Armored Cable Market

Armored Cable Market Size (2022-2027):

The Global Armored Cable Market was valued at USD 41.05 billion in 2023 to reach a valuation of USD 57.35 billion by 2029 and will grow with a CAGR of 6.91% from 2024 to 2029.

The call for armored cables is driven by conductors, which should support the expansion of research collaborations and partnerships in the industry. However, there are also a few restrictions that can hamper this expansion. An optical cable that comes with a plastic or rubber coating is called an armored cable. This additional coverage is employed to protect against mechanical damage. Coaxial cable is employed as a shielding layer. An armored layer is a covered sheet that is textured like ribbed metal to allow flexibility. A flood compound is added to the outside and inside of this wrapping sheet to prevent moisture from entering the cable and causing damage. The internal assembly of this cable has several layers to prevent damage to the cable. During the last decade, the worldwide call for cables and wires has escalated dramatically due to significant government investment in the development and construction of infrastructure. Furthermore, rapid industrialization in developing countries requires the establishment of a new electricity transmission network, as well as the renewal of the existing electricity transmission and distribution network.

Market Trends:

Stainless steel is an important component and is predicted to see significant expansion in the future. The growing preference for durable cabling solutions in underground applications in the power transmission and manufacturing industries is predicted to drive expansion in this segment in the coming years. The growing trend for light electric vehicles in the worldwide automotive industry is predicted to drive the call for aluminum-based armored cables.

Market Drivers

A strong call for armored cables in the oil and gas industry is the main driver of the expansion of the global armored cable market. These cables are specially designed for applications in the oil and gas industry, such as exploration, extraction, production, and refining of petrochemicals and gas. In addition, the leading companies operating in the worldwide armored cable market are focusing on developing specific and customized cables for different applications in various industries. This, in turn, is predicted to further drive the expansion of the global armored cable market in the coming years.

Market Restraints:

However, the cyclical nature of the industry is a great challenge. Cable manufacturers deal with large established customers on the one hand and large raw material suppliers on the other. This can indirectly constrain the market during the foreseen period.

Market Opportunities:

It is predicted that escalated investment in the development of autonomous vehicles will provide significant expansion opportunities in the automotive sector in the future. Furthermore, the escalating adoption of advanced technologies and systems in the telecommunications industry is likely to present lucrative opportunities in the coming years.

Market Key Developments:

• Prysmian Group, the manufacturer of electrical and telecommunications cables, launched the world's first armored non-metallic submarine cables for power transmission. The armor of these cables is made of a composite material based on high-modulus synthetic fibers.

• L-com Worldwide Connectivity, a manufacturer of wired and wireless connectivity products, has launched a new line of M12 armored cable assemblies for use with Industrial Ethernet, test equipment, I / O connectivity, sensors and actuators, and control. Industrial and manufacturing automation.

ARMORED CABLE MARKET REPORT COVERAGE:

Market Segmentation:

Armored Cable Market - By Armored Type:

• Interlocked

• Continuously Corrugated Welded

The continuous corrugated welding (CCW) segment is predicted to have a significant share of the global armored cable market during the predicted period. CCW's low installation cost is the driving force behind its applications in the refining industry. Escalating investments in offshore production platforms, refineries, LNG facilities, and petrochemical processing plants around the world are also supposed to drive the call for CCW armored cables in the future.

Armored Cable Market - By Core Type:

• Single Core

• Multi-Core

The multi-core segment is likely to show considerable CAGR in the coming years, due to its ease of handling, flexibility, and cost-effectiveness which fuels its call for various industrial applications and makes it more preferred by end-users.

Armored Cable Market - By End User:

• Construction

• Gas and Oil

• Manufacturing

• Mining

• Communication

• Others

The oil and gas industry contributed a significant portion of revenue in 2019 and is predicted to post a significant CAGR over the foreseen period. Major manufacturers in the oil and gas industry are increasingly investing in advanced manufacturing and processing technologies to lower production costs and increase production volume. This, in turn, is predicted to fuel the call for armored cables.

Market Regional Analysis:

• North America 

• Europe

• Asia Pacific

• Latin America 

• Middle East & Africa 

The Asia Pacific armored cable market accounted for a significant portion of revenue in 2019 and is also estimated to increase significantly over the foreseen period. India and China are the main armored cable countries in the area due to rapid industrialization and huge government investments in infrastructure development in the region. The expansion of the North American armored cable market can be attributed to the escalating number of infrastructure developments observed in the United States, the increase in the per capita income of the regional population, and the improvement in economic conditions. Well-developed application industries such as construction, utilities, telecommunications, and consumer goods are predicted to provide considerable expansion opportunities for this market in the future. Being one of the industrialized regions, the energy sector is essential for the operations of various industries in this region. It is one of the important factors driving the expansion of the armored cable market in these areas.

Asia-Pacific is likely to be one of the fastest-growing regions for the armored cable market during the foreseen period. Some of the fastest-growing economies and the rising call for energy and electricity to meet a large population and industries are predicted to drive the call in this locale. China and India are predicted to post significant call during the outlook period. The Middle East, which includes the United Arab Emirates, Saudi Arabia, Iran, Qatar, and others, promises high market potential during the envisioned period. The rest of the world, including South America and Africa, are emerging regions in terms of market call.

Market Key Players:

Some of the major players operating in the global Armored Cable Market are

1. Atkore International
2. Belden
3. LS Cable & System
4. Nexans
5. Prysmian
6. Service Wire Company
7. Southwire Company
8. The Okonite Company
9. Omni Cable Corporation
10. Anixter International