Global Cable & Accessories Market Witnessing A Notable Growth By 2027

The Global Cable & Accessories Market is projected to grow to a value of more than $70 billion by 2027, registering a CAGR of over 6%.

Cable & Accessories: Introduction

Cable accessories are intended for associating cables and protecting conductors from direct contact with the earth. They help in reinforcing cables, upgrading their sturdiness and shielding them from debasement just as disintegration brought about by ultraviolet (UV) light, natural pressure and different mediums. This aids in offering a solid support for longer working life in underground and upward establishments. Attributable to these advantages, cable accessories are generally used in building up the transmission and distribution (T&D) networks for power, phone and internet systems.

Market overview

The market is fundamentally determined by a significant ascent in power utilization on the worldwide level. This can be credited to the quick industrialization and the raising take-up of shopper hardware by the majority, particularly across the creating economies. Besides, the expanding power prerequisites have brought about the developing reception paces of smart lattice innovation.

This subsequently has additionally prompted broad investment for the remodel of existing network framework by different legislatures, accordingly adding to the market development. A huge ascent in the interest for new transmission lines are going about as another significant development prompting factor as it is relied upon to help the deals of cable accessories.

Along with this, an expanding tendency of people toward the boundless utilization of renewable energy sources is driving the market further. Different elements, like research and development (R&D) activities directed by players to send off improved and durable cable accessories, are making an inspirational perspective for the market. By account of the aforementioned factors, the market is expected to develop at a CAGR of over 6% during 2021-2027.

Economic growth

The Global Cable & Accessories Market size was $50.5 billion in 2021, and is projected to grow to a value of more than $70 billion by 2027, registering a compound annual growth rate (CAGR) of over 6%.

Market segmentation: Analysis

The Global Cable & Accessories Market is segmented by end-user, voltage, installation, and region.

On the basis by end-user – renewables, and industrial.

According to the end-user segment, renewables is likely as the most profitable section.

On the basis by voltage - Low Voltage, Medium Voltage, and High Voltage.

According to the voltage segment, High voltage hold the largest market share.

On the basis by installation – Underground, and overhead.

According to the installation segment, overhead rules the market with the highest marker share.

On the basis by region - Asia Pacific, Europe, North America, Latin America, and Middle East and Africa.

According to the regional segment, North America dominates the market with the maximum share of the Global Cable & Accessories Market.

Major players in the Global Cable & Accessories Market are:

• Nexans SA
• The Prysmian Group
• ABB Group
• NKT A/S
• Taihan Electric Wire Company Ltd.