ALBANY, New York, December 19, 2017 /PRNewswire/ --
The global market for marine cables and connectors features a largely fragmented vendor landscape but only a handful of companies hold leading positions. In 2016, more than half of the market was held collectively by the leading ten companies in the market, says Transparency Market Research in a recent report. The intensity of competition is high and is likely to remain so owing to the presence of a large number of companies.
The global marine cables and connectors market is expected to witness further revision, innovation, and technological advancements in the next few years, since a large number of big companies are investing in the market. For promising growth opportunities in the competitive market, companies could benefit from increased focus on strategic collaborations and innovative marketing strategies with the view of expanding in emerging markets.
In the report, Transparency Market Research estimates that the global marine cables and connectors market will exhibit a promising CAGR OF 5.3% from 2017 to 2025 and rise to US$14,081.3 mn by 2025 from an estimated valuation of US$8869.8 mn in 2015.
Europe to Exhibit Strong Growth Potential
Based on the criteria of type in the global cable and connectors market, the segment of cable accounted for the maximum market share in 2016. The report states that the segment will expand at a promising CAGR of 5.7% during the forecast period while the connector segment will show stagnant growth.
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Geography-wise, the global marine cables and connectors market was dominated by Europe in 2016. The stronghold of the region on the market is primarily due to the growing demand for energy-efficient and reliable fiber-optic cables with enhanced performance. The region held over 30% of the overall market in the said year and is expected to hold a promising spot in the global market in the next few years as well.
Rise in Telecommunication Infrastructure Development Activities Globally to Drive Market
The vast rise in investments by government and telecommunication companies with the view of expanding and improving region- or country-wide connectivity, the growing demand for higher bandwidth for data transmission, and substantial investments military and defense sectors are anticipated to drive the growth in global marine cables and connectors market. Over the past few years, there has been a significant growth in the number of data centers, which has also favored the overall adoption of marine cables and connectors.
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Moreover, factors such as increasing use of marine cables and connectors in growing penetration of various technologies such as cloud and Internet of Things (IoT) across defense and military and commercial applications are expected to further bring significant growth in the overall market. On the flip side, the market for cables could be challenged by threats from activities such as shipping and fishing and the need for high capital investments. However, these challenges could be countered due to the vast growth opportunities in the telecom sector in emerging economies across the globe.
This review of the global marine cables and connectors market is based on a recent market research report by Transparency Market Research, titled "Marine Cables and Connectors Market (Type - Cables (Fiber-optic Cable and Electric Cable) and Connector); (Underwater Depth - Beach Joint 1, Beach Joint 2, Burial, and Freelay); (End Use Industry - Oil and Gas, Military and Defense, Telecommunication, and Power Transmission) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017-2025."
Browse Research Release at https://www.transparencymarketresearch.com/pressrelease/marine-cables-connector-market.htm
For the study, the market has been segmented as follows:
Marine Cables and Connectors Market, by Type
- Electric Cable
- Fiber-optic Cable
Marine Cables and Connectors Market, by Underwater Depth
- Beach Joint 1
- Beach Joint 2
Marine Cables and Connectors Market, by End-use Industry
- Oil and Gas
- Military and Defense
- Power Transmission
In addition, the report provides analysis of the Marine Cables and Connectors Market with respect to the following geographic segments:
- North America
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- GCC Countries
- Rest of Middle East & Africa
- South America
- Rest of South America
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research