Latest News- Marine Cables Market: Power cables is expected to lead the Type segment during 2025-2029

The Marine Cables Market is being driven by Growth in global maritime trade

The Marine Cables Market is expected to grow at a CAGR of 5.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 977.9 million. The marine cables market is experiencing a significant trend of mergers and acquisitions, with companies pursuing strategic deals to expand their market reach and enrich their product portfolios. Nexans SA, a leading player in the cable manufacturing sector, recently completed the acquisition of La Triveneta Cavi, an Italian specialist in medium- and low-voltage cables, on June 6, 2024. This acquisition enables Nexans SA to extend its European footprint and fortify its capabilities in essential sectors, including building wire, fire-resistant cables, and marine cables. This move is designed to strengthen Nexans SA's competitive position and leverage synergies to fuel growth. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Power cables
  • Control cables
  • Communication cables
  • Instrument cables
• Material
  • Copper
  • Aluminum
• Geography
  • APAC
    • China
    • Japan
    • South Korea
  • Europe
    • Germany
    • France
    • Italy
  • North America
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growth in global maritime trade
• Increasing focus on shipbuilding and vessel modernization
• Growth of cruise industry and leisure vessels

However, the market also witnesses some limitations, which are as follows:

• Supply chain and raw material issues
• Stringent regulatory requirements
• Technological complexity and integration

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Market Scope in Marine Cables Market Research Report

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Research Analysis Overview

The Marine Cables Market encompasses the development and laying of cables for various projects, including farm development and inter-country connections. Project financing, HVDC technology, and power grid modernization are key drivers. Digital twin technology, energy efficiency, and sustainable energy solutions are integral to the industry. HVDC technology, energy storage, smart grid, and energy transition are shaping the future. Protection, infrastructure, grid integration, investment, and engineering are essential components. Farm maintenance, environmental impact assessment, and green energy are priorities. Marine energy, ocean energy, and transmission infrastructure are growing sectors. Robotics, jointing equipment, and fiber optic installation are advancing laying technology. Management, high voltages, monitoring, and laying services are provided by marine construction companies. Inspection, intervention, data acquisition, logistics, and maintenance are crucial for offshore infrastructure.

Market Research Overview

The Marine Cables Market is a significant segment of the larger Global Electrical Components and Equipment Market. This market caters to the demand for wet plant products, medium voltage cables, and deployment equipment for vessels and submarine applications. With the increasing data traffic and capacity requirements, the legal framework for marine cable installations and commissioning is becoming increasingly stringent. Companies in this market provide a range of offerings, including electrical distribution and protection equipment, sensors, meters and indicators, and power supplies and conditioners. Additionally, rental and leasing services for marine electrical components and equipment to industrial, commercial, and residential clients are a growing trend in this sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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