Press Release

Global Sustainable Wires and Cables Market to Flourish at a CAGR of Around 16.5%

The Global Sustainable Wires and Cables Market is projected to grow at a CAGR of around 16.5% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The rising need for energy-efficient infrastructure in sectors like building & construction, manufacturing, automotive, etc., is driving the heightened usage of eco-friendly wires and cables globally. The surge in greenhouse gas emissions, environmental degradation, and worldwide climate challenges are the key factors influencing this shift. According to the UN Emission Gap Report 2023, global greenhouse gas (GHG) emissions increased by about 1.2% from 2021 to 2022 to reach a new record of 57.4 gigatons. Due to this, governments, businesses, and individuals worldwide are increasingly acknowledging the importance of optimizing energy consumption to minimize carbon emissions. Consequently, there is a surge in the adoption of sustainable wires and cables in industrial infrastructure for enhanced energy efficiency.

Furthermore, the worldwide transition to renewable energy sources, propelled by environmental considerations and the imperative to decrease dependence on fossil fuels, is fostering the growth of renewable energy initiatives. As per the International Energy Agency, renewables are projected to make up approximately 80% of new power generation capacity globally by 2030, based on existing policy frameworks. Consequently, there is a rising global demand for sustainable cables to efficiently transmit, distribute, and link the electricity generated by solar panels and wind turbines.

Moreover, the growth in the market is being driven by the growing development of green buildings in the US, the UAE, Europe, and other regions due to increased environmental consciousness, governmental backing, and energy efficiency standards. Because they help to minimize energy loss during transmission and support the overall energy efficiency goals of green construction projects, sustainable cables and wires are crucial parts of green buildings.

Thus, as the development of energy-efficient commercial and residential buildings is set to rise as part of global sustainability initiatives, the demand for sustainable wires and cables is anticipated to boom, further states the research report, “Global Sustainable Wires and Cables Analysis, 2024.”

Segmentation Analysis

Overhead Segment to Dominate the Market

Based on the installation, the Global Sustainable Wires and Cables Market is further bifurcated into overhead and underground installations. Among these, overhead installations play a crucial role in power distribution and transmission systems, owing to their ease of maintenance and accessibility, which enhances the appeal of sustainable solutions. Unlike underground setups that may require extensive excavation for repairs, overhead installations are more cost-effective and time-efficient to service, aligning with the broader trend toward sustainability in construction practices. As the global focus on environmental conservation and renewable energy intensifies, the demand for sustainable wires and cables in overhead installations is expected to increase in the coming years.

North America to Lead the Market

North America is expected to dominate the sustainable wire & cable industry. This dominance is attributed to various factors, including technological advancements, regulatory initiatives, and a growing emphasis on sustainability. Particularly in the U.S. and Canada, the implementation of rigorous environmental regulations and standards, exemplified by acts like the Environment and Climate Change Canada (ECCC) Administers Acts and the Inflation Reduction Act, is supporting the need to shift toward sustainable infrastructure.

Furthermore, businesses and consumers in North America are becoming more conscious of sustainability and environmental issues. Choosing sustainable products and solutions is one of the many ways that many organizations are actively attempting to reduce their carbon footprint.  This is anticipated to strengthen the position of North America in the industry in the coming years.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Nexans, Belden Inc., Prysmian Group, TE Connectivity, Southwire Company, LLC., Furukawa Electric Co., Ltd., Hitachi, Encore Wire Corporation, Fujikura Ltd., Polycab India Pvt. Ltd., Europacable, Borealis AG, and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size Based on Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across various regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?