A cable is a combination of single or multiple electrical conductors that are held together with a complete covering of an insulator. Cable accessories on the other hand are the safety design for connecting cables and insulating conductors from the direct contact with the Earth. These accessories help in strengthening the cable, enhancing their durability, and protecting them from degradation as well as erosion caused by ultraviolet (UV) light, environmental stress, and other mediums. This intelligence helps in providing reliable service for longer operating life in underground and overhead installations. Because of these benefits these cable accessories are widely utilized in establishing the transmission and distribution (T&D) networks for electricity, internet systems, and telephone connection. Some of its key applications are in railways, power generation plants, construction, electrical transmission companies and shipping industries. However, limited funds, complex planning, authorization of projects, and consequent delays in their implementation are some of the challenges for the growth of this market.

Market scope and Structure Analysis

Covid-19 Impact Analysis

• The coronavirus's unfavorable global effects are already evident, and they will have a big impact on the cable accessories in 2020.
• The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
• The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
• Since the pandemic, the restriction of imports and exports has affected the market to a great extent as the consumers’ consumption and demand patterns are changing amid the pandemic.

Top Impacting Factors

Owing to industrialization, rapid urbanization, rising global population, and increased utilization of consumer electronics, there has been a significant rise in the consumption of power across the globe. Adding to this, the rising adoption rates of smart grid technology in various countries is impelling the global cable accessories market growth. Along with this government in various developing economies, like China and India, are focusing on upgrading the existing grid infrastructure by utilizing new transmission lines. They are also setting up several non-conventional energy power plants on account of growing environmental consciousness. Furthermore, some of the leading manufacturers in the industry in the Europe and North America region, are significantly investing in R&D to improve the quality of the cable accessories and ensure the longer service life of the same. Also, with rising electrification projects in Africa, cables are used for power generation to transmission and distribution from substation to the customers. Thus, increasing rural electrification in African and Asian countries is expected to offer a tremendous opportunity for cable accessories market players.

Market trends

• Government initiative to expand or upgrade transmission and distribution (T&D) systems across the globe.

The increasing number of government initiatives and policies for grid infrastructure is a key factor for the growth of the cables and its accessories across the market. Most of the emerging countries, including India, Indonesia, and Brazil are not 100% electrified. However, the government in these countries have undertaken multiple initiative to electrify both rural and urban areas.

• Investing in non-conventional methods of power generation using renewable resources.

With shifting focus toward new kinds of power plants and that too eco-friendly ones has resulted in the rise in the demand for the power cable accessories. Government in various countries are investing in the project for solar power plants, wind power plants, nuclear power plants, and others. With the installation of these plants, more and more power supply cables are required and hence, demand for the power cable accessories has also surged.

• Underground segment installation, one of the fastest growing market

Deployment of underground cables instead of overhead ones has been one of the trends in the regions like Europe and North America in recent times. In urban areas underground cables are more favored as above ground space is not available. Also, these underground cables are more reliable due to lesser number of annual faults compared to the overhead ones. Even though the expenses for the underground cables are comparatively on the higher side, utilities are now investing more in the underground cables and are encouraged by regulators in the developing regions such as Asia-Pacific and Africa.

Key Segments Covered

Key Benefits of the Report

This study presents the analytical depiction of the cable accessories industry along with the current trends and future estimations to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the cable accessories market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the cable accessories market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed cable accessories market analysis based on competitive intensity and how the competition will take shape in coming years.