The global cable accessories demand is anticipated to be valued at USD 46,131.2 million in 2023. FMI cable accessories market analysis report forecasts it to record a CAGR of 6.2% over the next ten years. By the end of this forecast period, by 2033, the overall market size is projected to be valued at USD 84,186.2 million. Growth is attributed to the growing use of polymeric insulation cable across the globe.
Cable accessories are designed to connect cables and insulate the conductor from direct contact with the earth and to protect the cable from degradation and erosion caused by environmental stress, ultraviolet light, and another medium as well. The cable accessories also provide strength to the cable to withstand environmental extremes and provide reliable service over long operating life in both underground as well as overhead installations.
Cable accessories are an integral part of all installation and distribution networks of cable. These accessories are used to connect two cables even with different insulation materials. Earlier paper insulated cable was used for cable of low and medium voltage, whereas these days, insulation which is completely polymeric type, is preferred.
The upsurge in power capacity on a world scale, offshore wind policies in developing countries, replacement of conventional grids by 'Smart Grids,' and up-gradation of infrastructure in emerging markets are the key factors that are expected to open new avenues for the market during the forecast period.
On the contrary, the high cost associated with underground cables is a key factor that is anticipated to limit the growth of the market in the near future.
| Report Attributes or Data Points | Details |
|---|---|
| Global Cable Accessories Market Valuation in 2022 | USD 43,561.2 million |
| Estimated Global Market Share in 2023 | USD 46,131.2 million |
| Forecasted Global Market Size by 2033 | USD 84,186.2 million |
| Projected Global Market Growth Rate from 2023 to 2033 | 6.2% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 5.4% |
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The growing use of polymeric insulation cable and the need for connection with paper insulation cable are the key factors expected to accelerate the market growth during the forecast period. Rising awareness among people concerning the need to use better technology for better results may also contribute to the growth of the market in the forthcoming years.
Another factor promoting the growth of the market is the increasing demand for reliable technology with long operating life due to the increasing focus of companies on decreasing operational costs by increasing quality.
Cable accessories have become an integral component of the installation and distribution of cables in different industries etc., and hence, the increasing rate of urbanization growth and expansion of industries is also anticipated to escalate the growth of the market over the analysis period.
The rise in demand for electricity from various end-use industries, including oil & gas, construction, and manufacturing, is one of the key factors that is expected to escalate the growth of the market during the forecast period. In addition, technological advancements in the development of smart grids and Research and Development toward improving the quality of cable accessories are anticipated to provide lucrative growth opportunities for key players to maintain their position in the global cable accessories market in the near future.
| Category | Top Segment |
|---|---|
| By Voltage Range | Medium Voltage |
| By End-use Industry | Electric Power Industry |
| Category | Market Share in Percentage |
|---|---|
| By Voltage Range | 38% |
| By End-use Industry | 48.2% |
Lack of awareness about cable accessories amongst the general population is one of the key factors that is anticipated to hinder the growth of the market over the forecast period. In addition, the high cost associated with underground cables and the delay in the implementation of power projects are other factors that are expected to impede the growth of the market during the analysis period.
Local manufacturers in most countries constitute the unorganized sector and face strong competition from global suppliers in the respective markets. Leading market players are facing stiff competition from unorganized market players who supply cheap and low-quality products. These grey market players have the upper hand over a well-established player in terms of price competitiveness. This is also a key factor that may hamper the growth of the market.
The risk of using hazardous substances such as cross-linked polyethylene (XLPE) cables makes it difficult to gain approval for power projects. To reduce the effect of XLPE cables, recycling aspects such as the recovery of cables, recyclability of copper, and dealing with XLPE need to be considered. Delay in project execution also leads to cost overruns. These factors are expected to limit the market growth during the forecast period.
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In terms of regional platforms, North America holds a significant market share in the market. The region is expected to surge to over 16% share from 2023 to 2033.
North America is projected to emerge as a key consumer of cable accessories, owing to the extensive applications of cable accessories in industrial and non-industrial sectors across the region.
In addition, the market in North America is likely to expand at a stable pace during the forecast period, attributed to ongoing investments in the modernization of grid infrastructure in the region. Furthermore, an increase in investment in the infrastructure sector, growth in the economy, and migration of the population toward urban areas are likely to propel the market.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| United States | 19.4% |
| Germany | 6.1% |
| Japan | 6.9% |
| Australia | 1.2% |
According to Future Market Insights, Europe is expected to lead the market share and growth opportunities for cable accessories and is expected to reach a share of 22.5% in 2023.
Asia Pacific garnered a dominant share in 2020 and is anticipated to maintain this dominance in the market trend during the forecast period. This is attributed to key players and a huge consumer base in the region.
