Press release
Cable Drum Market to Hit $767.5 Million by 2026 | Latest Research Report
Drivers, restraints & opportunities-Evolution in the oil and gas industries, rise in potential in the construction industry, and surge in need for automation in the process industries drive the growth of the global cable drum market. Nevertheless, rise in government expenditure for electricity is expected to pave the way for a number of opportunities in the market.
According to the report, the global cable drum industry was estimated at $547.3 million in 2018 and is expected to hit $767.5 million by 2026, registering a CAGR of 4.1% from 2019 to 2026.
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Rise in investments in the telecom sector and technologically enhanced infrastructure across Europe majorly drives the market. There has been a growing adoption of cable drums in Europe due to rise in potential demand for cables for various industry applications.
Asia-Pacific is expected to be the leading contributor in the global cable drum market, followed by LAMEA, North America, and Europe. By material, the wood segment accounted for the highest market share in 2018 and the plastic segment is expected to witness a significant growth during the forecast period, owing to its installation in the power industry. There is an increase in adoption of cable drums in Asia-Pacific countries due to rise in investments on industrial manufacturing to strengthen economic growth. China is the world's largest producer of electric wires and cables. It is also among the world's leading consumers of electric cables, which drives the market growth.
In terms of mechanism, the motorized segment secured the highest share in the cable drum market in 2018 and the manual segment is expected to witness growth at a CAGR of 3.7%, during the forecast period, due to increase in emphasis on infrastructure and other industrial sectors.
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Top Players:
The key players profiled in the report include Hildebrandt Group, Schill GmbH & Co. Kg., as - Schwabe GmbH, Cable Equipment, Conductix-Wampfler, Coxreels, Nicoletti, Bryant Unlimited, Hannay Reels, and Svenssongroup.
Key Findings of the Study:
The report provides an extensive analysis of the current and emerging cable drum market trends and dynamics.
Depending on material, the wood segment dominated the cable drum market, in terms of revenue in 2018 and the plastic segment is projected to grow at a CAGR 5.1% during the forecast period.
By mechanism, the motorized segment led the cable drum market in 2018.
Asia-Pacific is projected to register the highest growth rate in the coming years.
Key market players within the cable drum market are profiled in this report, and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the cable drum industry.
The report provides an extensive analysis of the cable drum market trends and its emerging opportunities.
In-depth cable drum market analysis is conducted by constructing estimations for key segments between 2018 and 2026.
The global cable drum market forecast analysis from 2019 to 2026 is included in the report.
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