The cable accessories market is anticipated to be worth US$ 50,960.0 million in 2022 and to rise to US$ 92,443.0 million between 2022 and 2032 at a CAGR of 6.1%. The growth is connected to the global increase in the use of polymeric insulating cable.
Connecting cables, protecting the conductor from direct soil contact, and preventing deterioration and erosion of the cable due to environmental stress, ultraviolet light, and other mediums are all goals of cable accessories. Additionally, the cable attachments give the cable the durability it needs to withstand adverse weather conditions and provide dependable service over a lengthy working life in both overhead and underground installations.
All cable installation and distribution networks depend on cable accessories. With the help of these accessories, two cables with various types of insulation can be connected. In the past, low- and medium-voltage cables with paper insulation were utilised; however, today, fully polymeric insulation is favoured.
The major factors that are anticipated to create new opportunities for the cable accessories market during the forecast period include the increase in power capacity on a global scale, offshore wind policies in developing nations, the replacement of traditional grids with “Smart Grids,” and the upgrading of infrastructure in emerging markets.
On the other hand, a significant factor that is projected to restrain the growth of the Cable Accessories market in the near future is the high cost of underground cables.
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North America Emerging as an Opportunistic Cable Accessories Market
In terms of regional market share, the Cable Accessories market is dominated by North America. From 2022 to 2032, the region is anticipated to grow at a rate of nearly 16%.
The extensive use of cable accessories in both industrial and non-industrial sectors throughout the area is expected to make North America a major consumer of cable accessories.
Additionally, due to ongoing investments in the modernisation of the grid infrastructure in the region, the cable accessories market in North America is predicted to grow at a steady rate throughout the projected period. Additionally, the market is projected to be driven in the near future by an increase in infrastructure investment, economic expansion, and demographic shifts toward cities.
Europe Contributing to the Growth of the Cable Accessories Market
Future Market Insights projects that Europe will have the highest market share and growth potential for cable accessories, with a share of 22.5% in 2022.
Asia-Pacific dominated the cable accessories market in 2020, and it is predicted that it will continue to do so throughout the forecast period. This is explained by the region’s substantial customer base and important player presence.
The industry is predicted to grow at the fastest rate in Europe, where the UK and Germany account for the majority of the market share. Some of the primary factors influencing the growth of the cable accessories market over the forecast period are increasing urbanisation, industrialization, the adoption of new technologies, and domestic manufacturing capacity.
Additionally, the installation of several renewable energy generation projects is a major driver of the European Cable Accessories Market. Over the course of the analysis period, technological developments in low-voltage cable accessories to improve their operating efficiency are also predicted to drive the market in the area.
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Position Does The Asia-Pacific Region Hold In The Market For Cable Accessories
Future Market Insights projects that the Cable Accessories Market in Asia-Pacific will expand with promising growth potential and account for a sizeable proportion of 20.2% in 2022. Asia-growing Pacific’s demand for power from rising nations like China, Japan, India, and Australia raises the need for infrastructure for power generation, transmission, and distribution, which is anticipated to fuel market expansion throughout the course of the projected period.
The main factors anticipated to propel the growth of the cable accessories market during the forecast period are the enormous T&D network expansion and rising urbanisation and industrialization projects in China and India. The market for power transmission and distribution systems, which in turn drives the cable accessories industry in the region, is primarily driven by the rising demand for electricity. The need to update outdated power transmission infrastructure and an increase in demand for equipment like low, medium and high-voltage cables are predicted to result from the rising demand for electricity.
Middle East & Africa Contributing to the Growth of the Cable Accessories Market
Future Market Insights predicts that the Middle East and Africa would provide the Cable Accessories Market with substantial growth prospects, growing to a share of 10.4% in 2022.
The Middle East and Africa’s cable accessories market is anticipated to increase significantly over the coming years as a result of the region’s growing industrialization, urbanisation, adoption of new technology, and internal manufacturing capacity. Additionally, due to the increased need for energy in the area, the market for cable accessories in the area is anticipated to grow at a moderate rate.
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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 the Power Transmission Industry
- Cable Accessories for Manufacturing Industry
- Others
Cable Accessories Market By Type:
- Joint & Terminations
- Din Lugs And Connectors
- Heat Shrink Shapes
Cable Accessories Market By Region:
- North America Cable Accessories Market
- Latin America Cable Accessories Market
- Europe Cable Accessories Market
- Asia Pacific Cable Accessories Market
- Middle East & Africa Cable Accessories Market
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