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Shipboard Cables Market Trends, Top Companies, Share, Growth And Forecast 2033
Shipboard Cables Market Trends
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According to The Business Research Company's, The shipboard cables market size has grown strongly in recent years. It will grow from $2.58 billion in 2023 to $2.71 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to maritime industry growth, safety and compliance standards, naval modernization and defense spending, increasing vessel electrification, offshore energy exploration.
The shipboard cables market size is expected to see rapid growth in the next few years. It will grow to $4.14 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to renewable energy integration, digitalization and connectivity requirements, adoption of electric propulsion systems, enhanced fire safety features, global trade and shipping activities. Major trends in the forecast period include adoption of lightweight and high-strength materials, integration of smart cabling solutions, rising focus on electromagnetic compatibility (emc), advancements in insulation and jacketing materials, compliance with environmental regulations.
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Market Drivers and Trends:
The increase and the expansion of offshore oil & gas plants are driving the shipboard cables market. The expansion of offshore oil & gas plants includes electrification of offshore oil and gas platforms which involves the use of efficient shipboard cables to connect oil platforms to mainland power grids. For instance, in October 2022, Abu Dhabi National Oil Company (ADNOC), a Abu Dhabi-based oil company, has awarded a contract worth $1.53 billion (AED 5.62 billion) for ADNOC Drilling. The contract supports ADNOC's offshore activities and its goal of responsibly increasing production capacity and meeting the growing global demand for reliable, reduced carbon intensity oil and gas. Therefore, the development of offshore oil & gas projects is projected to support the shipboard cables market growth.
Major companies operating in the shipboard cable market are developing new products, such as quick ship programs to boost customer offering and increase revenue. A Quick ship program refers to a service or offering provided by a company, typically in manufacturing or retail, to expedite the delivery of specific products or goods to customers. For instance, in October 2023, Siemon, a US-based cable manufacturing company, launched RapidDAC, a quick ship service for its direct attach copper cables (DACs). Siemon aims to make sure that projects demanding 10 racks or more are cost-effective, completed promptly, and aligned with the urgent needs of data center deployments. This commitment to quality and efficiency is exemplified through its innovative RapidDAC program. Siemon's latest quick ship program in North America underscores its ability to deliver 500 DACs, sufficient for 10 standard data center server cabinets, within a span of 5 days or less. Regardless of whether the order is for 50 cables or 500, their agile manufacturing process ensures that DACs are manufactured and shipped within 5 days of order placement.
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Major Key Players of the Market:
3M Company, Fujitsu Limited, Eaton Corporation, Prysmian Group, TE Connectivity Inc., CommScope Holding Company Inc., Nexans SA, Leoni AG, General Cable Company, Molex LLC, Belden Inc., OCC Corporation, Axon' Cable S.A.S., HMN Technologies Co. Ltd., Seacon Group Limited, Shoal Group Ltd., Eland Cables Ltd., ZTT Corporation, SAB Bröckskes GmbH & Co. KG, Nuhas LLC, Belcom Cables Ltd., CABLE SOURCE PTE. LTD., WILSON CABLES PTE. LTD., Teledyne Marine Technologies, HESFIBEL, SAMCO Inc., Hengtong Optic-Electric Co. Ltd., Scorpion Oceanics Ltd., Sea and Land Technologies Pte. Ltd., Sumitomo Electric Industries Ltd., Sterlite Technologies Limited, ABB Ltd., OFS Fitel LLC, Fujikura Ltd., Siemens AG, Schneider Electric SE, Yangtze Optical Fiber and Cable Joint Stock Limited Company (YOFC), Fiberhome Telecommunication Technologies Co. Ltd., Jiangsu Zhongtian Technology Co. Ltd.
Shipboard Cables Market 2024 Key Insights:
• The shipboard cables market size is expected to see rapid growth in the next few years. It will grow to $4.14 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%.
• Offshore Oil And Gas Expansion Fuels The Shipboard Cables Market
• Quick Ship Programs Are Accelerating Delivery For Shipboard Cables And Meeting Customer Demand
• The Asia-Pacific was the largest region in the shipboard cables market in 2023
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