According to IMARC Group latest research report, The global cable accessories market size reached US$ 53.8 Billion in 2022. Looking forward, the market expected to reach US$ 78.0 Billion by 2028, exhibiting a growth rate (CAGR) of 6.2% during 2023-2028.
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.
Competitive Landscape:
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:
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- Taihan Electric Wire Co., Ltd. (001440.KS)
- ABB Ltd (ABB)
- NEXANS (NEX.PA)
- NKT A/S (NKT.CO)
- Prysmian S.p.A. (Prysmian Group)
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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.
Insights on Market Segmentation:
Market Breakup by Voltage:
1. Low Voltage Cable Accessories
2. Medium Voltage Cable Accessories
3. High Voltage Cable Accessories
Based on the voltage, the market has been divided into low, medium and high voltage cable accessories. Amongst these, low voltage cable accessories represent the biggest market segment.
Market Breakup by Installation:
1. Overhead Cable Accessories
2. Underground Accessories
On the basis of the installation, the market has been bifurcated into overhead and underground accessories, wherein overhead cable accessories exhibit a clear dominance in the market.
Market Breakup by End-User:
1. Industrial
2. Renewables
Based on the end user, the market has been segregated into industrial and renewables sector.
Market Breakup by Region:
1. Asia Pacific
2. Europe
3. North America
4. Latin America
5. Middle East and Africa
On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include Europe, North America, Latin America, and Middle East and Africa.
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