With the leading ten companies collectively accounting only for about 50% of overall share, the vendor landscape of the global marine cables and connectors market hints at a high level of fragmentation and intense competition, observes Transparency Market Research in a recent report. Owing to the large number of companies in the market, competition is likely to remain intense in the next few years as well.
Vendors operating in the global marine cables and connectors market can expect a massive rise in innovative products and technological advancements as more and more companies look at revising their growth strategies to remain competitive in the market. Attempts at consolidating their positions in the market through strategic mergers and acquisitions and expansion across emerging regional markets could also remain key growth strategies adopted by leading players. Some of the most prominent vendors in the market are Fujitsu Limited, Eaton Corporation Plc., TE Connectivity, Inc., Teledyne Marine, Scorpion Oceanics, SAMCO Inc., Molex, Huawei Marine, and General Cable Company.
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It is estimated that the global marine cables and connectors market will register a healthy 5.3% CAGR over the period between 2017 and 2025, rising from an opportunity of US$8869.8 mn in 2015 to US$14,081.3 mn by 2025.
Asia Pacific to Present Promising Growth Opportunities
Of the two key types of products that the global marine cables and connectors market vends – cables and connectors, the segment of cables held the dominant share in the overall market in 2016. The segment is likely to remain the leading revenue contributor to the overall market over the forecast period as well, exhibiting a 5.7% CAGR. The segment of connectors is likely to remain stagnant.
Geographically, the market in Europe presently dominates, accounting for over 30% of the overall revenue generated by the global market in 2016. This is chiefly attributable to the rising demand for reliable and energy efficient fiber-optic cables with good performance as the telecom sector pushes boundaries and looks forward to provide high-speed connections to users. Over the report’s forecast period, the market in Asia Pacific could provide promising growth opportunities, with China remaining a key contributor to the overall growth of the market.
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Rising Investments from Defense and Military Sectors to Aid Growth
A number of factors are likely to aid the overall expansion of the global marine cables and connectors market, including the massive wave of investments in the field of marine connectivity from telecom companies and governments with the view of improving and expanding inter- and intra-country telecom networks. The rising global demand for higher and more reliable bandwidth for effective and faster transmission of data and vast investments from the defense and military sectors are also expected to drive the market in the near future. The vast rise in data centers across the globe is also expected to favor the overall uptake of a variety of marine cables and connectors.
Moreover, the rising penetration of innovative technologies such as Internet of Things and cloud across a number of industries and vast growth opportunities owing to the increased focus on improving telecommunications infrastructure across several emerging economies could also prove to be beneficial for the global market.