Cables Market Estimated to Experience a Hike in Growth By 2030

The global cables market share is expected to witness considerable growth, owing to an increase in demand for cables in Internet of Things solutions, especially in Asia-Pacific and Europe, due to a rise in demand for digital infrastructure solutions in these regions. Allied Market Research, titled, "Cables Market by Installation Type, Voltage Type, End Use: Global Opportunity Analysis and Industry Forecast, 2020-2030," the global cables market size was valued at $74.72 billion in 2020, and is projected to reach $156.49 billion by 2030, growing at a CAGR of 7.8% from 2021 to 2030.

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Cables play an integral part in the integration of various systems & sub-systems among various industry verticals. The demand for reliable connectivity, high-performance communication channels, and efficiency in transferring data by various enterprises boost the growth of the cables & connectors market. High-performance networks are essential for business, manufacturing, transportation, education, media, and security. Cables help to ensure that data infrastructure performs flawlessly for its users at different times and multiple locations. Advancements such as high-definition video and multi-channel audio in the IT and electronics market drives the growth of the cables market in this industry. Moreover, oil & gas companies are looking toward fiber optics to improve operational performance and accuracy, which is expected to provide a lucrative opportunity for the market.

The growth of the global cables market size is majorly driven by a rise in number of high-throughput satellites (HTS) globally paired with the growing need for enriched high-speed data communication. Further, growing demand for satellite communication in the Internet of Things (IoT) is anticipated to drive the growth of cables However, Ambiguity in the regulatory framework about satellite communication protocols and standards is acting as a prime restraint of the global market. On the contrary, the rise in the development of satellite networks to offer internet across remote areas is anticipated to provide lucrative opportunities for the cables industry during the forecast period.

The rise in the trend of renewable energy generation around the globe drives the growth of the global cables market share. Encouraging policies and initiatives of various governments and incentives have led to a considerable increase in the share of renewables as well as alternative sources of energy. In addition, an increase in the deployment of new power grid infrastructure boosts the cables market growth. According to the current cables market trends, the most widely used cables are ethernet cable and optical cable. The demand for these cables is expected to grow steadily in the forecasted period.

By installation type, it is fragmented into overhead, underground, and submarine. The overhead segment was the highest revenue contributor to the market, with $45,473.8 million in 2020, and is estimated to reach $87,571.4 million by 2030, with a CAGR of 6.9%.

By voltage type, the market is divided into high, medium, and low. The low segment was the highest revenue contributor to the market, with $31,826.1 million in 2020, and is estimated to reach $54,299.0 million by 2030, with a CAGR of 5.6%

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By end use, the market is divided into industrial, aerospace & defense, oil & gas, energy & power, IT& telecommunication, and others. The industrial segment is estimated to reach $27,931.2 million by 2030, at a significant CAGR of 6.7% during the forecast period. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor, accounting for $30,973.2 million in 2020, and is estimated to reach $74,774.6 million by 2030, with a CAGR of 9.3%.

According to the region-wise cables market analysis, Asia-Pacific holds a significant share of the global market, owing to the presence of prime players in this region. The adoption of an automatic identification system is expected to propel the growth of the cables industry in this region.

According to the cables market trends, China accounts for 50% of the global consumer electronics consumption. The outbreak of COVID-19 had a major impact on both customers and companies. Electronics manufacturing hubs have temporarily been shut down to limit the virus spread. This affects the global supply chain, which is further expected to impact the suppliers and manufacturers across the world. COVID-19 is highlighting the potential risk and vulnerability of the electronics industry and semiconductor value chain model.

The key players in the cables market have shifted toward an agile supply chain network model that has multiple pathways to prevent single points of failure. This can help them to balance costs with better assurance for business continuity and sustainability. Shifting from single-country hubs to more extensive regional supply networks is expected to initiate collaborative partnerships and industry associations. Stakeholders are anticipated to invest in resources and infrastructure that can quickly enable new manufacturing and supply nodes when required.

KEY FINDINGS OF THE STUDY

- In 2020, the overhead segment accounted for maximum revenue and is projected to grow at a notable CAGR of 6.9% during the forecast period.
- The low segment was the highest revenue contributor to the market in 2020, and is estimated to grow with a CAGR of 5.6% during the forecasted period.
- The IT and telecommunication segment is projected to grow at a CAGR of 5.6% during the forecast period.
- Asia-Pacific contributed for the major share in the cables market, accounting for more than 41.45% share in 2020.

The key players profiled in the report include Prysmian Cables Systems, Nexans, ABB, Furukawa, General Cable, Axon Cable S.A.S., Polycab, KEI Industries, Sumitomo Electric Wiring Systems, Inc. and Huawei Technologies Co. Ltd.. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the cables market.

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