Global Cable Accessories Market Share, Outlook, Future Growth and Opportunities by 2027
The global cable accessories market reached a value of US$ 50.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 73.7 Billion by 2027, exhibiting at a CAGR of 6.3% during 2022-2027.
Connectors, cable joints, heat shrinks, and terminators are examples of cable accessories that are frequently used as vital components in power cable networks. Power cables are commonly used in telephone, power, and internet transmission and distribution networks. They’re also used for power distribution in individual residential neighborhoods and small commercial settings, as well as across movable substation facilities set up during construction. Cable attachments are specifically intended to connect these cables and keep conductors from coming into direct contact with the ground.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends
The market is primarily driven by a significant increase in worldwide electricity consumption. This can be linked to fast industrialization and the growing popularity of consumer electronics among the general public, particularly in developing economies. Furthermore, rising energy demands have resulted in higher adoption rates of smart grid technology. As a result, several governments have made significant expenditures in the rehabilitation of existing grid infrastructure, adding to market growth. Another major growth-inducing element is the predicted increase in demand for new transmission lines, which is likely to enhance sales of cable accessories.In addition, a growing public preference for the widespread use of renewable energy sources is propelling the market forward. Other factors, such as players’ substantial research and development (R&D) operations to launch enhanced and durable cable accessories, are contributing to the market’s favorable outlook.
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The report has segmented on the basis of Voltage, Installation, end-use and geography.
Market Segmentation by Voltage:
1.Low Voltage Cable Accessories
2. Medium Voltage Cable Accessories
3. High Voltage Cable Accessories
Market Segmentation by Installation:
1. Overhead Cable Accessories
2. Underground Accessories
Market Breakup by End-User:
1.Industrial
2. Renewables
Market Segmentation by Region:
1.Asia-Pacific
2. Europe
3.North America
4.Latin America
5.Middle East and Africa
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