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Cables Market Trends, Top Companies, Share, Growth And Forecast 2033
Cables Market Trends
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According to The Business Research Company's, 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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Market Drivers and Trends:
The increasing demand for renewable energy sources is expected to propel the growth of cables market going forward. Renewable energy sources are energy resources that are naturally replenished and virtually inexhaustible which provide a sustainable and environmentally friendly alternative to traditional fossil fuels. Cables are used in renewable energy to efficiently transmit, distribute, and integrate clean power into the existing electrical infrastructure. For instance, in June 2023, according to the Energy Information Administration, a US-based government agency, renewable energy consumption has increased 13.2 quads in 2022 from 12.1 quads in 2021 in United States. Therefore, increasing demand for renewable energy sources is driving the growth of the cables market.
Product innovations have emerged as a key trend gaining popularity in the cables market. Major companies are introducing innovative products and delivering products with robust performance that can withstand extreme environments and maximize space utilization compared to other traditional cables. For instance, in August 2021, Belden a US-based manufacturer of networking, connectivity, and cable products launched Belden DataTuff Cat 6A, Belden OSDP Access Control Cables, and Alpha Wire ThermoThin Hook-Up Wires. These products provide dependable, robust performance in high-movement, harsh-environment applications. It is designed for compact industrial spaces and offers torsion tolerance. It connects security and access control systems with high levels of security, flexibility, convenience, and efficiency.
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Major Key Players of the Market:
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.
Cables Market 2024 Key Insights:
• 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%.
• Government Investments In Electricity Transmission And Distribution Fueling The Cable Market Expansion
• Belden Introduces Robust Performers For Harsh Environments And Compact Spaces
• Asia-Pacific was the largest region in the cables market in 2023
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