Europe Wire and Cable Market: Industry Analysis and Forecast (2024-2030)

Europe Wire and Cable Market Overview

The Europe wire and cable market is projected to experience substantial growth, with an estimated market size of USD 73.29 billion in 2024, increasing to USD 111.23 billion by 2030, reflecting a compound annual growth rate (CAGR) of 7.2% during this period. This growth is primarily driven by rising demand across various sectors, including infrastructure development, renewable energy projects, and advancements in telecommunications. The market is significantly influenced by the increasing need for efficient energy transmission and data communication, particularly as Europe invests heavily in smart city initiatives and upgrades its electrical grids to accommodate renewable energy sources like wind and solar power.  

Europe's wire and cable market includes prominent companies such as Nexans SA, Prysmian SPA, Leoni AG, TE Connectivity, and TELE-FONIKA Kable S.A. These companies are actively investing in innovation and product development to meet evolving market demands. The automotive sector's transition towards electric vehicles (EVs) is also stimulating market growth, necessitating advanced wiring solutions. In June 2023, Prysmian Group announced an investment of around USD 128.4 million in its strategic plant in Pikkala, Finland. The investment is in addition to the already provided in 2022.

It is aimed at further increasing the production capacity of the 525 kV HVDC submarine cable systems for supporting demand driven by the need to develop and upgrade power transmission grids for the energy transition Furthermore, the rollout of 5G networks across Europe is driving the demand for robust cabling infrastructure. The market landscape is characterized by a medium concentration, with established players competing on innovation and quality to capture market share, particularly in the context of increasing regulatory standards and sustainability initiatives across the region.

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Europe Wire and Cable Market Dynamics

Renewable Energy and Smart Grids Drive Growth

In Europe Wire and cable Market, ambitious targets for reducing carbon emissions have been set by the governments and this has consequently resulted in significant investments made in both solar and wind energy projects. High-quality cables are essential to transmit electricity from these renewable energy sources into the grid. Particularly, offshore wind farms demand special types of cables that can survive within challenging marine environments which leads to increasing demand for high-tech products in this sector only. In tandem, European countries are making substantial investments towards modernizing their aging infrastructure. To begin with, it is necessary to upgrade electrical grids as they focus on aspects such as efficiency, reliability, and resilience.

Smart grid technologies that combine digital communication with automation to improve electricity distribution, require sophisticated wiring systems as well as cabling systems in place. Therefore, this has led to increased adoption of high-performance wires that can support such advanced systems. In addition, European authorities emphasized environmental friendliness when it comes to wires and cables thus positively affecting their Europe Wire and cable industry. Manufacturers concentrate on coming up with products that do not harm the environment as much as possible. Henceforth, by adhering strictly to these regulations about safety and quality manufacturers come up with wires that are safe enough and do not require any repairs or replacements often because they are strong hence gaining approval from both the market and consumers alike.

Europe Wire and Cable Market Segmentation by End User is explained in detail in paragraph

By End User, The Europe wire and cable market is segmented by end-users, including aircraft, transportation, medical, marine, and construction. The aircraft segment encompasses conventional aircraft and EVTOL aircraft, driven by the rising demand for advanced communication and safety systems. The transportation sector, comprising road, rail, and air modes, is fueled by the need for efficient energy transmission and data communication in modern transportation systems. The medical segment involves the use of wire and cable in medical devices and equipment, driven by the increasing adoption of advanced technologies and the need for reliable electrical connections.

The marine segment includes applications in ships, boats, and offshore platforms, necessitating durable and reliable electrical connections in marine environments. The construction segment involves the use of wire and cable in various construction projects, including residential, commercial, and industrial buildings, driven by the growing demand for electrical infrastructure in new buildings and infrastructure projects. These segments are expected to drive the growth of the Europe wire and cable market in the coming years.

By Country, in Europe Wire and cable market, Germany has made significant strides in its renewable energy sector, with renewable energy sources accounting for 22% of its total energy consumption in 2023. This growth was primarily driven by the expansion of solar and wind power installations, as well as the increasing adoption of renewable heating systems. Investments in renewable energy plants reached USD 40.39 billion in 2023, a substantial increase from USD 23.77 billion in 2022. German companies are actively involved in research and development, focusing on innovations in cable technology to enhance efficiency, durability, and environmental sustainability. The integration of Industry 4.0 practices into manufacturing processes has also contributed to the growth of the sector.

In June 2024, Amprion, a German transmission system operator, announced the receipt of two high-voltage direct current (HVDC) cable projects valued at over USD 3.3 billion (EUR 3 billion) from Sumitomo Electric, a Japanese firm. Sumitomo Electric plans to manufacture these cables in Germany, following its acquisition of a 90% stake in Suedkabel, a prominent German high-voltage cable manufacturer. This move is facilitated by the injection of USD 32.39 million (EUR 30 million) to bolster Suedkabel's capital and an additional USD 97.17 million (EUR 90 million) to enhance the manufacturer's cable production capabilities.

Germany Trade and Invest supports small and medium-sized companies, particularly in their digitalization efforts. The Mittelstand 4.0 Competence Centers play a crucial role in raising awareness about digitalization and providing comprehensive support, including information dissemination, training sessions, and hands-on opportunities to explore and test advanced solutions. Universities and research institutes also contribute by offering dedicated test and demonstration labs tailored for Industry 4.0 applications.

Furthermore, investment in infrastructure development, including smart grids, transportation networks, and telecommunication systems, is expected to drive the market for different types of cables. Government support for infrastructure development ensures a steady demand for wires and cables, further bolstering the sector.

The report aims to provide industry stakeholders with a thorough study of the Europe Wire and cable Market. The research presents the industry& historical and present state with projected market size and trends, analyzing complex data in an easy-to-read manner. The research includes PORTER and PESTLE analyses along with the possible effects of market microeconomic factors. Analyzing both internal and external elements that could have a good or negative impact on the firm will provide decision-makers with a clear picture of the industry& future. By understanding the market segments and projecting the size of the Europe Wire and cable Market, the reports also help understand the market dynamics and structure.        

Europe Wire and cable Market Scope

Europe Wire and cable Market Key players

1. Nexans SA
2. Prysmian SpA
3. Leoni AG
4. TE Connectivity
5. TELE-FONIKA Kable SA
6. NKT AS
7. British Cables Company (Wilms Group)
8. Habia Cable
9. Folan

For Global Scenario:

Wires and Cables Market - Global Industry Analysis by Market Share, Trend, Size, Competitive Landscape, Regional Outlook and Forecast (2024-2030)