Cables and Accessories Market
Cables and Accessories Market - Global Industry Assessment & Forecast
- By Voltage Low Voltage, Medium Voltage, High Voltage
- By End User Industrial, Renewable, Infrastructure
- By Power Range Overhead Cables & Accessories, Underground Cables & Accessories, Submarine Cables & Accessories
- By Regions North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||USD 134.35 Billion|
|Revenue 2028:||USD 201.54 Billion|
|Revenue CAGR (2021 - 2028):||5.2%|
|Fastest Growing Region (2021 - 2028)||Asia Pacific|
|Largest Region (2021):||North America|
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Cables and Accessories Market: By Voltage, Installation, End User, and Region
Global Cables and Accessories market is valued at USD 134.35 Billion in 2021 and is projected to attain a value of USD 201.54 Billion by 2028 at CAGR of 5.2% during the forecast period, 2021–2028. The need for cables is likely to be high as the world's economy continues to grow. Sales of copper and aluminum will skyrocket as the use of these materials increases in construction, power lines and cars. Yet, there simply isn't enough ore coming out of mines – it takes 7 tons of ore just to produce 1 ton of copper. If this becomes a problem, battery technology may offer an alternative way to generate energy and cable manufacturers may have to make their products from different materials such as plastic or steel wires; they might even come up with entirely new designs. The market has not been driven by innovation for decades however telecommunication companies now want lighter more flexible wires that can transfer data over long distances.
Cables and Accessories Market Size, 2021 To 2028 (USD 201.54 Billion )
Cables and Accessories market is segmented by type, by application and by geography. By type, the market is segmented into power cables, communication cables, control & instrumentation cables, sensor & fiber optic cables,) heating/cooling & ventilation cables, lighting cables, and others. By voltage, the market is segmented into Low, Medium, and High. By installation, the market is segmented into overhead and Underground. The market is further segmented by end-user into industrial, renewable and infrastructure.
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Underground Hard-wired Cables to Dominate the Global Cables and Accessories Market
Major factors driving the global underground hard-wired cables market are increase in population, rise in awareness about energy conservation and need for uninterrupted power supply (UPS). Moreover, rise in demand for smart grids with high level of efficiency is expected to further contribute to the market value over the forecast time period. Increase in construction activities across developing countries is also anticipated to provide significant growth opportunities throughout the period of the next six years.
However, above ground installation poses challenges such as risk of theft or vandalism besides being unsightly whereas underground cabling eliminates these concerns. However, cost advantage of using below ground cables is diminishing as they are increasingly being used in residential areas due to tax benefits.
Construction, Communication, and Power Industries are the key consumer of Cables and Accessories Market
Cables and Accessories have a large demand. Cables also play an important role in transporting power or signals across large distances. Electric utilities companies require large amounts of cables to distribute electricity from power plants to residential buildings, commercial buildings, and industrial facilities. The construction industry requires cables for communication lines used on new construction sites as well as during major renovations or refurbishments on existing structures. A cable can be run between buildings making it possible for the contractor's crew to communicate with other groups within the structure without interrupting their work on site. Posted workers can use this link to contact the outside world in case of emergency. These cables are often installed during initial construction so that there is no need for wiring new lines when major renovations or refurbishments begin on existing structures.
Growing Demand for Infrastructure Development to Fuel Asia Pacific Cables and Accessories Market
Demand for power infrastructure, as countries across the world install more substations and high-voltage lines, is driving growth of underground hard-wired cables used in these applications. These cables have been traditionally used in railroads, but have gained traction in power grids over the last few years. North America region accounted for over one third of the global market share due to factors such as increase in industrial production and urbanization – key drivers for smart cities & industrialization – besides increase in end use industries such as oil & gas and mining. While Europe accounted for the second largest share of the market, Asia Pacific’s share has been increasing due to expansion of power grids mainly across India and China.
The popularity of high-speed networks within Asia Pacific also provides good opportunities for growth moving forward, especially since many telecom service providers are pushing fiber connectivity throughout their networks. Asia Pacific countries like China and India are advent users of technology; they're embracing new technologies faster than other regions in the world due to their rising middle classes who want to connect using smartphones or tablet devices wherever they go.
Some of the key players in the global Cables and Accessories market is 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).
The Cables and Accessories is Segmented as Follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Question
What is the global demand for Cables and Accessories in terms of revenue?
The global Cables and Accessories valued at in 2020 and is expected to reach in 2028 growing at a CAGR of 5.2%.
Which are the prominent players in the market?
The prominent players in the market 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)..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 5.2% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the Cables and Accessories include
- Rising focus on grid interconnections
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Cables and Accessories in 2020.