Global Cable Accessories market size demand is anticipated to be valued at US$ 50,960.0 Million in 2022, forecast to grow at a CAGR of 6.1% to be valued at US$ 92,443.0 Million from 2022 to 2032. Growth is attributed to the growing use of polymeric insulation cable across the globe.
Cable accessories are intended to connect cables, insulate conductors from direct contact with the earth, and protect cables from degradation and erosion caused by environmental stress, ultraviolet light, and other medium. The cable accessories also give the cable strength, allowing it to withstand environmental extremes and provide dependable service over a long operating life in both underground and overhead installations.
Cable accessories are an essential component of any cable installation and distribution network. These accessories are used to connect two cables, even if the insulation materials are different. Previously, paper insulated cable was used for low and medium voltage cable, but now completely polymeric insulation is preferred.
The growing use of polymeric insulation cable and need of connection with the paper insulation cable are the major factors that are expected to accelerate the growth of the Cable Accessories Market during the forecast period. Rising awareness among people concerning the need to use better technology for better results will also contribute towards the growth of the market in the forthcoming years.
Another factor promoting the growth of the cable accessories market is increasing demand for reliable technology with long operating life due to increasing focus of companies on decreasing operational cost by increasing the quality.
Cable accessories have become an integral component of the installation and distribution of cables in different industries etc. and hence, the increasing rate of urbanization growth and expansion of industries is also anticipated to escalate the growth of the cable accessories market over the analysis period.
One of the major factors expected to impede the growth of the cable accessories market over the forecast period is a general lack of awareness about cable accessories. Furthermore, high costs associated with underground cables and delays in power project implementation are expected to impede the growth of the cable accessories market during the analysis period.
Local manufacturers constitute the unorganised sector in most countries and face stiff competition from global suppliers in their respective markets. Leading market players face stiff competition from unorganised market players who sell low-cost, low-quality goods. In terms of price competitiveness, these grey market players have an advantage over well-established players.
In terms of regional platform, North America holds a significant market share in Cable Accessories market. The region is expected to surge at over 16% share from 2022 to 2032.
North America is projected to emerge as a major consumer of the cable accessories, owing to the extensive applications of cable accessories in industrial and non-industrial sectors across the region.
In addition, the cable accessories market in North America is likely to expand at a stable pace during the forecast period, attributed to ongoing investments in modernization of grid infrastructure in the region. Furthermore, increase in investment in the infrastructure sector, growth in economy, and migration of the population toward urban areas are likely to propel the market in the near future.
Market Competition
Some of the key participants present in the global Cable Accessories market include ABB Group, nkt cables group GmbH, Nexans S.A., Prysmian Group, Taihan Electric Wire Co. Ltd., Südkabel GmbH, PFISTERER Holding AG, Brugg Kabel AG, Yamuna Cable Accessories Pvt. Ltd. (YCAPL), and REPL International Ltd., among others.
Attributed to the presence of such high number of participants, the market is highly competitive. While global players such as ABB Group, nkt cables group GmbH, Nexans S.A., and Prysmian Group, account for a considerable market size, several regional level players are also operating across key growth regions, particularly in Europe.
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