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Global Mechanical Control Cable Market Outlook And Analysis Through 2024-2033
Mechanical Control Cable Market Outlook
According to The Business Research Company's, The mechanical control cable market size has grown strongly in recent years. It will grow from $9.85 billion in 2023 to $10.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to renewable energy sector utilization, automated systems in manufacturing, heavy equipment applications, medical device integration, industrial machinery requirement.
The mechanical control cable market size is expected to see strong growth in the next few years. It will grow to $13.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to demand from automotive industry, expansion in aerospace sector, marine industry growth, rise in construction equipment, automation and robotics demand. Major trends in the forecast period include demand for high-performance applications, customization and versatility, enhanced durability and longevity, shift to lightweight materials, integration of advanced coatings.
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Market Drivers and Trends:
An increase in air passenger traffic is expected to propel the growth of the mechanical control cable market going forward. Air traffic refers to a person responsible for directing the movements of aircraft. Air passenger traffic is prompting aircraft companies to arrange more domestic and international flights, resulting in increased aircraft manufacturing, which spikes the usage of mechanical control cables in landing gears and aircraft flight control systems. For instance, in 2022, according to the International Air Transport Association (IATA), a Canada-based trade association, total passenger traffic rose by 64.4% compared to 2021. In December 2022 alone, the traffic was increased by 39.7% compared to December 2021. Therefore, increased air passenger traffic drives the mechanical control cable market.
Product innovation is a key trend gaining popularity in the mechanical control cable market going forward. Major companies operating in the mechanical control cable market are developing innovative products to strengthen their position in the market. For instance, in February 2023, Belden Incorporated, a US-based networking, connectivity, and cable product manufacturer, launched Custom Broadcast Enclosures and Panels, along with NewGen CPR-Rated Access Control Cables. Belden NewGen CPR-Rated, Access Control Cables add a new level of ease and comfort to any security installation, lowering labor costs while attaining excellent signal transmission performance. NewGen CPR-Rated Access Control Cables with a high flame rating are available as a cost-effective alternative to facilitate security system communication.
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Major Key Players of the Market:
Triumph Group Inc.; Elliott Manufacturing Company; Orscheln Products LLC; Glassmaste*r Controls Company Inc.; Loos & Co. Inc.; Bergen Cable Technology; Küster Holding GmbH; Wescon Controls Inc.; Tyler Madison Inc.; Sila Group S.p.A.; Cablecraft Motion Controls Inc.; Drallim Industries Limited; Grand Rapids Controls LLC; AeroControlex Corporation; Silco Cables; Cable Manufacturing & Assembly Inc.; Escadean Ltd.; Ringspann GmbH; Lexco Cable Mfg.; VPS Control Systems Inc.; Federal Electronics Inc.; Electro-Prep Inc.; ACCO Engineered Systems Inc.; B&B Manufacturing Company; Berardi Cable Controls Inc.; Cable-Tec Inc.; Cleveland Cable Company; Dynamic Controls Inc.; Electromecanica de Precisão Lda.; Furukawa Electric Co. Ltd.; Hi-Tech Cable Assemblies Inc.
Mechanical Control Cable Market 2024 Key Insights:
• The mechanical control cable market will grow to $13.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Surge In Air Passenger Traffic Boosts Mechanical Control Cable Market
• Product Innovation In Mechanical Control Cable Market
• North America was the largest region in the mechanical control cable market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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