Offshore Wind Projects Boost Cables & Connectors Market

The growth of the cables and connectors market in Europe can be attributed to the increasing number of projects in the offshore wind connections and submarine interconnections market and moderate pricing pressure among the suppliers.

According to a new market research report “Cables & Connectors Market for Satellite and Submarine Industries by Components (Cable and Cable Assemblies, Connectors and Others), Application (Testing and Manufacturing), Industries and Geography- Analysis and Forecast (2012-2020)”, published by MarketsandMarkets, the total Cables & Connectors Market was valued at $18.90 Billion in 2013 and is expected to reach up to $43.55 Billion by 2020, at a CAGR of 12.76% between 2014 and 2020.

The Cables and Connectors Market has faced its highs and lows, however has managed to register a healthy growth rate. This market is expected to show moderate growth in the next five years. Satellite miniaturization, heavy investment in submarines for military modernization, and the demand for high-speed connectivity are the primary factors that are contributing to the growth of this market.

Huge investments made in offshore wind energy projects along with, upcoming application and services in the satellite and submarine industries are expected to propel the market in the future.

The objective of the research study was to analyze the market trends for each of the industries, the growth rates of the various components (Cables & cable assemblies, electronic & mechanical connectors, and others, and the demand comparison for both (satellite & submarine) the industries.

Apart from the market segmentation, the report also covers the Porter’s Five Forces analysis, the market’s value chain with a detailed process flow diagram, and the market dynamics such as the drivers, restraints, and opportunities in the overall Cables and Connectors Market.

Image: TenneT (Illustration)