Press release
Global Shipboard Cables Market Projected to Grow at 6.4% CAGR, Reaching $4.26 Billion by 2029
Shipboard Cables
What Will the Shipboard Cables Industry Market Size Be by 2025?
The market size of shipboard cables has seen a swift expansion in the past few years. The market is forecasted to grow from an impressive $2.83 billion in 2024 to an estimated $3.32 billion in 2025, reflecting a compound annual growth rate (CAGR) of 17.3%. This accelerated growth during the historic period can be linked with factors like the growth of maritime industry, adherence to safety and compliance standards, modernization in the naval sector, increased defense spending, an uptick in vessel electrification, and offshore energy exploration.
What's the Long-Term Growth Forecast for the Shipboard Cables Market Size Through 2029?
In the coming years, the market size for shipboard cables is anticipated to amplify significantly, reaching $4.26 billion in 2029 with a 6.4% Compound Annual Growth Rate (CAGR). This predicted growth during the forecast period can be traced back to factors like the integration of renewable energy, digitization and connectivity needs, the implementation of electric propulsion systems, improved fire safety elements, and international trade and shipping activities. During the forecasting period, significant trends include the use of lightweight and robust materials, the incorporation of smart cabling systems, an increased emphasis on electromagnetic compatibility (EMC), developments in insulation and jacketing materials, and adherence to environmental regulations.
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What Are the Key Growth Drivers Fueling the Shipboard Cables Market Expansion?
The escalation and enlargement of offshore oil & gas facilities are key factors propelling the shipboard cables market forward. This expansion encompasses the conversion of offshore oil and gas platforms to electricity, which utilizes efficient shipboard cables to link oil platforms with mainland electrical grids. For example, in October 2022, the Abu Dhabi National Oil Company (ADNOC), based in Abu Dhabi, awarded a contract worth $1.53 billion (AED 5.62 billion) for ADNOC Drilling. This contract is instrumental in supporting ADNOC's offshore operations and its objective of sustainably increasing production capacity to meet the rising worldwide appetite for dependable, low-carbon intensity oil and gas. Consequently, the progress of offshore oil & gas projects is expected to bolster the growth of the shipboard cables market.
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What Are the Key Trends Driving Shipboard Cables Market Growth?
Major corporations in the shipboard cable market sector are focusing on the creation of new products, like quick ship programs, with the aim of enhancing their consumer offerings and augmenting their revenue streams. The term quick ship program denotes a service offered by a business, usually in the manufacturing or retail industry, that accelerates the distribution of particular products to customers. In a case in point, Siemon, a cable manufacturing company based in the US, initiated RapidDAC in October 2023 - a quick ship service for their Direct Attach Copper cables (DACs). With the objective of ensuring projects that require 10 or more racks are economical, completed swiftly, and meet the urgent requirements of data center deployments, Siemon has established this innovative program. The recent launch of their quick ship program in North America demonstrates Siemon's capacity to deliver 500 DACs, enough for 10 standard data center server cabinets, in 5 days or fewer. Whether the order is for 50 or 500 cables, their nimble manufacturing approach guarantees DACs are produced and shipped within a 5-day period following order placement.
How Is the Shipboard Cables Market Segmented?
The shipboard cables market covered in this report is segmented -
1) By Type: Fiber-optic Cables, Electric Cables
2) By Voltage: Medium Voltage Cable, Low Voltage Cable
3) By Applications: Marine And Offshore, Oil & Gas And Petrochemical, Other Applications
Subsegments:
1) By Fiber-Optic Cables: Single-Mode Fiber-optic Cables, Multi-Mode Fiber-Optic Cables
2) By Electric Cables: Power Cables, Control Cables, Instrumentation Cables
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Which Companies Are Leading the Charge in Shipboard Cables Market Innovation?
Major companies operating in the shipboard cables market include 3M Company, Eaton Corporation, Prysmian Group, TE Connectivity Inc., Nexans SA, Leoni AG, General Cable Company, OCC Corporation, Axon' Cable S.A.S., HMN Technologies Co. Ltd., Seacon Group Limited, 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., 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.
Which Regions Are Leading the Global Shipboard Cables Market in Revenue?
Asia-Pacific was the largest region in the shipboard cables market in 2024. North America is the second-largest region in the global insulated cables market share. The regions covered in the shipboard cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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