What is the Historic and Current Scenario of the Cables Market?
The cables market has seen considerable growth due to a variety of factors.
• In the past few years, the cable market has witnessed robust growth. The market size, which stands at $92.49 billion in 2024, is expected to increment to $99.49 billion in 2025, with a compound annual growth rate (CAGR) of 7.6%. Factors such as the repercussions of the industrial revolution, the spread of electricity grids, urbanization, and construction, along with the expansion of the automotive industry and the surge in television and electronic devices, contribute to the historic growth period.
What Can Be Expected from the Cables Market in the Coming Years?
The Cables market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of cables is projected to witness robust expansion in the upcoming years, with an estimated value of $138 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 8.5%.
The anticipated growth during this forecast period is owed to efforts towards sustainability, needs for security and surveillance, space exploration and satellite communication, changes in the automotive industry, and necessities for energy efficiency. The key trends during this forecast period entail digital transformation, spread of renewable energy, the implementation of 5g and broadband, adoption of electric vehicles, and the advancement of smart homes and IoT.
What Are the Critical Driver Fuelling The Cables Market's Growth?
The cable market's growth is anticipated to be driven by an increase in government expenditures in the transmission and distribution of electricity. The term 'electricity transmission' refers to the large-scale transport of high-voltage electricity from power plants to substations, whereas 'power distribution' describes the process of converting high-voltage electricity into lower voltages at substations for use by private, public, and industrial consumers. Government efforts to expand or improve electricity transmission and distribution systems are increasing the demand for cables. For example, as per data published in October 2022 by the International Energy Agency (IEA), a France-based intergovernmental organization, the predicted global investment for 2021-2030 in electricity distribution would be roughly $310 billion, with $97 billion marked for electricity transmission. Hence, the growing investments in the transmission and distribution of electricity are fuelling the cable market's expansion.
How Is The Cables Market segmented?
The 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 Defense, Oil And Gas, Energy And Power, IT And Telecommunication, Other End Users
Subsegments:
1) By Overhead: Aerial Bundled Cables, Bare Conductors
2) By Underground: Low-Voltage Underground Cables, High-Voltage Underground Cables
3) By Submarine: Submarine Power Cables, Submarine Communication Cables
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What New Trends Are Influencing The Cables Market?
Leading firms in the cable market are concentrating on the creation of novel solutions like fiber optic microcables. These cutting-edge products are designed to amplify connectivity and serve surging requirements for swift data transmission. Fiber optic microcables are slender, lightweight cables that use fiber optic technology for data transmission through light signals. To illustrate, in May 2023, HFCL Limited, a telecom firm established in India, debuted a range of ground-breaking optical fiber products at the ISE EXPO 2024 in Dallas, Texas. This included a 1728-fiber Intermittently Bonded Ribbon (IBR) cable tailored for high-density installations and quick rehabilitation during outage periods. Additionally, the company introduced Nano Thin Microcables, which comprise a 10.6mm diameter 864 fiber cable for optimum fiber capacity within 14mm microducts, thus setting a global record with a fiber packing density of 9.8 fibers/mm2. Furthermore, HFCL displayed high-density single-jacket single-armor IBR cables that range from 144 to 1728 fibers.
Who Are the Key Players In The Cables Market?
Major companies operating in the cables market include:
• Prysmian Group
• Nexans S.A.
• 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.
What Is The Most Dominant Region In The Cables Market?
Asia-Pacific was the largest region in the cables market in 2024. The regions covered in the cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
