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Government Investments In Electricity Transmission And Distribution Fueling The Cable Market Expansion: Strategic Insights Driving Cables Market Momentum in 2025
Cables Market
How Large Will the Cables Market Size By 2025?
There has been a significant upsurge in the size of the cables market in the previous years. From $92.49 billion in 2024, it is projected to escalate to $98.23 billion in 2025, marking a compound annual growth rate (CAGR) of 6.2%. Factors such as industrial revolution effects, expansion of electricity grid, growing urbanization and construction, the surge in the automotive sector, and the boom in televisions and electronics can be credited for the growth observed in the historical period.
How Big Is the Cables Market Size Expected to Grow by 2029?
In the coming years, we predict a significant surge in the size of the cables market. This sector is expected to expand to $133.76 billion by 2029 with a compound annual growth rate (CAGR) of 8.0%. This growth predicted in the period under forecast can be linked to factors such as sustainability efforts, the need for security and surveillance, space research and satellite communication, transformations in the automotive industry, and the demand for energy efficiency. Other key trends influencing this period include digital transition, the spread of renewable energy, the deployment of 5g and broadband, the growing use of electric vehicles, as well as advancements in smart home technology and IoT.
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Which Key Market Drivers Powering Cables Market Expansion and Growth?
The growth of the cable market is predicted to surge due to the rise in government spending on the transmission and distribution of electricity. The process of transmission includes the large-scale movement of large-voltage electricity from power plants to substations, while distribution is the process of converting this high-voltage electricity at substations to lower voltages for it to be distributed and used by various customers like private, public, and commercial. In addition, the demand for cables is being propelled by government plans to enhance or extend electricity transmission and distribution systems. As per the statistics published by the International Energy Agency (IEA), a France-based intergovernmental organization, in October 2022, the estimated global investment for the period of 2021-2030 would be about $310 billion in electricity distribution and $97 billion in electricity transmission. Ergo, the rise in investment in electricity transmission and distribution operations is accelerating the demand in the cable market.
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What Are the Key Trends Driving Cables Market Growth?
Companies that lead in the cable market are currently emphasizing the creation of groundbreaking solutions such as fiber optic microcables to improve connections and satisfy the escalating need for high-speed data transmission. These are slender, light-weight cables that employ fiber optic technology to convey data via light signals. For example, in May 2023, HFCL Limited, a telecommunications firm based in India, debuted several novel optical fiber products at the ISE EXPO 2024 in Dallas, Texas. This included a 1728-fiber Intermittently Bonded Ribbon (IBR) cable engineered for high-density installations and swift restoration during power failures. The company also unveiled Nano Thin Microcables that feature a 10.6mm diameter 864 fiber cable which optimally utilizes fiber capacity within 14mm microducts and sets a global record for fiber packing density at 9.8 fibers/mm2. Furthermore, HFCL also displayed high-density single-jacket single-armor IBR cables that range from 144 to 1728 fibers.
What Are the Emerging 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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Who Are the Global Leaders 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 are the Top Profitable Regional Markets for the Cables Industry?
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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