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Cables and Accessories Market is Expected to Reach USD USD 201.54 Billion in 2028 at CAGR of 5.2%%

The Cables and Accessories Market accounted for USD USD 134.35 Billion in 2021 and is expected to rise at USD USD 201.54 Billion in 2028 at a CAGR of 5.2%%. Cable accessories are an essential part of power cable networks. They preserve the wires from erosion caused by ultraviolet (UV) light and natural heat. They are also used to connect two wires of different implants. These accessories are widely used to provide cables with extra power, which enhances their durability and service life. Therefore, they are used to establish a transmission and distribution network (T&D) for electrical, telephone, and Internet applications.

Increasing the number of government programs and grid infrastructure policies is an important factor driving the growth of the market for cables and accessories. Many developing countries, including India, Indonesia, and Brazil, have not been 100% electrified. However, governments in these countries have made significant efforts to provide electricity in rural and urban areas. According to the Indian Department of Energy, the Government of India plans to add 93 GW of solar energy by 2022, under a project called Energy for All.

The installation of transmission and distribution cables involves many stages of authorization and processes. Environmental degradation is one of the stages of authorization, which incorporates various agreements and authorizations for the removal of forests or vegetation. Additionally, the danger of using hazardous materials like high-density polyethylene (XLPE) fibers makes it difficult to get approval for electrical projects. In order to minimize the impact of XLPE cables, recycling features such as cable acquisition, copper recycling, and XLPE processing need to be considered. Delays in project implementation also led to increased costs.

Based on voltage, the low voltage cables market is estimated to dominate the Cables and Accessories Market over medium and high voltage cables during the forecast period. Based on end-users, the infrastructure sector was dominating the top users of the Cables Market and Accessories like industrial and renewable power users. It is because of the increase in the use of low power cables in the residential and commercial sectors. Infrastructure development is occurring worldwide especially in the developing world. The expansion of urban areas has led to an increase in the construction of new infrastructure which has led to an increase in demand for power cables and accessories. The Cables and Accessories Market is also segmented based on power range into, overhead, underground, and submarine cables and accessories.

Asia-Pacific has emerged as one of the top cables markets in recent years, with increasing demand for associated urbanization, economic development, and better living standards across the region leading to the growth of sustainable, ever-increasing energy systems. Many Asia-Pacific countries have an insufficient transmission and distribution network (T&D) and therefore electricity is not available in some remote and rural areas. To bring electricity to these areas, countries in the region are investing heavily in building a network of transmission and distribution lines. In India, the construction of residential buildings is expected to show significant growth in the near future, supported by government houses for the entire program and the Pradhan Mantri Awas Yojana (PMAY). Under PMAY, the government is expected to build 60 million houses (40 million in rural areas and 20 million in cities) by 2022.

Some of the leading global manufacturers of cables and accessories are - Nexans (France), Prysmian (Italy), General Cable (US), NKT Cables (Germany), ABB (Switzerland), Sumitomo (Japan), LS Cable (South Korea), Dubai Cable (UAE), Southwire (US), Tele-Fonika (Poland), Furukawa (Japan), Elsewedy (Egypt), and Kabelwerke (Switzerland)..