The global cables & accessories market accounted for a value of USD 130.6 billion in 2019 and is projected to register growth at a CAGR of 4.1% during forecast period.
COVID-19 has impacted the cables & accessories market. The manufacturing units have to halt or shutdown its production due to lockdown. The supply chain of finished products and raw materials got disrupted due to travel restriction around the world. The demand for cables & accessories is likely to decline due to COVID-19.
For more details, visit: Global Cables & Accessories Market By Voltage (Low Voltage, Medium Voltage, Others), By Installation (Underground and Overhead Cables & Accessories), By End-Users (Renewable, Industrial Others) By Region, Forecast & Opportunities to 2026
Governments in various regions are implementing initiatives to upgrade the transmission and distribution infrastructures. These governments are also adopting policies for improving or expanding grid infrastructure. This increases use of cables and accessories. Thus, drives growth in this market during forecast period.
On the basis of voltage, the cables and accessories market is segmented into low voltage, medium voltage and high voltage. The low voltage cables and accessories segment is estimated to dominate the market during forecast period. It has wide application in many sectors such as residential, industrial etc. The urbanization and industrialization is increasing along with their distribution networks in various countries which results in high demand for low voltage cables and accessories.
On the basis of end-users, the cables and accessories market is segmented into industrial, renewable and infrastructure. The infrastructure segment is estimated to dominate the market during forecast period. The use of cables and accessories is increasing in infrastructure segment due to aging of infrastructure in various countries. The governments in many countries around the globe are focusing on upgrading and developing the infrastructure which results in high growth in cables and accessories market. The urbanization is increasing in various countries which also increase construction activities which ultimately increases growth in cables and accessories market during forecast period.
Asia-Pacific region is estimated to hold largest market size during forecast period. The transmission and distribution network is expanding rapidly and the industrialization and urbanization is increasing in this region. This results in increase in use of cables and accessories. The demand for electricity is growing in this region and the aging power transmission infrastructure is replaced with new infrastructure. This increases demand for cables and accessories and drives growth in this market during forecast period.
The key market players in cables and accessories market are Prysmian, Nexans, NKT Cables, General Cable, Sumitomo, ABB, Dubai Cable, LS Cable, Tele-Fonika, Southwire, Elsewedy, Furukawa Bahra Advanced Cable, TPC Wire & Cable Corp and kabelwerke.
- What are the expected industry trends over the next three to five years?
- Which of the cables & accessories voltage is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?