The Global Cables and Accessories Market was worth USD 57.49 billion in 2023 and is projected to reach a valuation of USD 95.50 billion by 2032 from USD 60.83 billion in 2024 and is predicted to register a CAGR of 5.80% during 2024-2032.
Cable and accessory attachments are used to join cables and to keep conductors from coming into direct contact with the ground. They aid in the strengthening, durability, and protection of cables against degradation and erosion caused by ultraviolet (UV) light, environmental stress, and other mediums. This makes it easier to provide dependable service and extend the life of underground and above systems. Cable accessories are commonly used in transmission and distribution (T&D) networks for power, telephone, and internet systems because of these advantages.
The market ecosystem includes raw material suppliers (copper, silver, aluminium, and insulation), OEMs manufacturing power cables and accessories, end-user industries such as renewables, infrastructure, oil & gas, manufacturing, mining & metals, and petrochemical, among others, and distributors. As a result, it's a horizontal market with upstream and downstream verticals.
Power cables are used during the construction of electrical transmission and distribution networks, as well as mobile substation facilities. Individual residential regions and modest commercial establishments use LV power connections for distribution. Cable accessories, on the other hand, are widely used in T&D infrastructure and HVDC transmission systems. Connectors, cable junctions, and terminations are examples of these.
On the horizon, the increase in global electricity capacity, offshore wind regulations in developing nations, the replacement of traditional grids with 'Smart Grids,' and infrastructure upgrades in emerging economies will provide new avenues for this market in the forecasted period.
This, together with increased smart grid implementation rates in various nations, is propelling the global cable accessories market forward. Several governments are also concentrating on updating the current grid infrastructure by utilising new transmission lines. They are also constructing a number of unconventional energy-generating facilities in response to rising environmental awareness. Furthermore, some of the industry's leading manufacturers are investing heavily in research and development (R&D) to improve the quality of cable accessories and extend their service life.
Multiple approvals and processes are required for the installation of transmission and distribution lines and cables. One such stage of approval is environmental clearance, which involves different agreements and approvals for forest or vegetation clearing. Furthermore, the possibility of employing hazardous materials such as cross-linked polyethene (XLPE) cables makes getting permission for power projects problematic. Project delays also result in cost overruns. The market's growth is further hampered by a scarcity of technical knowledge for implementing HV projects.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
5.80% |
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Segments Covered |
By Voltage, Installation, End-User, and Region. |
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Various Analyses Covered |
Global, Regional, and country-level analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Nexans, General Cable Technologies Corp, ABB Ltd, Brugg Group, Prysmian SPA, Dubai Cable Company Pvt Ltd, Bahra Advanced Cable Manufacture Co Ltd, LS Cable & System Ltd, Caledonian Cables Ltd Kabelwerk Eupen AG, and Others. |
Due to increased demand for high-voltage cables from various industries, such as oil and gas, power generation, HVDC network, building and construction, and manufacturing, the high-voltage segment held the biggest cable accessories market share by voltage in 2023.
Because of advantages associated with overhead cables, such as low cost, fast installation, easy troubleshooting, natural cooling, smaller conductor sizes, and up-gradation, the overhead segment led the global market in terms of share in 2020.
In 2023, the renewables segment had the biggest market share by end users. The rapid rise of the solar, wind, wave, hydro, and other renewable energy sectors was blamed for this.
In 2023, Asia-Pacific dominated the cable accessories market trend, and this dominance is expected to continue over the projected period. This is due to the region's large consumer base and the presence of important players. Furthermore, rising power consumption from growing nations in Asia-Pacific, such as China, Japan, India, and Australia, raises the demand for power production, transmission, and distribution infrastructure, likely to boost market growth throughout the forecast period.
The North American wire and cable market is expected to increase at a CAGR of over 6% between 2024 and 2029. Increased expenditures on upgrading and replacing ageing grid systems will aid the rapidly growing communication industry. A paradigm shift toward integrating renewable energy sources with smart grid systems will boost the commercial picture.
In recent years, there has been a growing trend in Europe, particularly in Germany and the Netherlands, to replace old overhead distribution lines with subterranean cabling and to favour underground cabling for new projects.
South Africa, Saudi Arabia, and the United Arab Emirates are large economies in the Middle East and Africa. The MEA cable and accessory market is likely to grow as cable technology improves across the region. With the increasing popularity and use of subterranean cable systems, notable technological breakthroughs have been made to overcome the cables' different restrictions. The majority of these developments are aimed at improving insulation and voltage grade. Material science advancements have aided in producing higher-quality polymers capable of delivering the cable's needed mechanical and electrical qualities.
The market for low-voltage cables in Latin America is expected to be worth USD 6.1 billion in 2023. Over the projection period, technological proliferation and rapid industrialization are likely to boost industry growth. Increased investment in various projects in the building, infrastructure, oil and gas, and power industries is expected to boost regional demand for distribution and utility products.
Companies playing a prominent role in the global cables and accessories market include Nexans, General Cable Technologies Corp, ABB Ltd, Brugg Group, Prysmian SPA, Dubai Cable Company Pvt Ltd, Bahra Advanced Cable Manufacture Co Ltd, LS Cable & System Ltd, Caledonian Cables Ltd Kabelwerk Eupen AG, and Others.
By Voltage
By Installation
By End-User
By Region
Frequently Asked Questions
The primary trend in the cable accessories market is predicted to be increased investment in electrification of distant and rural areas, as well as rapid growth in the electric car sector.
The primary trend in the cable accessories market is predicted to be increased investment in electrification of distant and rural areas, as well as rapid growth in the electric car sector.
Installation, Voltage, End User, and Geography are the segments that make up the Cables and Accessories Market.
Over the period 2024-2032, Asia Pacific is expected to develop at the fastest rate.
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