Cable Accessories Market Surpasses US$ Valuation

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NEWARK, Del, Aug. 26, 2022 (GLOBE NEWSWIRE) — The global demand for cable accessories is expected to grow exponentially with an impressive CAGR of 6.1% over the assessment period from 2022 to 2032. The market is assessed to US$50,960.0 million in 2022 and is expected to exceed a valuation of US$92,443.0 million in 2032. The growth is attributed to the increase in polymer insulated cable across the globe.

Cable accessories are extensively designed to connect cables and effectively isolate the conductor from direct contact with earth. These accessories are used to protect cables from any kind of degradation and erosion caused by environmental stress, ultraviolet light and other medium as well. Heavy-duty cable accessories strengthen the cable to withstand extreme environmental conditions and provide reliable service over a long life in underground and overhead installations.

Major factors attributing to the boom in cable accessories market include an increase in electrical capacity globally, offshore wind policies in developing countries, increase in replacements of conventional grids with “smart grid sensors and infrastructure upgrades in lucrative markets around the world. forecast period.

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Key points to remember

Cabling accessories are considered an integral part of the installation and distribution of cables. In order to connect two cables with same or different insulation materials, these accessories are used. In the beginning, paper insulated cables were used for cables providing low or medium voltage, in the modern era they have been drastically replaced by polymer type cables. Due to their increasing usage across all industries, cable accessories are expected to rise over the forecast period.

Increased usage of Polymer Insulated Cable owing to its rising awareness among people concerned for better and reliable technology for better results is having a major contribution to the growth of the market and is expected to accelerate the growth of the market in the years to come.

Another important factor responsible for the growth of the cable accessories market is the growing demand for reliable and efficient technology that comes with long service life. This has happened due to the increasing focus of companies on reducing operational costs by improving quality.

One of the major factors expected to accelerate the growth of the cable accessories market during of the forecast period.

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Competitive landscape

The major players in the market are focusing on the technological advancements in the development of smart grids as well as the increase in research and development activities aimed at improving the quality of cable accessories, which are expected to provide lucrative growth opportunities for the players key to maintaining their position in the global market soon.

Leading market players collaborate to offer best-in-class accessories to enhance cabling installations worldwide. There are a plethora of global companies in the cable accessories market that are striving to improve its quality and make it more reliable.

More information on the cable accessories market

Based on regional segment, North America is expected to dominate the global market by allocating 16% of the total market share from 2022 to 2032. The North American region is expected to emerge as an impressive market owing to the diverse application of the cable. accessories in the industrial and non-industrial sectors of the region. Growing investment in the infrastructure sector has increased the migration of people from rural areas to urban cities, and the growth in the economy is expected to propel the growth of the market.

According to IMF analysis, Europe is expected to hold the largest market share and is expected to own 22.5% of global market revenue.

Asia-Pacific is another market with positive growth opportunities owing to the presence of key market players in the region that have managed to attract a huge customer base throughout the projection period. The region represents 20.2% of the total market share in 2022.

Due to the increasing demand for electricity in developing countries such as India, China, Japan and Australia, the need for power generation, transmission and distribution infrastructure is expected to increase the growth market during the forecast period.

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Key segments featured in the Cable Accessories industry survey

Cable Accessories Market by Voltage:

  • LV cable accessories (low voltage)
  • Accessories for MV cables (medium voltage)
  • Accessories for EHV cables (very high voltage)
  • Accessories for EHV cables (very high voltage)

Cable Accessories Market by End-Use Industry:

  • Railway cable accessories
  • Cable accessories for the electric power industry
  • Cable accessories for the construction industry
  • Cable accessories for the power transmission industry
  • Cable accessories for the manufacturing industry
  • Others

Cable Accessories Market by Type:

  • Gasket & Terminations
  • Din lugs and connectors
  • Heat-shrink forms

Contents

1. Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply-side trends

1.4. Analysis of the technology roadmap

1.5. Analysis and recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limits

3. Market context

3.1. Market dynamics

3.1.1. Drivers

3.1.2. Constraints

3.1.3. Opportunity

3.1.4. Tendencies

3.2. Scenario forecast

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