The shipboard cables market comprises of sales of shipboard cables & related services. Shipboard cables are specific cables used for abroad the ships or vessels. Copper is a key component used in the production of shipboard cables. These cables include submarines, ocean drilling rigs, naval vessels and cruise ships. These cables are used for electrical installations in ships & offshore platforms for transfer of electric power to electric panels for control circuits, lighting and the transmission of vital instrumentation signals. These cables are fire-resistant, low smoke & halogen-free cables and flame retardant. These shipboard cables are available in various different configurations.
According to study, “Shipboard Cables Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global shipboard cables market are Eaton Corporation, Belden, Fujitsu Limited, SAB Cable, LEONI, Eland Cables, FSC Global, Belcom Cables Ltd, Nuhas Oman, Wilson Cables PTE Ltd., Cable Source PTE Ltd, TE Connectivity, Inc, Huawei Marine, SAMCO Inc, Teledyne Marine, HESFIBEL, SEACON, Hengtong Optic-Electric Co., Ltd, Sea and Land Technologies Pte. Ltd, Molex, Scorpion Oceanics, General Cable Company, ZTT Corporation, Axon Cable, OCC Corporation, Nexans. Key players are venturing into mergers & acquisitions. They are anticipated to launch novel products in the market. They are also anticipated to develop new technologies in the shipboard cable system market. Such strategies will probably assist them win over competitive edge in the global shipboard cable system market over the forecast period thus, resulting in rapid growth of the global shipboard cable system market.
Based on type, shipboard cables market is segmented as radio frequency cables, data & bus cables and fiber-optic cables. Fiber-optic cables flexible, watertight and gigabit ready. Based on offering, market is segmented as upgrade offering, installation & commissioning and maintenance offering. In addition, based on applications, market is segmented as oil & gas, marine & offshore and petrochemicals and others.
The shipboard cables market is driven by expansion of offshore oil & gas plants. The expansion of offshore oil & gas plants contain electrification of offshore oil & gas platforms that involves the use of efficient shipboard cables to connect the oil platforms to mainland power grids. However, high cost of raw material may impact the market. The increase in raw material costs augments the operational expenses and therefore increases the price of the end product.
Based on geography, the global shipboard cables market is segmented as North-America, Asia-Pacific, European and rest of the world. The Asia-Pacific and North-America regions hold major share in global market owing to increase in investments being made in the shipboard cable systems in the region. The European region is estimated to exhibit substantial growth rate due to increase in offshore oil & gas plants over the forecast period. The global shipboard cables market was valued at US $3.61 billion in 2019. It is projected to grow at a compound annual growth rate of 12.44% and reach US $5.77 billion by 2023.
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Ankur Gupta, Head Marketing & Communications