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Government Investments In Electricity Transmission And Distribution Fueling The Cable Market Expansion: Strengthening the Growth Trajectory of the Cables Market
Cables Market
What Is the Expected CAGR for the Cables Market Through 2025?
The substantial expansion of the cables market size in recent times is remarkable. Projected growth is from $92.49 billion in 2024 to $99.49 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 7.6%. This increase in the previous period stems from the impact of the industrial revolution, expansion of the electricity grid, the surge in urbanization and construction, progression in the automotive industry, and the explosion in televisions and electronics.
What's the Projected Size of the Global Cables Market by 2029?
The market for cables is anticipated to witness robust growth over the next few years, with its size predicted to reach $138 billion in 2029, growing at a compound annual growth rate (CAGR) of 8.5%. The driver behind this projected growth during the forecast period includes sustainability pursuits, needs for security and surveillance, increased focus on space exploration and satellite communication, changes in the automotive industry, and energy efficiency demands. Key trends during this period are projected to be digital transformation, renewable energy growth, the rollout of 5g and broadband, adoption of electric vehicles, and an increase in smart homes and the Internet of Things (IoT).
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Top Growth Drivers in the Cables Industry: What's Accelerating the Market?
The cable market is poised for growth, propelled by a surge in government funding for electricity transmission and distribution. The former refers to the large-scale transfer of high-voltage electricity from power plants to substations, while the latter refers to the conversion of this high-voltage electricity into lower voltages at substations for utilization by residential, commercial, and industrial consumers. Government efforts to enhance existing electricity transmission and distribution systems, or establish new ones, are spurring demand for cables. As an example, the International Energy Agency (IEA), an intergovernmental organization based in France, reported in October 2022 that the global investment from 2021-2030 in electricity distribution would approximate $310 billion, and around $97 billion in electricity transmission. As a result, the rise in investment towards electricity transmission and distribution is propelling the cable market.
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What Trends Will Shape the Cables Market Through 2029 and Beyond?
Leading enterprises in the cable market are prioritizing the creation of novel solutions such as fiber optic microcables to improve connectivity and fulfill increasing needs for accelerated data transmission. Fiber optic microcables can be defined as slender, lightweight cables that use fiber-optic technology for information transmission via light signals. As an instance, HFCL Limited, a telecommunications corporation based in India, in May 2023, launched a range of inventive optical fiber products during ISE EXPO 2024 in Dallas, Texas. These included a 1728-fiber Intermittently Bonded Ribbon (IBR) cable specifically designed for use in high-density installations and quick restoration in the event of outages. They also unveiled Nano Thin Microcables equipped with a 10.6mm diameter 864 fiber cable that optimizes fiber capacity within 14mm microducts and achieves a globally record-breaking fiber packing density of 9.8 fibers/mm2. In addition, HFCL presented a variety of single-jacket single-armor IBR cables with high-density, ranging from 144 to 1728 fibers.
What Are the Main Segments in the Cables Market?
The cables market covered in this report is segmented -
1) By Installation: Overhead, Underground, Submarine
2) By Voltage: High, Medium, Low
3) By End-User: Industrial, Aerospace And Defense, Oil And Gas, Energy And Power, IT And Telecommunication, Other End Users
Subsegments:
1) By Overhead: Aerial Bundled Cables, Bare Conductors
2) By Underground: Low-Voltage Underground Cables, High-Voltage Underground Cables
3) By Submarine: Submarine Power Cables, Submarine Communication Cables
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Which Top Companies are Driving Growth in the Cables Market?
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.
Which Regions Will Dominate the Cables Market Through 2029?
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.
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