Global Cables market growth 2024, Forecast To 2033
29 Feb, 2024
The cables market size has grown strongly in recent years. It will grow from $87.26 billion in 2023 to$95 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to the industrial revolution impact, electricity grid expansion, urbanization and construction, automotive industry growth, televisions, and electronics boom. The cables market size is expected to see strong growth in the next few years. It will grow to $132.97 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to sustainability initiatives, security and surveillance needs, space exploration and satellite communication, automotive industry shifts, energy efficiency requirements. Major trends in the forecast period include digital transformation, renewable energy expansion, 5G and broadband rollout, electric vehicle adoption, smart homes, and IoT.
Global Cables Market Key Driver
Government investments in electricity transmission and distribution infrastructure are poised to fuel the cable market's expansion. With electricity transmission involving large-scale movement of high-voltage electricity and power distribution ensuring accessibility to various consumers, the demand for cables is on the rise. Notably, the International Energy Agency (IEA) reveals substantial global investments, approximately $310 billion in electricity distribution and $97 billion in electricity transmission for 2021–2030. Such investments, aimed at enhancing and extending transmission and distribution networks, significantly contribute to the growth of the cable market, with anticipated growth in 2023, 2024, and 2028.
Get A Free Sample Of The Global Cables Market ReportGlobal Cables Market Segments
The global cables market covered in this report is segmented –
1) By Installation: Overhead, Underground, Submarine
2) By Voltage: High, Medium, Low
3) By End-User: Industrial, Aerospace And Defence, Oil And Gas, Energy And Power, IT And Telecommunication, Other End Users
By Geography: The regions covered in the cables market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the cables market in 2023. The regions covered in the cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Cables Industry Players
Prysmian Group, Nexans S.A., The Furukawa Electric Co. Ltd., Sumitomo Corporation, Belden Incorporated, Fujikura Ltd., Leoni AG, LS Cable & System Ltd., NKT A/S, Southwire Company LLC, ABB Ltd., Polycab India Ltd., Huawei Technologies Co. Limited, Axon Cable SAS, KEI Industries Ltd., General Cable Corp., Encore Wire Corporation, Finolex Cables Ltd., Bahra Cables Company, Brugg Kabel AG, Riyadh Cables Group Company, Sumitomo Electric Industries Ltd., Furukawa Electric Co. Ltd., Lapp Tannehill, Dacon Systems Inc., American Wire Group, CommScope Holding Company Inc., Sterlite Technologies Limited, Aksh Optifibre Ltd., Paramount Communications Ltd.
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Cables Market Overview
A cable is a wire or collection of conductors used to transport electricity or telecommunication signals from one location to another. Electric communication cables use electrical impulses to transport voice messages, computer data, and visual pictures, whereas electric power cables use metal conductors to carry electricity.
Cables Global Market Report 2023 provides data on the global cables market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cables market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.