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Reports
The global cable drum market is expected to witness strong growth during the forecast period between 2021 and 2031.
Cable drums are round-shaped objects that carry different types of cables or wires such as electrical and fiber and other wire-type products, too.
Cable drums have proven beneficial to lay cables and wires with no tangling. They have helped in saving costs involved in the packaging of cables and wires and also assist in reducing transportation costs.
The deployment of cables and wires in different industries such as infrastructure, energy, and telecommunication is expected to increase the cable drum demand and fuel the growth in the global market.
Rapid expansion in the oil and natural gas industry is the key growth driver for the global cable drum market.
Also, increased deployment of different cables in the construction industry is expected to fuel the growth in the global cable drum market, in the coming years.
In addition to this, rising government expenditure on cables in both developed and developing global economies is anticipated to propel the overall cable drum market, in the years ahead.
Advancements to existing products with the integration of novel technologies such as Internet of Things and artificial intelligence could bolster the cable drum demand, in future.
Government initiatives and measures, spreading awareness about cable drums could help increase product demand and help in the growth of the overall cable drum market, too.
Manufacturing end-use segment is expected to make the largest contribution to the overall market because of increased product demand to carry different products in leading economies, globally.
Wooden drums product segment is anticipated to contribute the most to the global market owing to their lower costs, leading to increased demand in different industries.
The global cable drum market is extremely competitive, with the presence of several well-established market players, many of whom have become successful owing to years of delivering consistent results.
Many of these players are expected to account for a large share in the global cable drum market, in the coming years.
Research and development activities to produce improved quality of products could be a key growth strategy for prominent cable drum market players, in the years ahead.
Growth strategies such as novel product launches could help leading cable drum market players gain a competitive edge over others, in the years ahead.
Well-established cable drum market players could collaborate with smaller players in a bid to expand their market presence and increase their revenue shares.
The smaller cable drum market players will seek funding from private investors, which could assist them in their long-term growth.
Some of the leading players in the global cable drum market include Nicoletti, Hannay Reels, Eaton, Toporing, and United Equipment Accessories.
The global cable drum market is divided into five regions, namely, North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
Asia Pacific is expected to be the dominant region in the global cable drum market because of increasing industrial activities witnessed both in developed and developing economies, in countries such as India and China.
North America is expected to offer profitable growth opportunities for the global cable drum market because of rising focus on digitalization in countries such as US and Canada, contributing to market growth in the region.
Europe is anticipated to witness strong growth in the overall cable drum market because of increasing demand for wires and cables in different industries in countries such as UK and Germany.
Other regions of the world such as Latin America and Middle East and Africa are expected to witness moderate growth in the overall market, in the coming years because of fewer well-established market players in countries belonging to both the regions.
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Cable Drum Market
