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Shipboard Cables Global Market Report 2022
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.
New York, March 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Shipboard Cables Global Market Report 2022" - https://www.reportlinker.com/p06247519/?utm_source=GNW
The global shipboard cables market is expected to grow from $5.63 billion in 2021 to $6.26 billion in 2022 at a compound annual growth rate (CAGR) of 11.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8.36 billion in 2026 at a CAGR of 7.5%.
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 main types of shipboard cables are fiber-optic cables, electric cables.A fiber-optic cable, also known as an optical fiber cable, is a cable that looks like an electrical wire but contains one or more optical fibers for light transmission.
The various voltages involved are medium voltage cable, low voltage cable. The different applications include marine and offshore, oil & gas and petrochemical, others.
The Asia Pacific is the largest region in the shipboard cables market in 2021.North America is the second-largest region in the insulated cables market.
The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The increase and the expansion of offshore oil & gas plants are 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.
The increasing cost of raw materials 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.
The countries covered in the shipboard cables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Read the full report: https://www.reportlinker.com/p06247519/?utm_source=GNW
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