Cables Market Research, 2030
The Global Cables Market size was valued at $74.72 billion in 2020, and is projected to reach $156.49 billion by 2030, growing at a CAGR of 7.8% from 2021 to 2030.
A cable is a thick wire, or a group of wires inside a rubber or plastic covering, which is used to carry electricity or electronic signals. They are made from electrically conducting materials that are secured with one or more insulation layers and carry electrical signals & aid the generation, transmission, and distribution of electric power. The major components of a cable are conductor, dielectric, and sheath. The conducting path for the electricity in a cable is provided by the conductor. The insulation helps in withstanding the service voltage and isolates the live conductor with other objects. The sheath restricts moistures to enter and protects the cables from all external influences like chemical or electrochemical attack and fire.
The major purpose of cables is to transmit electric signals and electromagnetic waves from one endpoint to another. Furthermore, cables, along with cable assemblies, play a vital role in the integration mechanism of different systems and subsystems.
Rise in government initiatives to improve connectivity and surge in demand for higher bandwidth networks by different industries drive the cables market growth. Moreover, the surge in the trend of renewable energy generation around the globe drives the growth of the global market forecast. In addition, an increase in the deployment of new power grid infrastructure boosts growth in demand for cable market share.
However, the complexity in deployment planning of cables, along with the delays in authorization from the government, is projected to hamper the market outlook during the forecast period. On the contrary, an upsurge in demand for power all over the world creates a lucrative market opportunity. According to the current market trends, the most widely used cables are Ethernet cables and optical cables. The demand for these cables is expected to grow steadily in the forecasted period and is expected to offer a market opportunity.
Segment Overview
The cables market research is segmented into installation type, voltage type, and end use.
By installation type, the market is divided into overhead, underground, and submarine. The overhead segment dominated the market, in terms of revenue, in 2020, and is expected to follow the same trend during the forecast period. By voltage type, it is classified into high, medium, and low. Low segment was the highest revenue contributor in 2020, and is anticipated to garner significant market share during the forecast period.
By end use, the market is categorized into industrial, aerospace & defense, oil & gas, energy & power, IT& telecommunication, and others. The IT and telecommunication segment dominated the market, in terms of revenue, in 2020, and is expected to follow the same trend during the forecast period.
Region-wise, the cables market opportunity are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, and the rest of the Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific, specifically China, remains a significant participant in the global cables industry. Major organizations and government institutions in the country are intensely putting resources into technology.
Top Impacting Factors
The significant impacting factors in the global market include an increase in investments in transmission and distribution of electric power, which fuels the demand for cables. In addition, the market is influenced by growth in investments in the industrial sector and a rise in urbanization. However, the complex fault detection and removal process of errors hampers the market growth to a certain extent. Moreover, favorable renewable energy policies provided by the governments of key countries fuel the growth of the market. Each of these factors is anticipated to have a definite impact on the global cables market share during the forecast period.
Competitive Analysis
Competitive analysis and profiles of the major cables market players, such as Prysmian Cables Systems, Nexans, ABB, Furukawa, General Cable, Axon Cable S.A.S., Polycab, KEI Industries, SUMITOMO ELECTRIC WIRING SYSTEMS, INC., and Huawei Technologies Co. Ltd. are provided in this report.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cables market from 2020 to 2030 to identify market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cables market segmentation helps determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global cables market trends, key players, market segments, application areas, and market growth strategies.
Cables Market Report Highlights
| Aspects | Details |
 By Installation Type |
|
 By Voltage Type |
|
 By End Use |
|
 By Region |
|
 Key Market Players | Prysmian Cables Systems, General Cable, Furukawa, Axon Cable, ABB, Nexans, Polycab, Huawei Technologies, KEI Industries, Sumitomo Electric Wiring Systems |
Analyst Review
In accordance with several interviews that were conducted with the top level CXOs, the cable market is anticipated to depict a prominent growth during the forecast period, owing to various factors, such as increase in investments in transmission and distribution of electric power that fuels the demand for cables. In addition, the market is influenced by growth in investments in the industrial sector and rise in urbanization to drive the market growth. However, complex fault detection and removal process of errors hamper the market growth to a certain extent. Moreover, favorable renewable energy policies provided by the government of key countries fuel the growth of the market. Each of these factors is anticipated to have a definite impact on the global cables market during the forecast period.
The cables market exhibits high growth potential in commercial and industrial sectors. The current business scenario has witnessed an increase in demand for energy, particularly in developing regions such as China and India, owing to surge in population and rise in demand for energy. Companies in this industry have adopted various innovative techniques, such as mergers and acquisitions to strengthen their business position in the competitive matrix.
Increasing demand for fiber optic cables is expected to derive the market in the coming years
Overhead cables are the leading cables type in the industry
Asia-Pacific is the largest regional market in cable industry
The market size for cable industry in 2020 is 74.72 Billion
Prysmian Cables Systems, Nexans, KEI Industries and General Cable are expected to hold significant market share
The global Cables is expected to register a CAGR of 7.8% during the forecast period
The significant impacting factors in the global cables market include increase in investments in transmission and distribution of electric power, which fuels the demand for cables. In addition, the market is influenced by growth in investments in the industrial sector and rise in urbanization. However, complex fault detection and removal process of errors hamper the market growth to a certain extent. Moreover, favorable renewable energy policies provided by the government of key countries fuel the growth of the market. Each of these factors is anticipated to have a definite impact on the global cables market share during the forecast period.
The cables market research is segmented into installation type, voltage type, and end use. By installation type, the market is divided into overhead, underground, and submarine. By voltage type, it is classified into high, medium, and low. By end use, the market is categorized into industrial, aerospace & defense, oil & gas, energy & power, IT& telecommunication, and others.
Market Players have adopted, product launches, business expansion and agreement as growth strategies
The global cable market is significantly affected by the emergence of COVID-19, owing to the shutdown of manufacturing units globally. However, the market is expected to register significant growth in the coming years due to the adoption of data communication solutions in regions worldwide
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