Global Cable Accessories Market to Grow at 5.14% During 2025-2033, Reaching USD 99.6 Billion by 2033 – Driven by rapid expansion of infrastructure projects

November 20, 2024 | Heavy Industry

Global Cable Accessories Market Statistics, Outlook and Regional Analysis 2025-2033

The global cable accessories market size was valued at USD 60.3 Billion in 2024, and it is expected to reach USD 99.6 Billion by 2033, exhibiting a growth rate (CAGR) of 5.14% from 2025 to 2033.

Cable Accessories Market

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The rapid expansion of infrastructure projects and the accelerated rate of urbanization in many regions are major factors boosting the cable accessories market growth. Moreover, the rising investment by governments and private sectors in large-scale developments, such as smart cities, modern transport networks, and energy-efficient residential and commercial buildings, is favoring the market growth. For instance, the European Union (EU) countries have committed to taking national measures to reduce the average energy use of residential buildings by 16% by 2030 and 20-22% by 2035. These advancements require robust electrical and telecommunication networks, where cable accessories like connectors, joints, and terminations play a vital role. Additionally, the increasing urban population in emerging economies that create a continuous requirement for updated electrical infrastructure, is promoting the market growth. For instance, India’s urban population in the year 2023 was 519,506,163, which is a 2.19% hike from 2022. This commitment to infrastructure improvement in developed and developing countries ensures a steady demand for cable accessories in diverse applications, including power generation, transmission, and distribution.

The ongoing shift towards sustainable energy practices, which lead to an increase in renewable energy projects such as solar farms, wind turbines, and hydroelectric plants, is catalyzing the market growth. As per industry reports, the United States is investing in new solar projects, propelling its solar power generation to grow 75% from 163 billion kilowatthours (kWh) in 2023 to 286 billion kWh in 2025. Additionally, in 2023, the U.S. electric power sector produced 4,017 billion kilowatthours (kWh) of electric power, amongst which, renewable sources, such as wind, solar, hydro, biomass, and geothermal accounted for 22% of the generation. This transition towards green energy sources is creating the demand for specialized cable accessories that are capable of handling fluctuating power loads and harsh environmental conditions. Furthermore, rapid technological advancements in the electrical sector, especially related to smart grids, is amplifying the need for advanced cable accessories. Smart grids rely on enhanced electrical components that facilitate the transmission of real-time data for better load management, system efficiency, and reliability. In line with this, cable accessories designed with state-of-the-art materials and innovative technologies are integral to these advanced networks, supporting functions like automated load balancing and rapid fault detection.

Global Cable Accessories Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, Europe, North America, Latin America and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share on account of rapid urbanization, increasing infrastructure development, and rising technological advancements.

Asia-Pacific Cable Accessories Market Trends:

The Asia Pacific region is dominating the market, driven by rapid industrial growth, increased urbanization, and a surge in consumer demand across various sectors. Moreover, the presence of major manufacturing hubs, coupled with rising disposable income and technological advancements, is propelling the market growth. Apart from this, the imposition of government initiatives to support infrastructure development and industrialization is creating a positive outlook for the market. For instance, Indian railways is focusing on 100% electrification of broad-gauge tracks. A total broad gauge (BG) network of 61,508 Route Kms has been electrified up to December 2023 which is 93.83 % of the total broad-gauge route (65,556 RKMs) of Indian railways. This creates the need for efficient cable accessories in the region.

North America Cable Accessories Market Trends:

North America’s market is driven by high consumer spending and advanced technological infrastructure. Moreover, the increasing research and development (R&B), boosting advancements in various industries such as aerospace, automotive, and healthcare is catalyzing the market growth. Furthermore, the region's strong emphasis on innovation and a well-developed regulatory framework to ensure high standards in product quality and safety, is fueling the market growth.

Europe Cable Accessories Market Trends:

Europe maintains a significant market share, supported by a well-established industrial base and stringent regulations that drive innovation and quality improvements. Moreover, the strong infrastructure and technological advancements, is creating a positive outlook for the market. Besides this, the rising environmental concerns and policies aimed at sustainability, leading to increased adoption of green technologies and efficient manufacturing processes, is favoring the market growth.

Latin America Cable Accessories Market Trends:

Latin America’s market is supported by a rising industrial base and increasing foreign investments. Along with this, the expanding manufacturing sectors and strategic trade agreements is catalyzing the market growth. Additionally, the gradual integration of more advanced technologies to enhance productivity and competitiveness among industry players is fueling the market growth.

Middle East and Africa Cable Accessories Market Trends:

The Middle East and Africa (MEA) market is emerging as a notable player, due to rising investments in infrastructure and a growing focus on diversifying economies away from traditional oil dependence. Moreover, the implementation of ambitious plans, including smart city initiatives and large-scale industrial projects is bolstering the market growth.

Top Companies Leading in the Cable Accessories Industry

Some of the leading cable accessories market companies include Nexans SA, The Prysmian Group, ABB Group, NKT A/S, and Taihan Cable & Solution Co., Ltd., among many others.

In May 2024, ABB Group and Niedax Group entered into an agreement to form a new 50/50 joint venture. This agreement will integrate the North American cable tray businesses of ABB’s Installation Products Division and Niedax Group into a new joint venture. The collaboration aims to deliver advanced solutions and services to electrical contractors, systems integrators and distributors across the United States, Mexico, and Canada.

Global Cable Accessories Market Segmentation Coverage

On the basis of the voltage, the market has been categorized into low voltage cable accessories, medium voltage cable accessories, and high voltage cable accessories, wherein low voltage cable accessories represent the leading segment. This dominance is due to the extensive use of low voltage systems in residential, commercial, and industrial settings. Moreover, the rising demand for efficient energy distribution and renewable energy integration is supporting the market growth.
Based on the installation, the market is bifurcated into overhead cable accessories and underground cable accessories, amongst which overhead cable accessories dominate the market, as they are cost-effective and easier to install and maintain compared to underground systems. Additionally, they are widely used in developing regions where rapid infrastructure development is underway.
On the basis of the end user, the market has been divided into industrial and renewables. Among these, industrial accounts for the majority of the market share, due to its extensive need for reliable and high-capacity power distribution solutions. Furthermore, the expanding manufacturing activities and modernization of existing infrastructure is contributing to market growth.

Report Features	Details
Market Size in 2024	USD 60.3 Billion
Market Forecast in 2033	USD 99.6 Billion
Market Growth Rate 2025-2033	5.14%
Units	Billion USD
Scope of the Report	Exploration of Historical Trends and Cable Accessories Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: End User Voltage Installation Region
End Users Covered	Industrial, Renewables
Voltages Covered	Low Voltage Cable Accessories, Medium Voltage Cable Accessories, High Voltage Cable Accessories
Installations Covered	Overhead Cable Accessories, Underground Cable Accessories
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered	Nexans SA, The Prysmian Group, ABB Group, NKT A/S, Taihan Cable & Solution Co., Ltd., etc.
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Cable Accessories Market to Grow at 5.14% During 2025-2033, Reaching USD 99.6 Billion by 2033 – Driven by rapid expansion of infrastructure projects

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