According to the latest report by IMARC Group, titled “Cable Accessories Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached more than US$ 46 Billion in 2018. Cable accessories form an essential part of the power cable networks. They protect the cables from erosion caused by ultraviolet (UV) light and environmental extremes. They are also employed to connect two cables with different insulation materials. These accessories are widely utilized to provide additional strength to cables, which improves their durability and service life. Consequently, they are employed for establishing the transmission and distribution (T&D) network for telephone, electricity and internet systems. Some of the most common tools and devices used as a part of these accessories include cable joints, heat shrinks, porcelain termination and connector systems.
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Global Cable Accessories Market Trends:
A significant increase in power consumption across the globe is one of the major factors driving the growth of the market. Rising power requirements have led to a rise in the adoption rates of smart grid technology. This, along with the renovation of the existing grid infrastructure by employing new transmission lines is spurring the demand for cable accessories. Moreover, owing to rising environmental consciousness, there is a growing inclination among the masses toward renewable energy sources. Consequently, numerous unconventional energy power plants are being established on a global level, which is contributing to the sales of cable accessories. Additionally, numerous manufacturers are investing in research and development (R&D) to improve the quality of these accessories, which is further creating a positive outlook for the market. For instance, Trelleborg, an engineering group based in Sweden, introduced an innovative cable protection system in 2017, which is designed to protect offshore wind farm power cables. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 64 Billion by 2024, growing at a CAGR of around 5.5% during 2019-2024.
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- 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.
- 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.
- Based on the end user, the market has been segregated into industrial and renewables sector.
- 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.
- The competitive landscape of the market has also been examined with some of the key players being Nexans, Prysmian SpA, ABB Group, NKT Group and Taihan Electric Wire Company Ltd.
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