Mining Cables Market Size, Share, Growth, And Industry Analysis, By Type (Type W, Type G-GC, Type SHD-GC, Type MP-GC, and Others), By Application (Underground Mining and Surface Mining), Regional Forecast To 2032

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Mining Cables Market Report Overview

The global mining cables market size was USD 12.47 billion in 2023 and is expected to reach USD 15.17 billion in 2032, exhibiting a CAGR of 2.2% during the forecast period.

Mining cables are all flame-retardant cables, and their typical voltage level is 10kV or less. They include cables for plastics, transport planes, communications, lighting, and signal hardware, along with power supplies for battery powered drill cables, cap lamp wires, and underground rubber substation cables, among other things.The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The global mining cables sector is anticipated to experience brisk growth over the forecast period as a result of the world's expanding population and economic development, as well as the rise in heating and cooling demand among the world's population as a result of climate change, as well as rising energy demand among residential, commercial, and public services and the transport sector.

COVID-19 Impact: Decrease in Demand from the End User Industries due to the Influence of the Pandemic 

Worldwide propagation of the COVID-19 pandemic was evident. Because of the coronavirus's quick spread, the majority of the world's governments have implemented preventative measures like partial or total lockdowns, which have forced the closure of schools, colleges, institutions, and offices as well as the suspension of all commercial activity aside from the provision of necessities like food and shelter. The decrease in industrialization and commercial activity brought about by the lockdowns had a substantial influence on the commercial and industrial sectors' demand for electricity, which in turn had an impact on the expansion of the mining cables secto.

Latest Trends

"Implementation of Policies and Programmes by the Indian Government to Boost the Nation’s Power Industry"

The Indian government has implemented a number of policies and programmes that are boosting the nation's power industry and raising future demands for mining cables to be utilised in these projects. Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY), Pradhan Mantri Sahaj Bijli Har Ghar Yojana, and Integrated Power Development Scheme (IPDS) are a few of the programmes that have significantly increased the market's activity. Additionally, the electrification of every community covered by DDUGJY is something the government has planned.

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Mining Cables Market Segmentation

• By Type Analysis

According to type, the market can be segmented into Type W, Type G-GC, Type SHD-GC, Type MP-GC and Other

• By Application Analysis

Based on application, the market can be divided into Underground Mining and Surface Mining

Driving Factors

"Rising Demand for Numerous End User Industries is Aiding in Driving the Growth of the Cables Market as well"

Rising energy demands from numerous industries help the mining cable business. The global energy demand increased by 4% in 2018, according to the IEA (International Energy Agency). Comparing 2017 to 2016, the industrial sector consumed the most energy. In addition, the amount of CO2 emitted from the production of electricity increased by 1.7%, to 33 Gigatonnes. The International Energy Agency (IEA) previously said in its study that the average annual rate of power consumption had increased by almost twice as much since 2010 and by 2.3% globally in 2018. In order to lower carbon emissions and its harmful effects on the environment, increasing demand for clean, sustainable, and eco-friendly energy has prompted several government agencies to enact tough legislation and regulations.

"Measures Taken by Countries to Meet Sustainable Energy Targets are Anticipated to have a Beneficial Impact on the Cables Industry"

Many industries are implementing sustainable energy strategies as a result of the increased public awareness of climate change and environmental deterioration. This is expected to support sustainable development in many different countries throughout the world. Furthermore, non-OECD countries including China, India, Russia, and Brazil contributed 37.2% of the world's electricity, with China generating 46.7% of all the power used by these countries. Throughout the forecast period, these measures to meet sustainable energy targets are anticipated to have a beneficial impact on the expansion of the worldwide mining cables segment.

Restraining Factors

"Costs Associated with Underground Mining could Potentially Harm the Cables Industry"

The problem with employing cables in underground mining is that installing them can cost 7–10 times as much as doing it on the surface. Additionally, this expense would need to be covered by customers through higher charges. In addition, subterranean cables must be shielded by conduit to prevent groundwater penetration from causing shortages. Underground mining is an extremely expensive procedure all around. As a result, during the anticipated term, this aspect can restrain the mining cables market growth.

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Mining Cables Market Regional Insights

"Presence of Major Players and Efforts of Firms to Create Customer-Driver Products has Aided North America to Dominate the Market"

It is predicted that North America, the dominant country in the mining cable industry, will have exceptional market growth during the predicted time period. The advancement would be partly owing to tools for marketing research and because of players who have been firmly established in the market from the beginning. Despite this, management companies, organisations, outside managers, and many others are focusing their efforts on creating customer-driven products that will also contribute to the growth in this sector. The Mining Cables market share is expected to grow rapidly as a result of increasing interest, increased pay, cutting-edge innovation, and equipment, as well as initiatives to draw attention to the requirement.

With a considerable market share, Asia Pacific is the second-largest region. This region will likely experience the strongest growth during the projection period, just behind North America. In this region, the biggest customers of mining cable are the growing nations like China and India.

Key Industry Players

"Key Players are Focusing on Organic and Inorganic Growth Strategic Methods to Maintain Market Dominance "

The dominant companies in this industry employ a variety of strategies to maintain their current market dominance while also meeting the wants of its clientele. In order to expand their product range, they use organic growth strategies in addition to inorganic growth techniques. They invest in research and development projects as well. Additionally, they are collaborating with local businesses to broaden their geographic market reach. Other ways they keep current in the industry include acquisitions and partnerships.

LIST OF TOP MINING CABLES COMPANIES

• Southwire (U.S.)
• General Cable (U.S.)
• Priority Wire & Cable (U.S.)
• Chint Group (China)
• Nexans (France)
• Viakon (Mexico)
• Metric Cables (U.S.)
• Prysmian Group (Italy)
• Baosheng Group (China)
• Caledonian-cables (U.K.)
• SKL (India)
• PUDA (India)

Report Coverage

This report covers the mining cables market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2030. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.