[179+ Pages Report] As per the latest research and survey report issued by Facts and Factors, the global cable drum market was around USD 580 Million in 2020 and is expected to register revenues worth USD 800 Million by the end of 2026, growing at an exceptional CAGR of approximately 4.4% between 2021 and 2026.
Global Cable Drum Market: Overview
Cable drums are circular objects which carry different types of electrical conduits or fiber optic cables for transportation or storage purposes. A cable drum can be made up of different materials based on the application it is being utilized for. Typically, they are constructed from wood, plastic, plywood, and steel. The most common material used is wood and is prepared from resinous wood resins and is used in carrying heavier wires. Cable drums further make it an easy task to lay down tires without the fear of entanglement.
Global Cable Drum Market: Growth Factors
Industrial automation often requires laying the huge groundwork of VFD cables for communication and power transmission means. The rapid automation and expansion of existing industrial measures drive the growth of the global cable drum market to a certain extent. Additionally, the advent of the latest advancements in mobile networks along with uptake of investments in private sector companies catering to the latter further propel the growth of the market. Cable Drum Market is further driven by a rise in demand for wires and cables utilized in various applications.
An increase in underground applications such as trams and electrification is seen as a rising trend for the rapid growth in the cable drum market. Increased demand for higher-speed internet and a boom in the telecommunication network further boosts the market. A rise in the need for transportation of wires to the designated sites also increases the need for cable drums. Other factors such as government spending, growing population in the urban areas, boosted FDIs, erection of commercial structures also contribute to the growth of the market. However, transportation costs and risks associated with the market hamper the growth to a certain extent.
Global Cable Drum Market: Segmentation
The global cable drum market can be segmented on the basis of material, mechanism utilized, and regions.
On the basis of material, the market can be divided into wooden, plywood, plastic, and steel. The steel-made cable drums account for the highest market share in the segment. Steel drums possess several features that make them a viable choice include retractable structure, high durability, less prone to being stolen, and their ability to remain intact during transit. On the basis of the mechanism utilized, the cable drum market can be broken down between mechanized and manual. The mechanized drums are expected to retain the highest market share in terms of revenue owing to shifting market standards across the globe. However, in terms of volume, the manual cable drums will absorb the majority of revenue with the highest growing CAGR.
Global Cable Drum Market: Regional Analysis
The region of Europe will retain the highest market share during the forecast period. A distinct rise in manufacturing expansions and a general extension of several sectors such as automobile, equipment production, & power generation to name a few are quoted as the reason for the growth of the market in the region. However, the region of Asia-Pacific will witness the highest growth CAGR during the forecast. Asia-Pacific also boasts of the region which produces the highest volumes of electronic appliances and automobiles. This will give rise to a bigger footprint of the cable drum market in the region due to the higher demand for wires and cables. Other factors such as a straight rise of urbanization of areas leading to settlements of better industries and markets in the region also expected to drive the growth of cable drum markets in the region.
Global Cable Drum Market: Competitive Players
Some of the major participants in the global cable drum market are Hildebrandt Group, Schwabe GmbH, Cable Equipments, Coxreels, Bryant Unlimited, Hannay Reels, Svenssongroup, ESHAL TRADERS & CO, Paul Vahle GnbH & Co., and Nederman Holding AB, among others.
Global Cable Drum Market: By Material Segment Analysis
Global Cable Drum Market: By Mechanism Utilized Segment Analysis
Global Cable Drum Market: By Regional Segment Analysis
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