Cables Global Market Report 2024

The global cables market has grown strongly in recent years. It will grow from $87.26 billion in 2023 to $95 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The expansion observed in the historical period can be ascribed to the impact of the industrial revolution, the expansion of electricity grids, urbanization and construction activities, growth in the automotive industry, and the boom in televisions and electronics. These factors collectively contributed to significant growth and development during the specified historic timeframe.

The global cables market is expected to see strong growth in the next few years. It will grow to $132.97 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth in the forecast period can be attributed to a focus on sustainability initiatives, increasing demands for security and surveillance, advancements in space exploration and satellite communication, shifts within the automotive industry, and a growing emphasis on energy efficiency requirements. Key trends expected in the forecast period encompass digital transformation, the expansion of renewable energy sources, the rollout of 5G and broadband technologies, the adoption of electric vehicles, and the integration of smart home technologies and the Internet of Things (IoT).

The cable market is poised for growth, driven by an increase in government investment in the transmission and distribution of electricity. As governments focus on expanding or upgrading electricity transmission and distribution systems, there is a corresponding rise in the demand for cables. According to statistical data from the International Energy Agency (IEA) in October 2022, the global investment for the period 2021-2030 is projected to be approximately $310 billion in electricity distribution and $97 billion in electricity transmission. This surge in government investments is a key factor propelling the growth of the cable market.

The growth of the cables market is further fueled by the increasing demand for renewable energy sources. With a focus on sustainability, renewable energy sources are gaining prominence, providing a cleaner alternative to traditional fossil fuels. Cables play a crucial role in efficiently transmitting, distributing, and integrating clean power into existing electrical infrastructure. As of June 2023, the Energy Information Administration reports a notable increase in renewable energy consumption in the United States, reaching 13.2 quads in 2022 from 12.1 quads in 2021. This growing demand for renewable energy sources is a significant driver for the cables market.

Innovation in product offerings is emerging as a key trend in the cables market, with major companies introducing robust and space-efficient products capable of withstanding extreme environments. For instance, in August 2021, Belden, a US-based manufacturer of networking, connectivity, and cable products, launched innovative products like Belden DataTuff Cat 6A, Belden OSDP Access Control Cables, and Alpha Wire ThermoThin Hook-Up Wires. These products are designed for high-movement and harsh-environment applications, providing dependable and robust performance while maximizing space utilization.

Major players in the cables market are focusing on technological advancements, such as multicore cables, to gain a competitive edge. Multicore cables, which combine multiple signals or power feeds into a single jacketed cable, are at the forefront of innovation. For instance, in October 2022, Sterlite Technologies Limited, an Indian-based optical and digital technology company, launched Multiverse. This technology enables high capacity per 5G cell site, supports Quad-core fiber connectivity in data centers for warehouse-scale computing, and allows the co-existence of quantum communication and telecommunication channels.

Strategic acquisitions are shaping the landscape of the cables market, exemplified by the October 2022 acquisition of Habia Cable by HEW-KABEL, a Germany-based manufacturer of special cables. This acquisition, for an undisclosed amount, brings together the expertise and resources of both companies, creating a stronger multinational entity with broader technologies. Habia Cable Aktiebolag, based in Sweden, specializes in cable and connectivity solutions for the telecom, offshore, and defense sectors. The strategic acquisition opens new opportunities for clients and enhances the overall capabilities of the combined entity.

Major companies operating in the cables market report are Prysmian Group, Nexans S.A., The Furukawa Electric Co. Ltd., 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., and Paramount Communications Ltd.

Asia-Pacific was the largest region in the cables market in 2023. The regions covered in the cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cables are primarily installed through overhead, underground, and submarine methods. Overhead cables are positioned high above the ground using utility poles and encompass various voltage levels such as high, medium, and low. These cables find applications across diverse industries, including industrial, aerospace and defense, oil and gas, energy and power, IT and telecommunication, as well as construction.

This report provides cables market statistics, including cables industry global market size, regional shares, competitors with a cables market share, detailed cables market segments, market trends, and opportunities, and any further data you may need to thrive in the cables industry. This cable market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cables market consists of sales of copper, aluminum, polymer, plastics, elastomers, and steel wire mesh. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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