$64 Bn Cable Accessories Market Research Report: Global Market Review & Outlook (2019-2024) – IMARCGroup.com
The global cable accessories market has witnessed a healthy growth over the past few years owing to the upgradation of existing grids to smart grids along with the shift towards electricity production from renewable resources of energy.
IMARC Group’s recent report, titled “Cable Accessories Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global cable accessories market reached a value of more than US$ 46 Billion in 2018. Cable accessories form an integral part of cable networks, and include tools and devices such as cable joints, heat shrinks, porcelain termination and connector systems, etc. These accessories are extensively used in establishing the transmission and distribution network infrastructure for telephone, electricity and internet systems. They are designed to meet a wide array of generalist and specific applications in industries such as marine and offshore, solar, nuclear, mining and railway. Over the years, expansion in the telecom and internet networks along with rapid urbanization and industrialization has led to an increased demand for cable accessories worldwide.
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Global Cable Accessories Market Trends:
One of the primary factors driving the growth of the market is rising power requirements in both the developed and developing regions of the world. This has led to the adoption of smart grid technology along with the replacement of existing grid infrastructures with new transmission lines. This is further being supported by utilization of new cable systems with improved efficiency such as high-voltage direct current (HVDC) cables for long-distance and submarine applications, and superconducting cable systems for high load areas. Moreover, growing environmental concerns have led to a shift towards renewable resources of energy such as solar, tidal and wind. In line with this, various renewable energy plants are being set up across the globe which have created a huge demand for durable cable accessories that can withstand environmental extremes and high pollution levels while offering longer operating span. Looking forward, the market value is projected to reach US$ 64 Billion by 2024, expanding at a CAGR of 5.5% during 2019-2024.
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Insights on Market Segmentation:
Market Breakup by Voltage:
1. Low Voltage Cable Accessories
2. Medium Voltage Cable Accessories
3. High Voltage Cable Accessories
On the basis of voltage, low voltage cable accessories dominate the market as they are mainly used in networks for transmitting low voltage electricity for household consumption. Low voltage cable accessories are followed by medium and high voltage cable accessories.
Market Breakup by Installation:
1. Overhead Cable Accessories
2. Underground Accessories
Based on installation, the market has been segregated as overhead cable accessories and underground cable accessories. Amongst these, overhead cables accessories lead the market owing to their cost-effectiveness and convenient installation.
Market Breakup by End-User:
1. Industrial
2. Renewables
On the basis of end-user, the market has been segmented into the infrastructure, industrial and renewables segments. Currently, the infrastructure sector enjoys the leading position due to rapid urbanization and growing demand for power transmission in the emerging nations.
Market Breakup by Region:
1. Asia Pacific
2. Europe
3. North America
4. Latin America
5. Middle East and Africa
On a geographical front, Asia Pacific represents the largest region, accounting for the majority of the market share. This can be attributed to rapid industrialization and government mandates aimed to achieve sustainable energy goals. Other major regions include Europe, North America, Latin America, and Middle East and Africa.
Competitive Landscape:
The competitive landscape of the market has also been examined with some of the key players being Prysmian S.p.A., Nexans, ABB Group, Taihan Electric Wire Company Ltd. and NKT Group.
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