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. 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.
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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.
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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.
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.
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