2019-2025 global armored cable compound annual growth rate of 4.9%

Zion Market Research, an international market research institution, recently released a global armored cable market report that the global armored cable market demand in 2018 was $29.
806 billion, and is expected to reach $41.
587 billion by 2025, with a compound annual growth rate of 4.
9%
during 2019-2025.

According to the report, the high demand for armored cables in the oil and gas industry is the main driver
of the growth of the global market.
These cables are designed for oil and gas industry applications such as exploration, extraction, production and refining
of petrochemicals and natural gas.
However, the global cable and wire industry and the cyclical nature of materials are likely to be the major challenges
facing this market.

In terms of armor material type, aluminum, stainless steel and other (copper, brass, etc.
) materials, stainless steel occupies a large share of this market and is estimated to dominate in the future
.
The growing preference for durable cabling solutions in underground applications in the manufacturing and transmission industries is expected to drive the growth of this segment in the coming years
.
At the same time, the growing trend of light electric vehicles in the global automotive industry will drive the demand
for aluminum-based armored wires.

In terms of armouring type, the market includes interlocking and continuous corrugated welding (CCW).

Continuous corrugated welding (CCW) is estimated to hold a major share
of the market during the forecast period.
The low installation cost of CCW is driving its adoption
in the refining industry.
Increasing investments in offshore production platforms, refineries, LNG facilities, and petrochemical processing plants across the globe are expected to drive the demand
for CCW armored cables in the future.

Based on cell type, the global armored cable market is segmented into two types
: single-core and multi-core.
The multi-core segment is expected to show a considerable CAGR in the coming years due to its ease of handling, flexibility, and cost-effectiveness, which drives the demand for various industrial applications and makes end-user preference
even more.

Based on the end user, global armored cable applications include construction, gas and oil, manufacturing, mining, communications, and others (aerospace, chemical, etc.
).

The gas and oil industry contributes a major revenue share and is expected to show a high CAGR
over 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.

By region, the Asia-Pacific armored cable market accounted for a major share of global revenue in 2018 and is expected to continue to dominate the market by 2025 as investments in infrastructure markets in countries such as China, India, and ASEAN continue to dominate
.