According to the report, the global cables industry generated $74.72 billion in 2020, and is anticipated to generate $156.49 billion by 2030, witnessing a CAGR of 7.8% from 2021 to 2030. The global cables market share is expected to witness considerable growth, owing to increase in demand for cables in Internet of Things solutions, especially in Asia-Pacific and Europe, due to rise in demand for digital infrastructure solution in these regions.
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The growth of the global cables market size is majorly driven by rise in numbers of high-throughput satellites (HTS) globally paired with growing need for enriched high-speed data communication. Further, growing demand for satellite communication in Internet of Things (IoT) is anticipated to drive the growth of cables market.
The Low Segment to Maintain its Leadership Status Throughout the Forecast Period
Based on voltage type, the low segment held the highest market share in 2020, accounting for more than two-fifths of the global cables market, and is estimated to maintain its leadership status throughout the forecast period, due to the upsurge in usage of low voltage cables in industrial, appliance wires, distribution networks, and utilities. However, the high segment is projected to manifest the highest CAGR of 10.9% from 2021 to 2030, owing to demand for high voltage cables for transmission line.
The IT and Telecommunication Segment to Maintain its Lead Position During the Forecast Period
Based on end use, the IT and Telecommunication segment accounted for the largest share in 2020, contributing to around one-fourth of the global cables market, and is projected to maintain its lead position during the forecast period. The rise in adoption of smartphones and the rapid penetration of the internet services around the world are some of the significant factors affecting the growth of the market. However, the aerospace and defense segment is expected to portray the largest CAGR of 10.7% from 2021 to 2030, owing to increase in demand for data security, information integrity, and high bandwidth requirements.
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Asia-Pacific to Maintain its Dominance by 2030
Based on region, Asia-Pacific held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global cables market. Moreover, the same region is expected to witness the fastest CAGR of 9.3% during the forecast period. This is attributed to technological advancements and rise in living standards in developing countries such as India, China, and Indonesia. Other regions discussed in the report include North America, Europe, and LAMEA.
The key players profiled in the report include 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.. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the cables market.
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