Shipboard Cables Global Market Report 2024

The shipboard cables market size has grown strongly in recent years. It will grow from $2.58 billion in 2023 to $2.71 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The expansion observed in the historical period can be ascribed to the growth of the maritime industry, adherence to safety and compliance standards, increased defense spending and naval modernization, the rising trend of vessel electrification, and the exploration of offshore energy resources.

The shipboard cables market size is expected to see rapid growth in the next few years. It will grow to $4.14 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The anticipated growth in the forecast period is linked to the integration of renewable energy, the demand for digitalization and connectivity, the embrace of electric propulsion systems, the incorporation of improved fire safety features, and the continued global trade and shipping activities. Noteworthy trends in the forecast period encompass the adoption of lightweight and high-strength materials, the integration of smart cabling solutions, an increased emphasis on electromagnetic compatibility (EMC), advancements in insulation and jacketing materials, and the commitment to compliance with environmental regulations.

The growth and expansion of offshore oil & gas plants are propelling the shipboard cables market. This expansion involves the electrification of offshore oil and gas platforms, requiring efficient shipboard cables to connect the platforms to mainland power grids. An example of such development is seen in October 2022 when Abu Dhabi National Oil Company (ADNOC), based in Abu Dhabi, awarded a $1.53 billion (AED 5.62 billion) contract to ADNOC Drilling, supporting offshore activities and the goal of responsibly increasing production capacity. This aligns with the global demand for reliable, reduced carbon intensity oil and gas, thus contributing to the growth of the shipboard cables market.

The anticipated increase in global trade is set to propel the shipboard cable market. Global trade involves the exchange of goods, services, and capital across international borders, driving the demand for new vessels, infrastructure upgrades, and compliance with safety and environmental standards. As of September 2023, the United Nations Conference on Trade and Development predicts a 2.4% increase in maritime trade in 2023 and over 2% from 2024 to 2028. With the easing of pandemic constraints, the energy sector saw a 6.0% increase in oil trades and a 4.6% increase in gas trades in 2022. Hence, the surge in global trade acts as a driving force for the shipboard cable market.

The rising cost of raw materials poses a challenge to the shipboard cables market. The escalation in raw material costs leads to higher operational expenses and, consequently, an increase in the final product's price. For instance, in May 2021, copper prices reached an all-time high of $10,512 per metric ton, marking a 130% increase since March 22, 2020. This surge in copper prices directly impacts manufacturing costs, restraining the growth of the shipboard cables market.

Major companies within the shipboard cable market are responding to market demands by introducing new products such as quick ship programs to enhance customer offerings and increase revenue. A quick ship program expedites the delivery of specific products to customers. For example, Siemon, a US-based cable manufacturing company, launched RapidDAC, a quick ship service for its direct attach copper cables (DACs), ensuring cost-effectiveness and prompt completion of projects demanding 10 racks or more. Siemon's commitment to quality and efficiency is demonstrated through its RapidDAC program, capable of delivering 500 DACs within five days or less, regardless of the order size. This underscores Siemon's ability to meet the urgent needs of data center deployments.


Major companies operating in the shipboard cables market report are 3M Company, Fujitsu Limited, Eaton Corporation, Prysmian Group, TE Connectivity Inc., CommScope Holding Company Inc., Nexans SA, Leoni AG, General Cable Company, Molex LLC, Belden Inc., OCC Corporation, Axon' Cable S.A.S., HMN Technologies Co. Ltd., Seacon Group Limited, Shoal Group Ltd., Eland Cables Ltd., ZTT Corporation, SAB Bröckskes GmbH & Co. KG, Nuhas LLC, Belcom Cables Ltd., CABLE SOURCE PTE. LTD., WILSON CABLES PTE. LTD., Teledyne Marine Technologies, HESFIBEL, SAMCO Inc., Hengtong Optic-Electric Co. Ltd., Scorpion Oceanics Ltd., Sea and Land Technologies Pte. Ltd., Sumitomo Electric Industries Ltd., Sterlite Technologies Limited, ABB Ltd., OFS Fitel LLC, Fujikura Ltd., Siemens AG, Schneider Electric SE, Yangtze Optical Fiber and Cable Joint Stock Limited Company (YOFC), FiberHome Telecommunication Technologies Co. Ltd., Jiangsu Zhongtian Technology Co. Ltd.

The Asia-Pacific was the largest region in the shipboard cables market in 2023. North America is the second-largest region in the global insulated cables market share. The regions covered in the shipboard cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the shipboard cables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The shipboard cables market consists of sales of electric shipboard cables and fiber optic shipboard cables. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary categories of shipboard cables encompass fiber-optic cables and electric cables. Fiber-optic cables, also known as optical fiber cables, resemble electrical wires but house one or more optical fibers for light transmission. The cables are distinguished by different voltage specifications, including medium voltage cables and low voltage cables. The applications of shipboard cables span various sectors, including marine and offshore, oil & gas, petrochemical, and other related fields.

The shipboard cables market research report is one of a series of new reports that provides shipboard cables market statistics, including shipboard cables industry global market size, regional shares, competitors with a shipboard cables market share, detailed shipboard cables market segments, market trends and opportunities, and any further data you may need to thrive in the shipboard cables industry. This shipboard cables market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.