IMARC Group, a leading market research company, has recently releases report titled “Cable Accessories Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global cable accessories market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the cable accessories market?
The global cable accessories market size reached US$ 53.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 78.0 Billion by 2028, exhibiting a growth rate (CAGR) of 6.2% during 2023-2028.
What are the cable accessories?
Cable accessories refer to a range of components that play a vital role in the proper functioning and maintenance of electrical cables and power distribution systems. These accessories are designed to enhance the reliability, safety, and longevity of cables, ensuring seamless energy transmission across various applications. Common cable accessories include connectors, terminations, splices, and insulators, among others. Connectors facilitate the joining of cables and enable efficient power transfer between them. Terminations provide a secure and insulated connection between the cable and the equipment it serves. Splices are used to connect two cable lengths, ensuring continuous and uninterrupted energy flow. Insulators prevent leakage and protect cables from environmental factors, contributing to their durability.
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What are the growth prospects and trends in the cable accessories industry?
One of the primary drivers is the rapid expansion of urbanization and industrialization, leading to increased demand for efficient power distribution networks. Moreover, the escalating deployment of renewable energy sources necessitates advanced cable accessories to facilitate seamless integration into existing grids. Additionally, technological advancements in cable accessories, such as smart connectors and self-healing materials, are further propelling market growth by enhancing operational efficiency and reducing downtime. Besides this, stringent regulations and standards emphasizing safety and reliability in power transmission systems are compelling industry players to adopt innovative cable accessories. The rising awareness about the importance of reliable power supply, coupled with the need for modernizing aging infrastructure, also contributes to the market's upward trajectory. Another significant factor propelling the global cable accessories market is the increasing investments in smart grid technologies. As utilities and governments seek to enhance grid resilience, efficiency, and remote monitoring capabilities, the demand for advanced cable accessories grows. These accessories enable seamless communication, real-time data exchange, and automated fault detection and correction within smart grid systems.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by End User:
- Industrial
- Renewables
Breakup by Voltage:
- Low Voltage Cable Accessories
- Medium Voltage Cable Accessories
- High Voltage Cable Accessories
Breakup by Installation:
- Overhead Cable Accessories
- Underground Cable Accessories
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Nexans SA
- The Prysmian Group
- ABB Group
- NKT A/S
- Taihan Electric Wire Company Ltd.
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