The cable accessories market is expected to grow by $99.3 billion by 2030, with

Cable Accessories Market

The cable accessories market size is expected to exceed USD 99.3 billion by 2030, growing at a CAGR of 7.2% from 2021 to 2030. Significant development of end-use industries such as oil and gas , mining, manufacturing, construction and automotive supplies cable. growth of the accessories market. Additionally, increasing demand for cable accessories from the renewable energy sector is propelling the market growth globally. However, the high cost associated with underground cables and the delay in the implementation of energy projects are the major factors hampering the growth of the global market.

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On the basis of end-user, the renewable energy segment holds the largest share, in terms of revenue, and is expected to maintain its dominance over the forecast period. This has been attributed to the rapid growth of the solar, wind, wave, hydroelectric and other renewable energy sectors.

On the basis of installation, the overhead segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth has been attributed to the advantages associated with aerial cables such as low cost, easy installation, easy troubleshooting, natural cooling, smaller conductor sizes and upgradeability.

According to the voltage, the high voltage segment held the highest market share of around 42.4% in 2020 and is expected to maintain its dominance during the forecast period of the cable accessories market. This is attributed to the increase in demand for high voltage cables from various industries including Oil & Gas, Power Generation, HVDC Grid, Building & Construction, and Manufacturing.

Based on the region, Asia-Pacific got a dominant share in 2020 and is expected to maintain this dominance in the cable accessories market trend over the forecast period. This is attributed to the presence of key players and a huge consumer base in the region. In addition, growing electricity demand from developing countries such as China, Japan, India and Australia in Asia-Pacific is increasing the need for power generation, transmission and distribution infrastructure. electricity which in turn is expected to increase the market growth over the period. forecast period.

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The Global Cable Accessories Market analysis covers in-depth information about the major players in the Cable Accessories industry. Major Players operating and profiled in the report are ABB, Ltd., Dubai Cable Company, Elsewedy Electric, Furukawa Electric Co., Ltd., LS Cable & System Ltd., Nexans SA, NKT A/S, Prysmian Group, Sumitomo Electric . Industries, Ltd., and Tele-Fonika Kable.

Impact of COVID-19 on the market

The global cable accessories market witnessed steady growth in 2020, driven by the outbreak of the COVID-19 pandemic. The epidemic has had a negative impact on various sectors and countries, thus diminishing the workforce across the globe, which, in turn, has diminished consumer spending and hence, a decline in demand for electricity and delays in the construction and construction of electricity infrastructure. However, due to the lockdown imposed around the world, there is a gap between supply and demand, which has led to a halt in the supply of equipment used in the production of cable accessories. In Europe, economies like Germany, France, Spain and Italy were following strict measures, such as maintaining social distancing and limiting movement to prevent the spread of the corona virus. Moreover, such safety measures have been witnessed across the globe, which has further impacted the growth of the global cable accessories market. However, the market is expected to recover by Q2 2021 with rapid vaccination and step-by-step unlocking of commercial and industrial operations.

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