Shipboard Cables Market:
The global shipboard cables market was worth $3.61 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 12.44% and reach $5.77 billion by 2023.
The shipboard cables market consists of sales of shipboard cables and related services. Shipboard cables are used for electrical installations in ships and offshore platforms for the transfer of electric power to electric panels for lighting, control circuits, the transmission of vital instrumentation signals. They are fire-resistant, flame retardant, low smoke & halogen‐free cables.
The shipboard cables market covered in this report is segmented by type into fiber-optic cables, electric cables. It is also segmented by applications into marine and offshore, oil & gas and petrochemical, others.
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The increasing cost of raw material hampers the shipboard cables market. The increase in raw material costs increases the operational expenses and hence increases the price of the end product. For instance, in 2019 the price of copper metal increased rapidly owing to the trade tensions between the USA and China. Copper is a key raw material used in the production of shipboard cables. The rise in copper prices thereby increases the manufacturing cost and hence restrains the growth of the market.
Increase and the expansion of offshore oil & gas plants is driving the shipboard cables market. The expansion of offshore oil & gas plants includes electrification of offshore oil and gas platforms which involves the use of efficient shipboard cables to connect oil platforms to mainland power grids. For instance, in 2019, LS Cable & System, a Korea based cable manufacturer has signed an agreement worth $100 million with Orsted, a Denmark based energy firm, to construct a submarine power grid in Taiwan. Therefore, the development of offshore oil & gas projects is projected to support the growth of the shipboard cables market.
Major players in the shipboard cables market are Eaton Corporation, Fujitsu Limited, Belden, SAB Cable, FSC Global, Belcom Cables Ltd, Leoni AG, Eland Cables, Nuhas Oman and Cable Source Pte Ltd.
Markets Covered: 1) By Type: Fiber-optic Cables; Electric Cables; 2) By Applications: Marine And Offshore; Oil & Gas And Petrochemical; Others
Companies Mentioned: Eaton Corporation; Fujitsu Limited; Belden; SAB Cable; FSC Global
Countries: Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA and Australia
Regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Time series: Five years historic and forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, per capita expenditure.
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
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