(Aviation-NewsWire.Com, March 17, 2022 ) The global military cables market is estimated to be USD 22.1 billion in 2021 and is projected to reach USD 26.2 billion by 2026, at a CAGR of 3.4% during the forecast period. The growth of this market is mainly driven by the modernization program and increasing procurement of military fleets due to growing transnational disputes to offer several untapped opportunities.
The military cables market includes major players Prysmian Group (Italy), Nexans S.A. (France), Sumitomo Electric Industries Ltd (Japan), Collins Aerospace (US), and Carlisle Interconnect Technologies (US). These players have spread their business across various countries including North America, Europe, Asia Pacific, Middle East, and Rest of the World. COVID-19 has impacted their businesses as well.
The marine platform segment is projected to witness the highest CAGR during the forecast period.
The marine platform segment is estimated to lead the market during the forecast period, with a share of 92.6% in 2021. The segment is projected to grow with the highest CAGR of 3.5% in the forecast period. Marine platforms where military cables are installed include destroyers, frigates, corvettes, amphibious ships, patrol vessels, submarines, and aircraft carriers.
The military ground equipment segment is projected to witness the highest CAGR during the forecast period.
Based on application, the military ground equipment segment is projected to be the highest CAGR rate for the military cables market during the forecast period. Increasing number of military ground equipment to gain tactical advantage will drive the segment in coming years.
The copper alloys segment is projected to witness the highest CAGR during the forecast period.
Based on the conductor material, the copper alloys segment is projected to grow at the highest CAGR rate for the military cables market during the forecast period. Copper wires have excellent electrical properties which make them perfect for use in the aerospace and defense industry.
The aftermarket segment is projected to witness the highest CAGR during the forecast period.
Based on the end user, the aftermarket segment is projected to grow at the highest CAGR rate for the military cables market during the forecast period. Replacement of existing cables and upgradation will drive the segment.
The Europe market is projected to witness the highest CAGR from 2021 to 2026
The majority of the Europe military cables market is accounted for by military cables on ground platform. The large share of military cables market in Europe is due to increasing procurement of military fleet and weapon systems.
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