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.
Prime Determinants of Growth
Rise in government initiatives to improve connectivity, surge in demand for higher bandwidth network by different industries, increase in deployment of new power grid infrastructure, and rise in trend of renewable energy generation around the globe drive the global cables market growth. However, the complexity in deployment planning of cables along with the delays in authorization from governments hinders the market growth. On the other hand, upsurge in demand for power all over the world presents new opportunities in the coming years.
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.
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The global cables market has been significantly impacted by the COVID-19 outbreak. The production facilities of the electronics and semiconductors have been halted, owing to the slowdown and unavailability of the workforce across the globe. COVID-19 outbreak has caused a significant drop in manufacturing utilization, and travel bans & facility closures that resulted in a massive decrease in workforce in the factories, which led to slowdown in the growth of the cables market in 2020. The Asian and European countries under lockdowns have suffered major loss of business and revenue, due to the shutdown of manufacturing units in the region. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to slowdown in the growth of the cables market. However, the negative impact of COVID-19 on the market is expected to remain for a short period of time, and by early 2021, the market is anticipated to observe robust recovery rate along with the extensive demand for cables products post pandemic.
TOP IMPACTING FACTORS
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.
COMPETITION 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.
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Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cables market analysis from 2020 to 2030 to identify the prevailing cables 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 assists to 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 | OverheadUndergroundSubmarine |
| By Voltage Type | HighMediumLow |
| By End Use | IndustrialAerospace and DefenseOil and GasEnergy and PowerIT and TelecommunicationOthers |
| By Region | North America (U.S., Canada, Mexico)Europe (U.K., Germany, France, Rest of Europe)Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)LAMEA (Latin America, Middle East, Africa) |
| Key Market Players | Huawei Technologies, Prysmian Cables Systems, Nexans, ABB, Furukawa, General Cable, Axon Cable, Polycab, KEI Industries, Sumitomo Electric Wiring Systems |
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