The market is valued at US$ 50,960.0 Million in 2022 and is anticipated to exceed a valuation of US$ 92,443.0 Million in 2032. Growth is attributed to the rising polymeric insulation cable across the globe. The Global cable accessories demand is expected to witness exponential growth with an impressive CAGR of 6.1% over the valuation period from 2022 to 2032.
Cable accessories are commonly used to connect cables and insulate conductors from direct contact with the earth. These accessories are used to protect cables from deterioration and erosion caused by environmental stress, ultraviolet light, and other media. Strong cable accessories give the cable the strength it needs to withstand environmental extremes and provide dependable service over a long operating life in both underground and overhead installations.
The major factors driving the surge in the cable accessories market include an increase in global power capacity, offshore wind policies in developing countries, increasing replacements of conventional grids with ‘Smart Grids Sensors,’ and infrastructure upgrades in profitable markets throughout the forecast period.
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Key Takeaways
Cable accessories are considered to be an integral part of the installation and distribution of cables. In order to connect two cables with the same or different insulation materials, these accessories are utilized. In the early days, paper insulated cables were utilized for cables that provided low or medium voltage, in the modern era, they have been drastically replaced by polymeric type. Owing to its growing use in every industry, cable accessories are predicted to surge over the forecast period.
The increased use of polymeric insulation cable owing to its rising awareness among people who are concerned about better and reliable technology for greater results has a major contribution to the growth of the market and is expected to accelerate the market growth in upcoming years.
Another prominent factor responsible for the growth of the cable accessories market is the surging demand for reliable and efficient technology which comes with long operating life. This has happened due to the increasing focus of companies on decreasing operational costs by increasing quality.
The surge in demand for electricity from numerous end-use industries including manufacturing, oil & gas, and construction is one of the primary factors that is expected to elevate the growth of the Cable Accessories Market during the forecast period.
Competitive Landscape
Prominent market players are focusing on technological advancements in developing smart grids along with increasing research and development activities toward improving the quality of cable accessories are anticipated to provide lucrative growth opportunities for key players to maintain their position in the global market soon.
The key market players are collaborating to offer the best-in-class accessories to enhance worldwide cable facilities. There is a plethora of global companies in the cable accessories market that are working towards improving its quality and making it more reliable.
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More Insights into the Cable Accessories Market
On the basis of the regional segment, North America is expected to dominate the global market by attributing 16% of the total market share from 2022 to 2032. The North American region is predicted to emerge as an impressive market owing to the diverse application of cable accessories in industrial and non-industrial sectors across the region. The growing investment in the infrastructure sector increased the migration of the population from rural to urban cities, and growth in the economy are likely to propel growth in the market.
As per FMI analysis, Europe is anticipated to hold the largest market share and is expected to possess 22.5% of the global market revenue.
The Asia Pacific is another market showcasing positive growth opportunities due to the presence of key market players in the region that has managed to garner a huge customer base throughout the projection period. The region is accountable for 20.2% of the total market share in 2022.
Owing to the surging demand for power within developing countries such as India, China, Japan, and Australia, the need for power generation, transmission & distribution infrastructure, is expected to augment the growth of the market during the forecast period.
Key Segments Profiled in the Cable Accessories Industry Survey
Cable Accessories Market By Voltage:
- LV (low voltage) Cable Accessories
- MV (medium voltage) Cable Accessories
- EHV (Extra-High Voltage) Cable Accessories
- EHV (Extra-High Voltage) Cable Accessories
Cable Accessories Market By End-Use Industry:
- Cable Accessories for Railways
- Cable Accessories for Electric Power Industry
- Cable Accessories for Construction Industry
- Cable Accessories for Power transmission Industry
- Cable Accessories for Manufacturing Industry
- Others
Cable Accessories Market By Type:
- Joint & Terminations
- Din Lugs And Connectors
- Heat Shrink Shapes
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