Cables Global Market Opportunities and Strategies to 2033

This report describes and explains the cables market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global cables market reached a value of nearly $86.8 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.6% since 2018. The market is expected to grow from $86.8 billion in 2023 to $130.5 billion in 2028 at a rate of 8.5%. The market is then expected to grow at a CAGR of 7.7% from 2028 and reach $189.4 billion in 2033.

Growth in the historic period resulted from the proliferation of data centers, strong economic growth in emerging markets, rising investment in connectivity projects and rise in disposable income. Factors that negatively affected growth in the historic period were environmental concerns.

Going forward, the growing implementation of 5g technologies, global population growth and urbanization, government investments in electricity transmission and distribution and renewable energy penetration will drive the growth. Factor that could hinder the growth of the cables market in the future include regulatory restrictions.

The cables market is segmented by installation into overhead, underground and submarine. The overhead market was the largest segment of the cables market segmented by installation, accounting for 57.3% or $49.72 billion of the total in 2023. Going forward, the underground segment is expected to be the fastest growing segment in the cables market segmented by installation, at a CAGR of 9.4% during 2023-2028.

The cables market is segmented by voltage into high voltage, medium voltage and low voltage. The low market was the largest segment of the cables market segmented by voltage, accounting for 54.1% or $47 billion of the total in 2023. Going forward, the high segment is expected to be the fastest growing segment in the cables market segmented by voltage, at a CAGR of 10% during 2023-2028.

The cables market is segmented by end-user into industrial, aerospace and defense, oil and gas, energy and power, IT and telecommunication and other end users. The energy and power market was the largest segment of the mental health apps market segmented by end-user, accounting for 29.3% or $25.4 billion of the total in 2023. Going forward, the energy and power segment is expected to be the fastest growing segment in the mental health apps market segmented by end-user, at a CAGR of 9.6% during 2023-2028.

Asa Pacific was the largest region in the cables market, accounting for 40.8% or $35.4 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the cables market will be Asia Pacific and South America where growth will be at CAGRs of 11.3% and 7.4% respectively. These will be followed by Eastern Europe and Middle East where the markets are expected to grow at CAGRs of 7% and 6.7% respectively.

The global cables market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 12.7% of the total market in 2022. LS Cable & System was the largest competitor with a 2.9% share of the market, followed by Huawei Technologies Co. Ltd with 2.3%, Prysmian Group with 2.2%, Nexans with 1%, Leoni AG with 0.9%, Southwire Company LLC with 0.9%, Furukawa Electric Co., Ltd. with 0.8%, NKT A/S with 0.6%, ABB Ltd with 0.5% and Polycab India Ltd with 0.5%.

The top opportunities in the cables market segmented by installation will arise in the overhead segment, which will gain $24.1 billion of global annual sales by 2028. The top opportunities in the cables market segmented by voltage will arise in the low segment, which will gain $21.9 billion of global annual sales by 2028. The top opportunities in the cables market segmented by end-user will arise in the energy and power segment, which will gain $14.8 billion of global annual sales by 2028. The cables market size will gain the most in China at $12.8 billion.

Market-trend-based strategies for the cables market include focus on launch of fiber count cables to boost telecommunications infrastructure, focus on innovative technology advancements such as multicore cables, focus on advanced cables to revolutionize connectivity in multi-dwelling units, focus on product innovations for diverse applications and focus on innovative connectivity solutions for challenging environments and compact spaces.

Player-adopted strategies in the cables market include focus on enhancing business capabilities through the launch of new products.

To take advantage of the opportunities, the analyst recommends the cables companies to focus on introducing high-fiber count cables for enhanced telecommunications infrastructure, focus on introducing multicore cables to enhance connectivity solutions, focus on product innovation, focus on solutions for challenging environments and compact spaces, focus on underground and overhead segments, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on tailored solutions for end-users, and focus on energy and power, and IT and telecommunication segments.