The on-board cable market includes sales of on-board cables and related services. Onboard cables are specific cables used for overseas ships or vessels. Copper is a key component used in the production of on-board cables. These cables include submarines, oceanic drilling platforms, warships and cruise ships. These cables are used for electrical installations of ships and offshore platforms for the transfer of electrical energy to electrical panels for control circuits, lighting and transmission of vital instrumentation signals. These cables are fire resistant, low smoke and halogen free and flame retardant cables. These on-board cables are available in different configurations.
According to the study “Shipboard Cables Global Market Report 2020-30: Covid 19 Impact and Recovery”, the major companies operating in the global on-board 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. The main players are engaging in mergers and acquisitions. They should bring new products to the market. They are also expected to develop new technologies in the market for cable systems on board ships. Such strategies are likely to help them to gain competitive advantage in the global Shipboard Cable System market during the forecast period thereby leading to rapid growth in the global Shipboard Cable System market.
On the basis of type, the shipboard cables market is segmented into radio frequency cables, data and bus cables, and fiber optic cables. Flexible, waterproof and gigabit compatible fiber optic cables. On the basis of supply, the market is segmented into upgrade, installation and commissioning, and maintenance offering. Further, based on the applications, the market is segmented into Oil & Gas, Marine & Offshore & Petrochemical & Others.
The on-board cable market is driven by the expansion of offshore oil and gas plants. The expansion of offshore oil and gas plants includes the electrification of offshore oil and gas platforms which involves the use of efficient on-board cables to connect the oil platforms to continental power grids. However, the high cost of raw materials can impact the market. The increase in raw material costs increases operational expenses and therefore increases the price of the end product.
On the basis of geography, the global on-board cable market is segmented into North America, Asia-Pacific, Europe, and the rest of the world. The Asia-Pacific and North America regions hold a significant share of the global market due to the increased investment in cable systems on board ships in the region. The European region is expected to show a substantial growth rate due to the increase in offshore oil and gas factories during the forecast period. The global automotive cable market was valued at US $ 3.61 billion in 2019. It is expected to grow at a compound annual growth rate of 12.44% and reach US $ 5.77 billion by 2023.
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