Cable Accessories Market Overview 2018: Growth, Demand and Forecast Research Report to 2023
The global cable accessories market has witnessed a healthy growth over the past few years owing to the upgradation of existing grids to smart grids along with the shift towards electricity production from renewable resources of energy.
IMARC Group’s recent report, titled “Cable Accessories Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global cable accessories market reached a value of US$ 44 Billion in 2017. Cable accessories form an integral part of cable networks, and include tools and devices such as cable joints, heat shrinks, porcelain termination and connector systems, etc. These accessories are extensively used in establishing the transmission and distribution network infrastructure for telephone, electricity and internet systems. They are designed to meet a wide array of generalist and specific applications in industries such as marine and offshore, solar, nuclear, mining and railway. Over the years, expansion in the telecom and internet networks along with rapid urbanization and industrialization has led to an increased demand for cable accessories worldwide.
Global Cable Accessories Market Summary:
On the basis of voltage, low voltage cable accessories dominate the market as they are mainly used in networks for transmitting low voltage electricity for household consumption. Low voltage cable accessories are followed by medium and high voltage cable accessories.
Based on installation, the market has been segregated as overhead cable accessories and underground cable accessories. Amongst these, overhead cables accessories lead the market owing to their cost-effectiveness and convenient installation.
On the basis of end-user, the market has been segmented into the infrastructure, industrial and renewables segments. Currently, the infrastructure sector enjoys the leading position due to rapid urbanization and growing demand for power transmission in the emerging nations.
On a geographical front, Asia Pacific represents the largest region, accounting for the majority of the total global share. This can be attributed to rapid industrialization and government mandates aimed to achieve sustainable energy goals. Other major regions include Europe, North America, Latin America, and Middle East and Africa.
The competitive landscape of the market has also been examined with some of the key players being Prysmian S.p.A., Nexans, ABB Group, Taihan Electric Wire Company Ltd. and NKT Group.