According to IMARC Group latest published report, The global cable accessories market size reached US$ 53.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 78.0 Billion by 2028, exhibiting at a CAGR of 6.2% during 2023-2028.
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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
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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.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global cable accessories market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on end user, voltage and installation.
Breakup by End User:
Breakup by Voltage:
- Low Voltage
- Medium Voltage
- High Voltage
Low voltage cable accessories currently exhibit a clear dominance in the market.
Breakup by Installation:
At present, overhead cable accessories account for majority of the total global market.
- Asia Pacific
- North America
- Latin America
- Middle East and Africa
Asia Pacific currently represents the largest market, on account of rapid urbanization and industrialization, along with the government initiatives undertaken in various countries.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are:
- Nexans SA
- The Prysmian Group
- ABB Group
- NKT A/S
- Taihan Electric Wire Company Ltd.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.