Shipboard Cables Market Growth Trajectory Through 2024-2033

The Shipboard Cables Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Shipboard Cables Global Market Report 2024, The shipboard cables market size has grown strongly in recent years. It will grow from $2.58 billion in 2023 to $2.71 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to maritime industry growth, safety and compliance standards, naval modernization and defense spending, increasing vessel electrification, offshore energy exploration.

The shipboard cables market size is expected to see rapid growth in the next few years. It will grow to $4.14 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to renewable energy integration, digitalization and connectivity requirements, adoption of electric propulsion systems, enhanced fire safety features, global trade and shipping activities. Major trends in the forecast period include adoption of lightweight and high-strength materials, integration of smart cabling solutions, rising focus on electromagnetic compatibility (emc), advancements in insulation and jacketing materials, compliance with environmental regulations.

The increase and the expansion of offshore oil & gas plants are driving the shipboard cables market. The expansion of offshore oil & gas plants includes electrification of offshore oil and gas platforms which involves the use of efficient shipboard cables to connect oil platforms to mainland power grids. For instance, in October 2022, Abu Dhabi National Oil Company (ADNOC), a Abu Dhabi-based oil company, has awarded a contract worth $1.53 billion (AED 5.62 billion) for ADNOC Drilling. The contract supports ADNOC’s offshore activities and its goal of responsibly increasing production capacity and meeting the growing global demand for reliable, reduced carbon intensity oil and gas. Therefore, the development of offshore oil & gas projects is projected to support the shipboard cables market growth.

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The shipboard cables market covered in this report is segmented –

1) By Type: Fiber-optic Cables, Electric Cables
2) By Voltage: Medium Voltage Cable, Low Voltage Cable
3) By Applications: Marine And Offshore, Oil & Gas And Petrochemical, Other Applications

Major companies operating in the shipboard cable market are developing new products, such as quick ship programs to boost customer offering and increase revenue. A Quick ship program refers to a service or offering provided by a company, typically in manufacturing or retail, to expedite the delivery of specific products or goods to customers. For instance, in October 2023, Siemon, a US-based cable manufacturing company, launched RapidDAC, a quick ship service for its direct attach copper cables (DACs). Siemon aims to make sure that projects demanding 10 racks or more are cost-effective, completed promptly, and aligned with the urgent needs of data center deployments. This commitment to quality and efficiency is exemplified through its innovative RapidDAC program. Siemon’s latest quick ship program in North America underscores its ability to deliver 500 DACs, sufficient for 10 standard data center server cabinets, within a span of 5 days or less. Regardless of whether the order is for 50 cables or 500, their agile manufacturing process ensures that DACs are manufactured and shipped within 5 days of order placement.

The shipboard cables market report table of contents includes:

1. Executive Summary
2.Shipboard Cables Market Characteristics
3.Shipboard Cables Market Trends And Strategies
4.Shipboard Cables Market analysis
5.Shipboard Cables Market Size And Growth
6. Shipboard Cables Segmentation
7.Shipboard Cables Regional And Country Analysis
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27.Shipboard Cables Competitive Landscape And Company Profiles
28.Shipboard Cables Key Mergers And Acquisitions
29.Shipboard Cables Future Outlook and Potential Analysis

TOP MAJOR PLAYERS:

• 3M Company
• Fujitsu Limited
• Eaton Corporation
• Prysmian Group
• TE Connectivity Inc.
• CommScope Holding Company Inc.,

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