Annual Composite Growth of Armored Cables in the World from 2019 to 2025: 4.9%
International market research organization Zion Market Research recently released a report on the global armored cable market. it said that the global armored cable market demand in 2018 was 29.806 billion us dollars, which is expected to reach 41.587 billion us dollars by 2025, with an annual compound growth rate of 4.9% during 2019-2025.
The report believes that the high demand for armored cables in the oil and gas industry is the main driving force for the growth of the global market. These cables are specially designed for applications in the oil and gas industry, such as exploration, mining, production and refining of petrochemical and natural gas. However, the global cable and wire industry and the periodicity of materials may be the major challenges facing the market.
Judging from the types of armor materials, among aluminum, stainless steel and other materials (copper, brass, etc.), stainless steel occupies a large share of the market and is expected to occupy a dominant position in the future. In underground applications in manufacturing and transmission industries, the growing preference for durable cabling solutions is expected to drive the growth of this segment in the next few years. Meanwhile, the growth trend of light electric vehicles in the global automobile industry will push forward the demand for aluminum-based armored wires.
In terms of armor types, the market includes interlocking and continuous corrugated welding (CCW). It is estimated that Continuous Corrugated Welding (CCW) will occupy the main market share in the forecast period. CCW's low installation cost is pushing forward its application in the oil refining industry. It is expected that the increased investment in global offshore production platforms, oil refineries, liquefied natural gas facilities and petrochemical processing plants will push forward the future demand for CCW armored cables.
According to cell types, the global armored cable market is divided into single-core and multi-core types. It is expected that the multi-core part will show a considerable compound annual growth rate in the next few years, because it is easy to handle, flexible and cost-effective, which promotes the demand for various industrial applications and makes end users more preferred.
Based on the end users, the global armored cable applications include construction, natural gas and oil, manufacturing, mining, communications and other (aerospace, chemical, etc.). The natural gas and oil industries contribute a major share of revenue and are expected to show a high compound annual growth rate in the forecast period. Major manufacturers in the oil and gas industry are increasingly investing in advanced manufacturing and processing technologies to reduce production costs and increase production, which in turn will drive the industry's demand for armored cables.
According to the regional market, the Asia-Pacific armored cable market accounts for the major share of the world's 2018 revenue. With the increasing investment in infrastructure markets in China, India, ASEAN and other countries, it is expected that the Asia-Pacific region will continue to occupy the dominant position in the market by 2025.
Source: Power Grid