| A11634 | Pages: 230 | Sep 2021 | 2063 Views | ||
| Author(s) : Saurabh Dixit , Eswara Prasad | Tables: 127 | Charts: 67 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Cable Accessories Market
Request Now !The global cable accessories market size was valued at $49.5 billion in 2020, and is expected to reach $99.3 billion by 2030, registering a CAGR of 7.2% from 2021 to 2030. Cable accessories are the types of cable protecting, installation, and joining components used in cable projects. They are manufactured and used on the basis of voltage, installation, and end user requirements. The market of cable accessories provides detailed information on utilization of cable accessories in low, medium, and high voltage applications in overhead and underground installation areas. End users covered in the study include various industries such as oil & gas, building & construction, power utilities, and renewable sector.
The COVID-19 outbreak has impacted negatively on the global cable accessories market. This is attributed to temporary ban on the import & export, halt in construction of power infrastructure projects, and transportation activities, thereby disrupted the supply chain and electricity demand from manufacturing, transportation, construction, renewable, and oil & gas industry as it is widely used in protecting/connecting cables in these industries.
Growth of the global cable accessories market is driven by rise in demand for electricity from various end-use industries including oil & gas, construction, and manufacturing. However, high cost associated with underground cables and delay in implementation of power projects are the key factors that hamper growth of the market. On the contrary, technological advancements in development of smart grids and R&D toward improving quality of cable accessories are anticipated to provide lucrative growth opportunities for key players to maintain the position in the global market in the upcoming years.
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The global cable accessories market is segmented on the basis of voltage, installation, end user, and region. Depending on voltage, the market is divided into low, medium, and high. On the basis of installation, it is categorized into overhead and underground. As per end user, it is classified into industrial and renewables. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global market covers in-depth information of the major cable accessories industry participants. Some of the major players in the market include ABB, Ltd., Dubai Cable Company, Elsewedy Electric, Furukawa Electric Co., Ltd., LS Cable & System Ltd., Nexans S.A., NKT A/S, Prysmian Group, Sumitomo Electric Industries, Ltd., and Tele-Fonika Kable.
Other players in the value chain of the market include Taihan Electric Wire Company Ltd., Jiangnan Group Limited, Kabelwerke Brugg AG, Southwire Company, LLC, Baosheng High Voltage Cable Co., Ltd., and others.
The key players are adopting numerous strategies such as product launch, agreement, partnership, acquisition, and business expansion, to stay competitive in the market.
For instance, in September 2021, Nexans S.A. signed an agreement with Xignux SA of Mexico to acquire Centelsa, a premium cable maker in Latin America active in the production of cables for building and utilities applications. This has strengthened position of the company in Latin America
In addition, in March 2020, Elsewedy Electric launched 3 new products named joints & terminators for cables up to 66kv, solar cables, and coaxial cables, through its factory at Ain Defla in Algeria. This has enhanced the product portfolio of the company.
The cable accessories market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021–2030. The report includes the study of the market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the cable accessories market growth.
By voltage, the high voltage segment held the largest cable accessories market share in 2020, owing to rise in demand for high voltage cables from various industries including oil & gas, power generation, HVDC network, building & construction, and manufacturing.
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On the basis of installation, the overhead segment dominated the global market in 2020, in terms of share, owing to advantages associated with overhead cables such as low cost, easy installation, easy troubleshoot, natural cooling, less size of conductors, and upgradation.
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By end user, the renewables segment garnered the highest market share in 2020. This was attributed to rapid growth of solar, wind, wave, hydro, and other renewable sectors.
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Asia-Pacific garnered a dominant share in 2020, and is anticipated to maintain this dominance in the cable accessories market trend during the forecast period. This is attributed to the presence of key players and huge consumer base in the region.
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In addition, growth in demand for power from developing countries such as China, Japan, India, and Australia in Asia-Pacific increases the need for power generation, transmission & distribution infrastructure, which, is expected to augment growth of the market during the forecast period.
Lockdowns imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased demand for cable accessories from these consumers. This resulted in decline in market growth in the second, third, and fourth quarters of 2020. However, the cable accessories market is expected to recover by the second quarter of 2021 as COVID-19 vaccination has started in various economies across the globe, which is expected to improve the global economy.
Key Benefits For Stakeholders
Key Market Segments
By Voltage
By Installation
By End User
By Region
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Rapid industrialization is the key factor for the leading position of Asia-Pacific in the global cable accessories market. Asia-Pacific is further expected to provide lucrative opportunities to leading cable accessories manufacturers, owing to its huge potential to set up manufacturing plants and surge in demand for cable products and cable accessories.
Rise in upgradation of existing grid infrastructure to smart grid infrastructure by utilization of new transmission & distribution lines is anticipated to drive growth of the cable accessories market during the forecast period. However, delays in implementation of HVAC projects, new power infrastructure projects, and disadvantages of cable accessories is projected to hamper the market growth. On the contrary, rapid growth of the renewable energy sector increases demand for power cables, which is projected to create opportunities for key players in the cable accessories market from 2021 to 2030.
Renowned global market leaders such as Prysmian Group, Furukawa Electric Co., Ltd., Dubai Cable Company, ABB, Ltd., Elsewedy Electric, and Nexans S.A. are adopting various key growth strategies to strengthen their market position. Furthermore, these companies are focused on agreement, acquisition, business expansion and product launch, to cater to increasing demand for cable accessories.
Among the analyzed regions, Europe is expected to account for the highest growth rate in the market during the forecast period, followed by Asia-Pacific, North America, and LAMEA.
A. Rapid industrialization & urbanization and rapid development and investment in the renewable energy sector are key factors drives the cable accessories market growth during the forecast period.
A. Increase in investment on electrification of remote & rural area and rapid growth of the electric vehicle sector is expected to be the key trend in the cable accessories market.
A. To get latest version of cable accessories market report can be obtained on demand from the website.
A. The potential customers of the cable accessories market are manufacturing, industrial testing, oil & gas, construction, renewables, and others.
A. The key growth strategies adopted by cable accessories market players are product launch, business expansion, acquisition, agreement and partnership.
A. The top ten market players are selected based on two key attributes - competitive strength and market positioning
A. On the basis of voltage, high voltage segment will drive the cable accessories market growth during the forecast period. On the basis of installation, overhead segment will drive the growth of the cable accessories market. On the basis of end user, renewables will propel the growth of the market.
A. Top players in the cable accessories market are ABB, Ltd., Dubai Cable Company, Elsewedy Electric, Furukawa Electric Co., Ltd., LS Cable & System Ltd., Nexans S.A., NKT A/S, Prysmian Group, Sumitomo Electric Industries, Ltd., and Tele-Fonika Kable Group.
A. In terms of revenue, the market size of cable accessories market is anticipated to reach $99.3 billion by 2030, growing at CAGR of 7.2% from 2021 to 2030.
A. Asia-Pacific will provide business opportunities for cable accessories market during the forecast period. This is attributed to the huge consumer base in the region. In addition, growing demand for power from developing countries such as China, Japan, India and Australia in the Asia-Pacific region increases the need for power generation, transmission & distribution infrastructure which, in turn, is expected to augment the growth of the cable accessories market during the forecast period.
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