Global Cable Accessories Market to Reach US$ 93.1 Billion by 2032, Driven by the Increasing Investment in Smart Grids

May 18, 2023 | Heavy Industry

According to the latest report by IMARC Group, titled “Cable Accessories Market Report by End User (Industrial, Renewables), Voltage (Low Voltage Cable Accessories, Medium Voltage Cable Accessories, High Voltage Cable Accessories), Installation (Overhead Cable Accessories, Underground Cable Accessories), and Region 2024-2032,” the global cable accessories market size reached US$ 57.1 Billion in 2023. Cable accessories are essential components used in electrical power transmission and distribution systems to ensure the safe and efficient functioning of cables. These accessories provide various functionalities, such as insulation, protection, termination, and jointing, to maintain the integrity and reliability of cables. Insulation accessories are designed to protect cables from electrical, mechanical, and environmental stresses. They include items like cable insulation tapes, heat shrink tubing, and insulating boots. These accessories prevent leakage of current and protect against short circuits and insulation breakdown. Protection accessories safeguard cables from external factors, such as moisture, abrasion, impact, and chemicals, which further include cable glands, cable cleats, and cable markers. They ensure the durability and longevity of cables, particularly in harsh environments. Termination accessories are used to connect cables to electrical equipment or other cables. These accessories include cable lugs, connectors, and splices. They provide a secure and reliable electrical connection, ensuring efficient power transmission without any loss or interruption. Jointing accessories enable the connection or repair of cables. They include cable joints, splice kits, and connectors. These accessories ensure proper alignment, insulation, and sealing of cable connections, allowing for seamless continuity and electrical conductivity.

Global Cable Accessories Market Trends:

The increasing demand for electricity in various sectors, such as residential, commercial, and industrial, represents a key factor driving the market growth across the globe. This is primarily attributed to the rising need for efficient power transmission and distribution systems, which is driving the market growth. The market is also driven by the increasing investment in the expansion and modernization of their power infrastructure to meet the rising electricity demand and upgrade aging systems, which includes the installation of new transmission and distribution networks. In line with this, the rising shift toward renewable energy sources, such as solar and wind power, is facilitating the new renewable energy projects worldwide. This is further contributing to the growth of the market. In addition to this, the increasing investment in infrastructure projects, including residential, commercial, and industrial construction, is facilitating the growth of the market. Other factors, including rapid urbanization and industrialization, rising the demand for products in the construction of power grids, increasing investment in smart grids, continuous advancements in cable accessory technologies, such as the development of environmentally friendly and high-performance materials, improved insulation, and enhanced connectivity solutions, and favorable government regulations focusing on energy efficiency, grid reliability, and safety standards, are creating a positive outlook for the market. Looking forward, the market value is projected to reach US$ 93.1 Billion by 2032, expanding at a CAGR of 5.4% during 2024-2032.

Market Summary:

  • Based on the voltage, the market has been divided into low voltage, medium voltage, and high voltage. Among these, low-voltage cable accessories account for the 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 sectors. Currently, the industrial sector is dominating the global market.
  • 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. Presently, the Asia Pacific region account for the majority of the total global market.
  • The competitive landscape of the market has also been examined with some of the key players being Nexans SA, The Prysmian Group, ABB Group, NKT A/S, and Taihan Electric Wire Company Ltd.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Voltage, Installation, End-User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Nexans SA, The Prysmian Group, ABB Group, NKT A/S and Taihan Electric Wire Company Ltd.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
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 Reach US$ 93.1 Billion by 2032, Driven by the Increasing Investment in Smart Grids
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