Albany, NY -- (SBWIRE) -- 01/05/2018 -- 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.
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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.
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.
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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.