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Leading Companies Fueling Growth and Innovation in the Cables Market
Cables Market
Projected Growth Trajectory of the Cables Market by 2030
The cables market is anticipated to reach a sizable $143.46 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.8%. This upward trend is largely supported by increasing needs for high-voltage underground cables and the expansion of submarine cable installations. Additionally, the development of smart grid infrastructure and the rising adoption of fiber optic and communication cables are contributing factors. Advances in energy-efficient cable materials also play a significant role in propelling market growth. Key trends during this period include the integration of IoT-enabled smart cable monitoring systems, automation in cable manufacturing, the creation of sustainable and low-impact cable designs, growth in digital cable management platforms, and the use of robotics in cable handling processes.
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Top Companies Leading the Global Cables Market
Several prominent companies dominate the cables market landscape. Among these are Prysmian Group, Nexans S.A., Belden Incorporated, Fujikura Ltd., Leoni AG, LS Cable & System Ltd., NKT A/S, Southwire Company LLC, Polycab India Ltd., 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, American Wire Group, CommScope Holding Company Inc., Sterlite Technologies Limited, and Aksh Optifibre Ltd.
A notable recent development occurred in July 2024 when Italy-based Prysmian S.p.A. acquired Encore Wire Corporation for $4.2 billion. This strategic acquisition enhances Prysmian's presence in North America by combining Encore Wire's expertise in copper and aluminum electrical wires and cables with Prysmian's broad global cable solutions portfolio. Encore Wire Corporation is a US manufacturer specializing in electrical wire and cable products.
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Emerging Innovations and Trends Shaping the Cables Market
Industry leaders are focusing on pioneering new solutions like fiber optic microcables to meet the increasing demand for high-speed data transmission and enhanced connectivity. Fiber optic microcables are ultra-thin and lightweight cables that transmit data using light signals, making them ideal for modern communication needs.
For example, in May 2023, Indian telecommunications company HFCL Limited introduced several cutting-edge optical fiber products at the ISE EXPO 2024 in Dallas, Texas. These products include a 1728-fiber Intermittently Bonded Ribbon (IBR) cable designed for high-density deployments and quick restoration during outages. HFCL also launched Nano Thin Microcables, featuring a 10.6mm diameter 864-fiber cable that maximizes fiber density within 14mm microducts, achieving a world record packing density of 9.8 fibers per mm2. In addition, HFCL displayed high-density single-jacket single-armor IBR cables ranging from 144 to 1728 fibers.
Detailed Segmentation of the Global Cables Market
This report segments the cables market comprehensively across key categories for clearer market understanding. The segmentation includes:
1) Installation Type: Overhead, Underground, and Submarine
2) Voltage Class: High, Medium, and Low
3) End-User Industries: Industrial, Aerospace and Defense, Oil and Gas, Energy and Power, IT and Telecommunication, and Other End Users
Further breakdown of installation types includes:
- Overhead cables classified as Aerial Bundled Cables and Bare Conductors
- Underground cables divided into Low-Voltage Underground Cables and High-Voltage Underground Cables
- Submarine cables categorized as Submarine Power Cables and Submarine Communication Cables
This detailed structure allows for a nuanced analysis of market trends, opportunities, and demand patterns across different sectors and applications.
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