Cables Market to Reach $156.4 Bn, Globally, by 2030 at 7.8% CAGR: Allied Market Research

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Jun 07, 2022, 07:30 ET

Rise in government initiatives to improve connectivity, increase in deployment of new power grid infrastructure, and rise in trend of renewable energy generation around the globe drive the global cables market growth.

PORTLAND, Ore., June 7, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Cables Market By Installation Type (Overhead, Underground, Submarine), By Voltage Type (High, Medium, Low), By End Use (Industrial, Aerospace and Defense, Oil and Gas, Energy and Power, IT and Telecommunication, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030". According to the report, the global cables industry generated $74.72 billion in 2020, and is anticipated to generate $156.49 billion by 2030, witnessing a CAGR of 7.8% from 2021 to 2030.

Prime Determinants of Growth

Rise in government initiatives to improve connectivity, surge in demand for higher bandwidth network by different industries, increase in deployment of new power grid infrastructure, and rise in trend of renewable energy generation around the globe drive the global cables market growth. However, the complexity in deployment planning of cables along with the delays in authorization from governments hinders the market growth. On the other hand, upsurge in demand for power all over the world presents new opportunities in the coming years.

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Covid-19 Scenario

The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global cables market, owing to the implementation of lockdown that led to halt all manufacturing facilities.
However, the market is going to recover soon due to adoption of data communication solutions in regions worldwide.

The Low Segment to Maintain its Leadership Status Throughout the Forecast Period

Based on voltage type, the low segment held the highest market share in 2020, accounting for more than two-fifths of the global cables market, and is estimated to maintain its leadership status throughout the forecast period, due to the upsurge in usage of low voltage cables in industrial, appliance wires, distribution networks, and utilities. However, the high segment is projected to manifest the highest CAGR of 10.9% from 2021 to 2030, owing to demand for high voltage cables for transmission line.

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The IT and Telecommunication Segment to Maintain its Lead Position During the Forecast Period

Based on end use, the IT and Telecommunication segment accounted for the largest share in 2020, contributing to around one-fourth of the global cables market, and is projected to maintain its lead position during the forecast period. The rise in adoption of smartphones and the rapid penetration of the internet services around the world are some of the significant factors affecting the growth of the market. However, the aerospace and defense segment is expected to portray the largest CAGR of 10.7% from 2021 to 2030, owing to increase in demand for data security, information integrity, and high bandwidth requirements.

Asia-Pacific to Maintain its Dominance by 2030

Based on region, Asia-Pacific held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global cables market. Moreover, the same region is expected to witness the fastest CAGR of 9.3% during the forecast period. This is attributed to technological advancements and rise in living standards in developing countries such as India, China, and Indonesia. Other regions discussed in the report include North America, Europe, and LAMEA.

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Leading Market Players

AB Steel Inc.
B&G Manufacturing
Big Bolt Nut
Brunner Manufacturing Co. Inc.
Fabory
Fastenal Company
KD Fasteners, Inc.
Keller & Kalmbach Gmbh
Reyher
Rockford Fastener Inc.

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