According to the latest report by IMARC Group, titled "Cable Accessories Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global cable accessories market size reached US$ 50.5 Billion in 2021. Cable accessories include connectors, cable joints, heat shrinks and terminators that are widely used as essential components in the power cable networks. Power cables are widely used in the transmission and distribution networks for telephone, electricity and internet systems. They are also used for electricity distribution in individual residential areas and small commercial setups while also being employed across mobile substation facilities that are set up during construction. Cable accessories are precisely designed to connect these cables and insulate conductors from direct contact with the earth. They are employed to offer additional strength to the cables, thus enhancing their durability and service life. These accessories are also essential for protecting the cables from the erosion caused by ultraviolet (UV) light and environmental extremes. Consequently, they are widely being utilized by end users for numerous underground and overhead installations.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cable Accessories Market Trends:
The market is primarily driven by a considerable rise in power consumption on the global level. This can be attributed to the rapid industrialization and the escalating uptake of consumer electronics by the masses, especially across the developing economies. Moreover, the increasing power requirements have resulted in the growing adoption rates of smart grid technology. This consequently has also led to extensive investments for the renovation of existing grid infrastructure by various governments, thus contributing to the market growth. A significant rise in the demand for new transmission lines are acting as another major growth-inducing factor as it is expected to boost the sales of cable accessories. Along with this, an increasing inclination of individuals toward the widespread usage of renewable energy sources is driving the market further. Other factors, such as extensive research and development (R&D) activities conducted by players to launch improved and durable cable accessories, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 6.3% during 2022-2027.
- Based on the voltage, the market has been divided into low, medium and high voltage cable accessories. Among these, low voltage cable accessories account for majority of the total global market.
- On the basis of the installation, the market has been bifurcated into overhead and underground accessories, wherein overhead cable accessories exhibit a clear dominance in the market.
- Based on the end user, the market has been segregated into the industrial and renewables sector.
- On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include Europe, North America, Latin America, and Middle East and Africa.
- The competitive landscape of the market has also been examined with some of the key players being Nexans, Prysmian S.p.A, ABB Group, NKT A/S, and Taihan Electric Wire Company Ltd.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal