The worldwide copper wire and cable industry was valued at $156.11 billion in 2020 and is expected to reach $267.17 billion by 2030, growing at a CAGR of 6.0 per cent between 2021 and 2030. A copper wire is a single conductor for electrical communications, as opposed to a copper cable, which is made up of many copper wires connected into a common jacket. The most frequent function of this wire and cable is to carry electricity with low resistance, resulting in voltage dips and dynamic response in the form of heat. These wires and cables are widely used in power generation, power transmission, and power distribution. transportation, power distribution, communications, circuit design, and a variety of other electrical devices.

The copper wire and cable industry is primarily driven by factors such as rising energy consumption and significant expenditures in building development. Furthermore, the growth of smart grids, as well as an increase in expenditures in smart upgrading of power transmission and distribution systems, increases demand for copper wire and cable.

For example, smart grid technology has met an increased need for grid connectivity, leading to a boom in investing in new subterranean and submarine cables. The currency’s development, however, is expected to be hampered by volatility in raw material costs. On the contrary, increasing urbanisation and government investment throughout the industrial sector are expected to provide attractive development possibilities for the market over the forecast period.