Connecting the World: Cables Market Set to Reach $156.49 Billion by 2030, Propelled by a Steady 7.8% CAGR

WILMINGTON, DELAWARE, UNITED STATES, February 7, 2024 /EINPresswire.com/ -- 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.

The global cables market size was valued at $74.72 billion in 2020, and is projected to reach $156.49 billion by 2030, growing at a CAGR of 7.8% from 2021 to 2030.

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Cables play an integral part in the integration of various systems & sub-systems among various industry verticals. The demand for reliable connectivity, high performance communicating channels, and efficiency in transferring data by various enterprise boosts the growth of the cables & connectors market. High-performance networks are essential for business, manufacturing, transportation, education, media, and security. Cables help to ensure that data infrastructure performs flawlessly for its users at different times and multiple locations.

Advancements such as high-definition video and multi-channel audio in the IT and electronics market drives the growth of the cables market in this industry. Moreover, oil & gas companies are looking toward fiber optics for improving operational performance and accuracy, which is expected to provide lucrative opportunity for the market.

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Competitive Analysis:
The Cables industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players of the Cables market include,

➡️ KEI Industries,
➡️ General Cable,
➡️ Huawei Technologies,
➡️ Furukawa,
➡️ Nexans,
➡️ ABB,
➡️ Axon Cable,
➡️ Polycab,
➡️ Sumitomo Electric Wiring Systems,
➡️ Prysmian Cables Systems

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Top Impacting Factors:
The significant impacting factors in the global cables market include increase in investments in transmission and distribution of electric power, which fuels the demand for cables. In addition, the market is influenced by growth in investments in the industrial sector and rise in urbanization. However, complex fault detection and removal process of errors hamper the market growth to a certain extent. Moreover, favorable renewable energy policies provided by the government of key countries fuel the growth of the market. Each of these factors is anticipated to have a definite impact on the global cables market share during the forecast period.

Research Methodology:
The research uses both primary and secondary research to assemble data on the various facets of the international security screening market. Using interviews or surveys, primary market research has been used to collect highly authenticated data from direct sources, such as consumers in a particular market. Secondary market research is a method for gathering information from previously released data that has been produced by international organizations, business groups, government and research institutions, and so on.

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Key Benefits for Stakeholders:

➡️ In 2020, the overhead segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 6.9% during the forecast period.
➡️ The low segment was the highest revenue contributor to the market in2020, and is estimated to grow with a CAGR of 5.6% during the forecasted period.
➡️ The IT and telecommunication segment is projected to growth at a CAGR of 5.6% during the forecast period.
➡️ Asia-Pacific contributed for the major share in the cables market, accounting for more than 41.45% share in 2020.

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