Europe is expected to show the highest growth in the industry, with the United Kingdom and Germany accounting for the key market chunk in the region. Rising industrialization, urbanization, and the implementation of new technologies and domestic production capacity are some key drivers behind the growth of the market during the forecast period.
The introduction of several renewable power generation projects drives the European market. Technological advancements in low-voltage cable accessories to enhance their operational efficiency are also anticipated to drive the market in the region over the analysis period.
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According to Future Market Insights, Asia Pacific is expected to witness lucrative growth opportunities for the market and is expected to reach a significant share of 20.2% in 2023. 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 the growth of the market during the forecast period.
The massive T&D network expansion and increasing urbanization and industrialization projects in China and India are the key factors expected to boost the market's growth during the forecast period. The growing demand for electricity is the key driver for the growth of the global power transmission and distribution systems market, thus, driving the market in the region.
The growing demand for electricity is expected to lead to the need to replace aging power transmission infrastructure and an increase in the demand for equipment such as low, medium, and high-power cables.
| Regional Markets | CAGR (2023 to 2033) |
|---|---|
| United Kingdom | 4.3% |
| China | 6.8% |
| India | 7.2% |
According to Future Market Insights, the Middle East & Africa are expected to provide significant growth opportunities for the market and are expected to reach a share of 10.4% in 2022.
The cable accessories market in the Middle East & Africa is estimated to show significant growth in the market, owing to increasing industrialization, urbanization, and implementation of new technology and in-house capacity of production in the region. Moreover, the market in the region is expected to expand at a moderate pace, owing to a surge in demand for electricity in the region.
There are many prominent market players in the market, such as Earth Cable Accessories Private Limited, Polyseal Cable Accessories Private Limited, Dowells Cable Accessories Private Limited, Fasten Cables and Accessories Private Limited, USA Cable Management, and Elettrotek, among others that are working hand-in-hand to provide the best-in-class cable accessories for enhancing the global arena. However, many global start-ups in the cable accessories market are stepping forward to match the requirements of the cable accessories domain.
In November 2021, Elettrotek Kabel S.p.A. acquired MB Group. The acquisition has been coordinated by Studio Baldi&Partners, located in Reggio Emilia, with a team led by lawyer Francesca Baldi and Saimon Conconi. This may allow Elettrotek Kabel to continue its development process, setting itself on the market as a group that has reached international dimensions.
Some key participants present in the global cable accessories market include ABB Group, nkt cables group GmbH, Nexans S.A., Prysmian Group, Taihan Electric Wire Co. Ltd., Südkabel GmbH, PFISTERER Holding AG, Brugg Kabel AG, Yamuna Cable Accessories Pvt. Ltd. (YCAPL), and REPL International Ltd., among others.
The market is highly competitive due to the presence of several leading participants. While global players such as ABB Group, nkt cables Group GmbH, Nexans S.A., and Prysmian Group account for a considerable market size, several regional-level players are also operating across key growth regions, particularly in Europe.
Recent Development:
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.2% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Market Value in 2023 | USD 46,131.3 million |
| Market Value in 2033 | USD 84,186.2 million |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Voltage, End-use Industry, Product Type, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; The Middle East & Africa |
| Key Countries Profiled | United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | ABB Group; not Cables Group GmbH; Nexans S.A.; Prysmian Group; Südkabel GmbH; PFISTERER Holding AG; Brugg Kabel AG; Yamuna Cable Accessories Pvt. Ltd. (YCAPL); REPL International Ltd. |
| Customization | Available Upon Request |
The 2023 market value is USD 46,131.2 million.
Until 2033, the cable accessories market will rise at a 6.2% CAGR.
By 2033, the market will total USD 84,186.2 million.
Increasing popularity of polymeric insulation cable drives market expansion.
Europe will be a highly lucrative market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Voltage 5.1. LV (Low Voltage) 5.2. MV (Medium Voltage) 5.3. EHV (Extra-High Voltage) 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use Industry 6.1. Railways 6.2. Electric Power Industry 6.3. Construction Industry 6.4. Power Transmission Industry 6.5. Manufacturing Industry 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 7.1. Joint & Terminations 7.2. Din Lugs And Connectors 7.3. Heat Shrink Shapes 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. ABB Group 18.2. not Cables Group GmbH 18.3. Nexans S.A. 18.4. Prysmian Group 18.5. Taihan Electric Wire Co. Ltd. 18.6. Südkabel GmbH 18.7. PFISTERER Holding AG 18.8. Brugg Kabel AG 18.9. Yamuna Pvt. Ltd. (YCAPL) 18.10. REPL International Ltd. 19. Assumptions & Acronyms Used 20. Research Methodology
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Cable Accessories Market
