Cables & Accessories Market Size, Share and Global Trend By Voltage (Low, Medium, High), By Installation (Overhead Cables and Accessories, Underground Cables & Accessories), By End-User (Commercial & Residential, Transportation, Utilities, Oil & Gas, Mining & Metals, Chemical & Petrochemicals, Renewables, Others), and Regional Forecast, 2024-2032

Cable accessories are intended to attach wires and isolate the conductor from direct contact with the earth, as well as to safeguard the cable from degradation and erosion due to environmental pressure, ultraviolet light, and other media. The cable accessories also provide cable strength to resist extreme environmental conditions and offer reliable service in both underground and overhead facilities over long operating life. These accessories include joints & terminations, connection boxes, sleeves for cable repair, removal tools, etc.

Further classification of joints and terminations is based on the voltage of the cable, i.e. LV (low voltage) joints & ends, HV (high voltage) joints & ends, MV (medium voltage) joints & ends and EHV (elevated voltage) joints & ends. The primary factor behind the development of the market for cable accessories is the increasing use of polymeric insulation cable and the need for the paper insulation cable to be connected.

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Awareness among individuals about the need to use better technology to achieve better outcomes will also lead to this market's development. Another factor supporting the development of the market for cable accessories is the growing demand for reliable technology with long working life because businesses are increasingly focused on reducing operating costs by enhancing quality.

The cables & accessories market is categorized by its voltage, installation, and end-use. The low voltage segment will continue to be the largest segment due to the wide range in applications ranging from residential to industrial applications. The overhead market is the largest of the two and is driven by increasing power demand and growth in rural electrification, especially in the developing economies. Infrastructure segment is expected to be the largest segment of low voltage market, by end-user that is driven by increased use of low voltage cables ranging from commercial to residential sectors in developing economies.

Increase in renewable energy generation along with government initiatives to expand or upgrade the transmission and distribution systems. In addition, growth in the projects for grid interconnections, the rapid pace of industrialization and urbanization along with the consequent increase in the demand for power has upsurged the demand for cables accessories market. In addition, cable accessories have become an essential element of installing and distributing wires in distinct sectors and so on, and thus the growth rate of development in urbanization and industry development will also add to the development of the worldwide market for cable accessories.

However, the cables & accessories market is hampered due to the volatile prices of raw materials along with complex planning & authorization procedures, which leads to delays. In addition, the grey market providing low quality & inexpensive products is also inhibiting market growth. Also, because of lack of awareness amongst the general population, which act as a restraint to the growth of the global cable accessories market.

Key Players Covered

Some of the major companies that are present in cables & accessories market are 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, TPC Wire & Cable Corp, Top Cable, Sumitomo Electric Industries Ltd, Riyadh Cables Group of Companies, Southwire Company LLC, Nexans, and LKT Cables.

SEGMENTATION

Regional Analysis

The global cables & accessories market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In North America, expansion of transmission and distribution network and adoption of smart grid technology is expected to uplift the market for cables and accessories. In Europe, the up-gradation of aging infrastructure is expected to upsurge the demand for Cables & Accessories in the coming years. In Asia-Pacific, there is a high demand for Cables & Accessories in the region due to increasing demand for electrical energy due to urbanization and industrialization, as well as rising government mandates to achieve sustainable goals. The market in the Middle East & Africa is expected to experience considerable growth in the coming years with increasing investments on smart, clean, and sustainable development projects.

Key Industry Developments

• In Jun 2019, With the Draka UC400 23 Cat.6 U / UTP LSHF D64 Cca network cable, the Prysmian Group, the world's biggest cable manufacturer, is expanding its portfolio. BU Multimedia Solutions ' freshly established cable meets all equipment of the European fire protection category Cca s1a d1 a1 of the Construction Products Regulation (CPR) reliably and comprehensively.


• In Jul 2019, Together with the Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development and Suzuyo & Co., Ltd., Sumitomo Corporation has purchased a 10% stake in Gemadept Corporation, Vietnam's leading port operation and logistics firm, through a locally formed joint venture company to engage in port terminal management in Vietnam.


• In Mar 2019, At a session held under the chairmanship of Georges Chodron de Courcel on 19 March 2019, Nexans Board of Directors unanimously decided to appoint Anne Lebel, Chair of the Board's Appointments, Compensation and Corporate Governance Committee, as the lead independent director.