New York, March 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of “Shipboard Cables Global Market Report 2022” – https://www.reportlinker.com/p06247519/?utm_source=GNW
The global in-vehicle cables market is expected to grow from USD 5.63 billion in 2021 to USD 6.26 billion in 2022 at a compound annual growth rate (CAGR) of 11.2%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $8.36 billion in 2026 with a CAGR of 7.5%.
The on-board cables market consists of the sale of on-board cables and associated services. Shipboard cables are used for electrical installations of ships and offshore platforms for the transfer of electrical energy to electrical panels for lighting, control circuits, transmission of vital instrumentation signals.
They are fire resistant, flame retardant, low smoke and halogen free cables.
The main types of on-board cables are fiber optic cables, electrical cables. A fiber optic cable, also called fiber optic cable, is a cable that looks like an electrical wire but contains one or more optical fibers for the transmission of light.
The different voltages involved are medium voltage cable, low voltage cable. Different applications include marine and offshore, oil and gas and petrochemical, etc.
Asia-Pacific is the largest region in the edge cables market in 2021. North America is the second largest region in the insulated cables market.
Regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Rise and expansion of offshore oil and gas plants is driving the shipboard cable market. .
For example, in 2019, LS Cable & System, a Korea-based cable manufacturer, signed a $100 million deal with Orsted, a Denmark-based energy company, to build an undersea power grid. in Taiwan. Hence, the development of offshore oil and gas projects is expected to support the growth of the shipboard cables market.
Rising cost of raw materials is hampering the in-vehicle cables market. Rising raw material costs increase operational expenses and therefore the price of the final product.
For example, in 2019, the price of copper metal rose rapidly due to trade tensions between the United States and China. Copper is a key raw material used in the production of on-board cables.
Rising copper prices thus increase the manufacturing cost and hence restrain the growth of the market.
The countries covered in the Automotive Cable market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06247519/?utm_source=GNW
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