Nexans’ in-depth knowledge of electrification ecosystems and their future challenges has influenced their strategic decisions, including vertically integrating the Metallurgy business to ensure a secure copper supply chain. This integration is supported by long-term supply contracts with both upstream and downstream partners.
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Some Key Highlights from the Report
- The low-voltage segment is expected to register a steady revenue growth rate over the forecast period due to the rising adoption of low-voltage copper wire in residential and commercial applications. Copper wire and cable enable safe and efficient distribution of electricity to power lighting, appliances, and various electrical devices. Its durability, flexibility, and resistance to corrosion make it ideal for installation in buildings and infrastructure. In addition, increasing adoption of smart homes and automation technologies further fuels the demand for low-voltage copper wire and cable, as these systems rely on efficient electrical connectivity.
- The telecommunication segment is expected to account for a significantly large revenue share over the forecast period. Copper is known for its excellent electrical conductivity, making it a reliable choice for transmitting signals over long distances with minimal signal loss. Copper wire and cable enable efficient transfer of data, voice, and video communications in telecommunication networks. Copper also offers flexibility in terms of bandwidth, allowing for higher data transmission rates as technology advances.
- The market in North America is expected to register a rapid revenue growth rate in the coming years, driven by increased investment in construction projects and the establishment of Electric Vehicle (EV) charging stations, particularly in the U.S. and Canada. The region is witnessing a surge in infrastructure development, including residential and commercial buildings, resulting in heightened demand for copper wire and cables for electrical wiring purposes. In February 2022, new home construction in the U.S. witnessed a significant upturn, with a growth rate of 6.8% compared to the previous month and an impressive 22% surge compared to the corresponding period in the previous year.
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Emergen Research has segmented the global copper wire and cable market on the basis of type, voltage, application, and region:
- Type Outlook (Revenue, USD Billion; 2019-2032)
- Copper Wire
- Copper Cable
- Voltage Outlook (Revenue, USD Billion; 2019-2032)
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Power Distribution
- Building Wire
- Automotive Wire
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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