According to a new report by Expert Market Research titled, “Global Cable Accessories Market Share, Size, Report and Forecast 2024-2032″, the global cable accessories market reached a value of USD 54.08 billion in 2023. Aided by rapid urbanisation and a significant increase in power consumption worldwide, the market is projected to further grow at a CAGR of 5.6% between 2024 and 2032 to reach a value of USD 75.05 billion by 2032.
Cable accessories are vital components that ensure the effective and safe operation of power cables, utilised in power transmission and distribution. They play an essential role in connecting cables to other parts of the electrical network and offer protection and earthing. The range of these accessories includes cable joints, terminations, and clamps, among others. As cities expand and require more connected infrastructure, the need for these components has surged, making them indispensable in modern electrical systems.
One of the primary drivers boosting the cable accessories market growth is the continuous expansion of urban areas. As more regions become urbanised, the demand for robust and reliable electrical infrastructures increases, necessitating the use of high-quality cable accessories. Moreover, the replacement of outdated electrical infrastructure in developed regions further bolsters the market’s growth trajectory.
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Analysing the cable accessories market trends, one notes the increased adoption of smart grids and the ongoing transition towards renewable energy sources. As countries endeavour to make their power distribution more efficient and reduce energy wastage, smart grids have become a focal point. Cable accessories, especially those equipped with sensors and advanced technologies, are central to these grids, enabling real-time monitoring and response.
Additionally, the rise in renewable energy projects, such as wind farms and solar parks, has broadened the scope for market expansion. These projects require extensive cabling to connect the generation site to the main grid. The quality and reliability of these connections directly influence the efficiency of power transmission, positioning cable accessories as pivotal components in such endeavours.
The cable accessories market analysis reveals a strong push towards innovation and the development of accessories that can withstand harsh environmental conditions. This is especially pertinent in areas with extreme temperatures or in underwater installations, such as offshore wind farms. Manufacturers are increasingly investing in R&D to produce materials and designs that offer enhanced longevity and resilience.
The increasing focus on safety in power distribution has further augmented the cable accessories market demand. With growing awareness of the hazards associated with electrical malfunctions, such as fires or outages, ensuring secure and well-protected cabling systems is paramount. This underscores the vital role that cable accessories play in ensuring safety standards are maintained.
Furthermore, the drive towards electrification in many developing countries acts as a boon for the market for cable accessories. As these regions work towards providing electricity to remote and previously unelectrified areas, the installation of new cabling systems becomes imperative. This, in turn, is expected to result in heightened demand for various cable accessories.
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Market Segmentation
The market can be divided based on voltage, installation, end use, and region.
Market Breakup by Voltage
• Low Voltage Cable Accessories
• Medium Voltage Cable Accessories
• High Voltage Cable Accessories
Market Breakup by Installation
• Overhead Cable Accessories
• Underground Cable Accessories
Market Breakup by End Use
• Industrial
• Renewables
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global cable accessories market. Some of the major players explored in the report by Expert Market Research are as follows:
• Nexans S.A.
• Prysmian Group
• ABB Group
• NKT A/S
• Taihan Cable & Solution Co., Ltd.
• Others
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