According to a new report published by Allied Market Research titled, “cable accessories market by voltage, installation, and end user: global opportunity analysis and industry forecast, 2021–2030,” the cable accessories market size was valued at $49.5 billion in 2020, and is projected to reach $99.3 billion by 2030, growing at a CAGR of 7.2% from 2021 to 2030. Cable accessories are important components in cable infrastructure projects to facilitate joints and termination. Cable accessories offers longer operational life, increases reliability, and efficiency of power cables in the grid infrastructure. Power cables in industries and electrical applications face difficulties such as high temperature and severe environmental conditions, hence there is need for cable accessories, which overcomes these difficulties. Various applications of cables accessories include bus bar sleeving, bus bar taping, breakouts for separation of cores, rain sheds for increasing creepage distance, and insulations.
Significant development of end-use industries such as oil & gas, mining, manufacturing, construction, and automotive fuels the cable accessories market growth. In addition, increase in demand for cable accessories from renewable sector propels growth of the market, globally. However, high cost associated with underground cables and delay in implementation of power projects are the key factors that hamper growth of the global market.
Depending on voltage, the high voltage segment held the highest market share of about 42.4% in 2020, and is expected to maintain its dominance during the cable accessories market forecast period. This is attributed to rise in demand for high voltage cables from various industries including oil & gas, power generation, HVDC network, building & construction, and manufacturing.
On the basis of installation, the overhead segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth was attributed to advantages associated with overhead cables such as low cost, easy installation, easy troubleshoot, natural cooling, less size of conductors, and upgradation.
On the basis of end user, the renewables segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This was attributed to rapid growth of solar, wind, wave, hydro, and other renewable sectors.
On the basis of region, 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 presence of key players and huge consumer base in the region.
In addition, growth in demand for power from developing countries such as China, Japan, India, and Australia in Asia-Pacific increases need for power generation, transmission & distribution infrastructure which, in turn, is expected to augment growth of the market during the forecast period.
The global cable accessories market analysis covers in-depth information of the major cable accessories industry participants. The key players operating and profiled in the report 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 cable accessories market include Taihan Electric Wire Company Ltd., Jiangnan Group Limited, Kabelwerke Brugg AG, Southwire Company, LLC, Baosheng High Voltage Cable Co., Ltd., and others.
COVID-19 impact on the market
The global cable accessories market has witnessed steady growth in 2020, owing to outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries, thereby decreasing manpower across the globe, which, in turn, decreased consumer spending and thus, decreased demand for electricity and delay in building and construction of power infrastructure. However, owing to the lockdown imposed across the globe, there is a supply-demand gap, which resulted in halt in supply for equipment used in cable accessories production. In Europe, economies, such as Germany, France, Spain, and Italy, were following stringent measures, such as maintaining social distance and limiting movements to prevent spread of the corona virus. Moreover, such safety measures have been witnessed across the globe, which further impacted growth of the global cable accessories market. However, it is expected that the market will recover by the 2nd quarter of 2021 with the rapid vaccination and step by step unlocking of commercial & industrial operations.
Key Findings Of The Study
- In 2020, the high voltage segment accounted for about 42.4% of the share in the global market, and is expected to maintain its dominance till the end of the forecast period.
- In 2020, the overhead segment accounted for 64.5% cable accessories market share in the year 2020, and is anticipated to grow at a rate of 6.7% in terms of revenue, increasing its share in the global market.
- Renewables is the fastest-growing end user segment in the global cable accessories market, expected to grow at a CAGR of 7.5% during 2021–2030.
- North America is expected to grow at the fastest rate, registering a CAGR of 8.0%, throughout the forecast period.
- In 2020, Asia-Pacific dominated the global cable accessories market with more than 31.9% of the share, in terms of revenue.