Cables Market
Overview and Scope
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.
Sizing and Forecast
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 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..
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Segmentation & Regional Insights
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 Defence, Oil And Gas, Energy And Power, IT And Telecommunication, Other End Users
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.
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Major Driver Impacting Market Growth
The increase in government investment in the transmission and distribution of electricity is expected to propel the growth of the cable market. Electricity transmission refers to the large-scale movement of high-voltage electricity from a power plant to a substation, whereas power distribution refers to the conversion of high-voltage electricity at substations to lower voltages that can be distributed and used by private, public, and industrial customers. Additionally, government initiatives to expand or upgrade electricity transmission and distribution systems are favoring the demand for cables. For instance, in October 2022, according to statistical data published by the International Energy Agency (IEA), a France-based intergovernmental organization, the global investment for 2021–2030 would be approximately $310 billion in electricity distribution and $97 billion in electricity transmission. Therefore, the increase in investments in the transmission and distribution of electricity is driving the cable market.
Key Industry Players
Major companies operating in the cables market report are 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.
The cables market report table of contents includes:
1. Executive Summary
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