Global Cable and Accessories Market: Overview
Cable accessories are an integral part of the power cable systems. These are extensively used in the transmission and distribution of electricity. These cable accessories include connector systems, cable joints, termination, and so on. Cable accessories are prominently used in low-voltage applications where they possess high network density as compared to high- and medium-voltage applications. For instance, Prysmian Group, the world leader in the energy and telecom cables and systems industry, signed an agreement for the acquisition of the German copper data cable operation. The business reported the sale of approximately €22 Million in 2015 for the production of CAT5, CAT6, and CAT7 cables.
Global Cable and Accessories Market: Growth Factors
People are moving towards conventional sources of renewable energy; this may drive the demand in the global market in future. Owing to rising population and increasing disposal income the global cable and accessories market is anticipated to grow in the near future. Associated tidal energy projects are also impacting the global market in a positive way. New insulation technologies in the cable and accessories market are expected to fuel the demand in future. Considerable demand from emerging economies is also contributing to the global market growth. Growing demand from key end-use applications also impacts the market growth positively. Lack of financial assistance and poor planning of the projects are few market restraints that may hamper the global cable and accessories market growth in the near future to some extent.
Global Cable and Accessories Market: Segmentation
Based on voltage level, the global cable accessories market is divided into low voltage level, medium voltage level, and high voltage level. Of these, low voltage level segment grabs the largest market share in the global market. The low voltage level is mainly used to distribute and transmit the electricity from distribution stations to the end user. Low voltage power cables are preferred to distribute electricity to commercial and residential areas too.
Global Cable and Accessories Market: Regional Analysis
Geographically, the global cable accessories market is segmented as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia Pacific is the dominating region for cable and accessories market owing to favorable growth in power industries. China and India are emerging as demanding regions for cable and accessories market. This trend is followed by Europe where the rising industrial network is anticipated to further propel the global market growth in future.
Global Cable and Accessories Market: Competitive Players
The major players in the global cable and accessories market include Hebei New Baofeng Wire & Cable Co., Ltd., NKT Cables, Caledonian Cables Ltd., General Cable Technologies Corporation, Bahra Advanced Cable Manufacture Co. Ltd., Dubai Cable Company (Private) Ltd., ABB Ltd., Prysmian S.P.A, Brugg Group, and Nexans.
Global Cable and Accessories Market: Regional Segment Analysis
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