The global cable accessories market has witnessed a healthy growth over the past several years. This can be attributed to a surge in the renewable energy sector coupled with government initiatives to upgrade and extend electricity networks in the developing regions.
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The recently published report by IMARC Group, titled “Cable Accessories Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global cable accessories market reached a value of US$ 44 Billion 2016. Cable accessories refer to tools and devices that help in the proper functioning of cable networks used for the transmission and distribution of power or data. These accessories include heat shrink joints and termination, power cable joints, modular terminators, porcelain termination, etc. Cable networks are used in most industries including marine and offshore, mining, nuclear, solar and railway; and utilities and services such as electricity, telephone systems and internet. The growth in these sectors has facilitated the expansion of cable networks over the years, resulting in an increased demand for cables and cable accessories worldwide.
Highlights of the global cable accessories market:
- The booming renewable energy sector remains the primary factor for the market growth.
- The low voltage cable accessories segment leads the market, accounting for the majority of the total share.
- Asia-Pacific represents the largest regional market, holding the majority of the global share.
On account of growing environmental concerns, the renewable energy sectors including wind, solar and tidal are witnessing a boost with various energy plants being set up. This is projected to propel the consumption of cable and related accessories as they will be required for transmitting the produced electricity. Apart from this, the governments in the developing regions are expanding and upgrading their electricity transmission systems, thereby creating a demand for cable accessories. Additionally, the use of high-voltage direct current (HVDC) for long distance power transmission is expected to stimulate the market growth over the next few years. According to the report, the market value is further anticipated to cross US$ 62 Billion by 2022, exhibiting a CAGR of nearly 6% during 2017-2022.
The market has been segmented on the basis of voltage levels into low voltage cable accessories, medium voltage cable accessories and high voltage cable accessories. Amongst these, low voltage cable accessories dominate the market, accounting for the largest share. These accessories are mainly used in networks for transmitting low voltage electricity for household consumption. Region-wise, Asia Pacific represents the leading market, holding the majority of the total share. It is followed by Europe, North America, Latin America, and Middle East and Africa. The competitive landscape of the market has also been analysed with the key players being Nexans, Prysmian Spa, ABB Group, NKT Group and Taihan Electric Wire Company Limited.
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The report by IMARC Group has examined the global cable accessories market on the basis of:
Voltage Level:
- Low Voltage Cable Accessories
- Medium Voltage Cable Accessories
- High Voltage Cable Accessories
Region:
- Asia Pacific
- Europe
- North America
- Latin America
- Middle East and Africa
Key Players:
- Nexans
- Prysmian Spa
- ABB Group
- NKT Group
- Taihan Electric Wire Company Ltd.
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