Press release
Global Cables Market to Reach $138 Billion by 2029, Growing at 9% CAGR
Cables Market
The cable market's growth is anticipated to be driven by an increase in government expenditures in the transmission and distribution of electricity. The term 'electricity transmission' refers to the large-scale transport of high-voltage electricity from power plants to substations, whereas 'power distribution' describes the process of converting high-voltage electricity into lower voltages at substations for use by private, public, and industrial consumers. Government efforts to expand or improve electricity transmission and distribution systems are increasing the demand for cables. For example, as per data published in October 2022 by the International Energy Agency (IEA), a France-based intergovernmental organization, the predicted global investment for 2021-2030 in electricity distribution would be roughly $310 billion, with $97 billion marked for electricity transmission. Hence, the growing investments in the transmission and distribution of electricity are fuelling the cable market's expansion.
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How will the growth rate of the cables market shape industry trends by 2034?
In the past few years, the cable market has witnessed robust growth. The market size, which stands at $92.49 billion in 2024, is expected to increment to $99.49 billion in 2025, with a compound annual growth rate (CAGR) of 7.6%. Factors such as the repercussions of the industrial revolution, the spread of electricity grids, urbanization, and construction, along with the expansion of the automotive industry and the surge in television and electronic devices, contribute to the historic growth period.
The market size of cables is projected to witness robust expansion in the upcoming years, with an estimated value of $138 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 8.5%. The anticipated growth during this forecast period is owed to efforts towards sustainability, needs for security and surveillance, space exploration and satellite communication, changes in the automotive industry, and necessities for energy efficiency. The key trends during this forecast period entail digital transformation, spread of renewable energy, the implementation of 5g and broadband, adoption of electric vehicles, and the advancement of smart homes and IoT.
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What trends are poised to drive the future success of the cables market?
Leading firms in the cable market are concentrating on the creation of novel solutions like fiber optic microcables. These cutting-edge products are designed to amplify connectivity and serve surging requirements for swift data transmission. Fiber optic microcables are slender, lightweight cables that use fiber optic technology for data transmission through light signals. To illustrate, in May 2023, HFCL Limited, a telecom firm established in India, debuted a range of ground-breaking optical fiber products at the ISE EXPO 2024 in Dallas, Texas. This included a 1728-fiber Intermittently Bonded Ribbon (IBR) cable tailored for high-density installations and quick rehabilitation during outage periods. Additionally, the company introduced Nano Thin Microcables, which comprise a 10.6mm diameter 864 fiber cable for optimum fiber capacity within 14mm microducts, thus setting a global record with a fiber packing density of 9.8 fibers/mm2. Furthermore, HFCL displayed high-density single-jacket single-armor IBR cables that range from 144 to 1728 fibers.
Which primary segments of the cables market are driving growth and industry transformations?
The cables market size has grown strongly in recent years. It will grow from $92.49 billion in 2024 to $99.49 billion in 2025 at a compound annual growth rate (CAGR) of 7.6%. 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.
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Which geographical regions are pioneering growth in the cables market?
Asia-Pacific was the largest region in the cables market in 2024. The regions covered in the cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the cables market landscape?
Major companies operating in the cables market are Prysmian Group, Nexans S.A., 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.
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What Is Covered In The Cables Global Market Report?
• Market Size Forecast: Examine the cables market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the cables market for a structured understanding.
• Key Players Overview: Analyze major players in the cables market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cables market.
• Segment Contributions: Evaluate how different segments drive overall growth in the cables market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cables market.
• Industry Challenges: Identify potential risks and obstacles affecting the cables market.
• Competitive Landscape: Review strategic developments in the cables market, including expansions, agreements, and new product launches.
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