Global Cable Management Accessories Market Overview
Acknowledging the exponential growth that the market perceives currently, Market Research Future (MRFR) in its recently published study analysis asserts that the global cable management accessories market is poised to value at USD 2.5 BN by 2023, registering approximately 6.53% CAGR between 2018 -2023. In 2017, the market had evaluated at USD 1.74 BN.
Cable Management Accessories Market devices that are used to secure cables for electric services are increasingly gaining prominence in the market. As a result, the global cable management accessories market is continually growing. The burgeoning end-use industries such as telecommunication, automation & it, manufacturing, utilities, logistics & transportation, and construction, among others, predominantly drive the growth of the market.
Moreover, the ever-increasing demand for higher data rates, more bandwidth, and higher densities define the growing landscape of the market. Additionally, substantial investments put in by some of the major manufacturers in the development of highly configurable cable management solutions with fiber optic cable support that can enable optimal airflow and cable slack management practices, escalate the market on the global platform.
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Additional factors that are positively impacting the growth of the market include the growing investments in renewal and up-gradation activities in energy infrastructure and the impressive growth in the infrastructure sector in developing nations. Besides, stringent regulations and compliance parameters related to safety and security of wiring structure in a premise drive the demand in the cable management accessories.
On the flipside, factors such as the fluctuating prices of raw materials required for the production of these devices impede the growth of the market. Nevertheless, the increasing number of power distribution/generation plants and substations across the globe are expected to support the growth of the market.
Key players leading the global cable management accessories market include Legrand S.A. (France), Schneider Electric SE (France), Thomas & Betts Corporation (Switzerland), Hellerman Tyton Group PLC (UK), TE Connectivity Corporation (Switzerland), Chatsworth Products, Inc. (US), Panduit Corporation (US), Cooper Wiring Devices (US), Gustav Klauke GmbH (Germany), and CableOrganizer.com, LLC. (US), among others.
Global Cable Management Accessories Market – Segmentation
There are three key dynamics that the market is segmented into;
By Type: Cable Marker, Cable Lug, and Heat Shrink Tube, among others.
By End-user: Telecommunication, Automation & IT, Manufacturing, Utilities, Logistics & Transportation, and Construction, among others.
By Regions: Europe, North America, Asia Pacific, and the Rest-of-the-World.
Global Cable Management Accessories Market – Regional Analysis
The North American region has been consistently dominating the global cable management accessories market. The region is expected to continue with its leadership throughout the forecast period, witnessing the highest sales. Factors such as the growing construction projects and infrastructure development projects are contributing to the growth of the regional market, hugely.
Additionally, the growing electronics sector alongside the electrical market drives the demand in the cable management accessories market in the region. Moreover, key industries such as telecommunication, automation & it, manufacturing, utilities, and logistics & transportation drive the regional market.
The cable management accessories market in the European region accounts for the second-largest share, globally. The sustainable and well-established economy is key driving force behind the growth of the regional market. Furthermore, the presence of some of the leading multinational manufacturers in the region alongside the rapid growth in the logistics & transportation sector fosters the cable management accessories demand in the region.
The APAC cable management accessories market is emerging as a promising market, globally. Factors such as the demand for cable management accessories, led by the rapid urbanization and growth in the construction sector, especially in the rapidly developing countries such as China and India are supporting the growth of the regional market.
Furthermore, the burgeoning end-user industries such as telecommunication, automation & it, manufacturing, utilities, and logistics & transportation drive the growth in the APAC market, witnessing increased requirement of the wiring harness and other electrical components.
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Global Cable Management Accessories Market – Competitive Analysis
Highly competitive, the cable management accessories market appears to be highly fragmented owing to the presence of several matured as well as small players active in the market. Matured players incorporate collaboration, acquisition, partnership, technology launch, and expansion to gain a competitive advantage in this market.
These strategic initiatives support the growth and expansion plans of these players. On the product development and sales side, players are investing in R&D, brand building, and developing strong relationships with clients to support their competitive position.
Industry/ Innovation/ Related News:
March 23, 2019 — Chatsworth Products, Inc. (the US), a leading manufacturer of infrastructure products for the data center, telecommunications room, and the edge announced the receiving of the US Patent No. 10,271,452 for its new Vertical Cable Manager – Motive.
With the ever-increasing demand for higher more bandwidth, higher densities, and data rates, CPI recognized the market’s need for a highly configurable cable management solution with fiber optic cable support for a variety of cable media, all while enabling optimal airflow and cable slack management practices.
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