In terms of revenue, the Global Cables and Accessories Market is expected to reach USD 201.54 Billion by 2028, growing at a CAGR of 4.59% from 2022 to 2028. Rising industrialization and rapid urbanization are the key factors driving the Cable and Accessories Market.
- Under the voltage segment, the medium voltage sub-segment is anticipated to dominate the segment for the cables and accessories market and is expected to grow at a significant CAGR.
- The infrastructure sub-segment held a substantial market share in 2021. This is the fastest segment growing in the cables and accessories market, as the majority of the cable and accessories are used in setting up residential and commercial construction.
- The fastest regional segment is Asia Pacific. This region is growing at a rapid pace due to rising industrialization and urbanization along with the low cost of production.
Some of the key players dominating the cables and accessories market include - 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)..
For instance, Cross-linked polyethylene (XLPE), high-density polyethylene, aerial bunched cables, and spacer cable system are the most commonly used covered cables. XLPE cables use cross-linked polyethylene as the main insulating material and can operate at higher temperatures, both for normal loading and under short circuit conditions. Extruded XLPE cables are increasingly being deployed by utilities such as PGCIL for setting up transmission infrastructure in difficult terrains.
Electricity requires an electric path to flow and there are many conducting materials used for this purpose. There are many semi-conducting materials that are used to reduce the voltage and also drop the current flow. There are non-conducting cables and accessories which are used as insulation during working on live lines. Electrical wires and cables are made of materials like copper, aluminum, and silver. As silver is expensive, mostly copper and aluminum are used in wiring. Advance design and technology trends in cables are centered on reducing the right-of-way requirement as well as increasing the current carrying capacity of transmission and distribution lines. As space is often constrained in urban areas, transmission and distribution utilities increasingly install compact transmission and distribution lines, which have the lower right of way (RoW) requirements and small-sized towers. Further, new conductors are being deployed for carrying higher currents while allowing higher temperature ratings. The initial heavy cost is the only factor that discouraged the use of underground cables for the purpose of transmission and distribution of electric power.
Asia Pacific is expected to be the fastest region in coming years due to the high demand for cables and their accessories due to fast industrialization and urbanization. Major Key players are investing in the production line for cable manufacturing plants. China to be the epic center for manufacturing, the huge potential is predicted for the cables and accessories market in recent years. Low cost of production and high demand is expected to flourish in the cables and accessories market.