Cable Management Accessories Market to Remain Lucrative During 2025
Global Cable management accessories Market: Overview
Over the last few years, the concept of cable management has gained substantial prominence owing to increasing dependence on machines. Across various industries and individual residences, it is being noticed that there has been an extensive usage and increasing reliance on machines. Eventually, the requirement for efficient and better cable management accessories like cable markers, heat shrink tubes, and cable lugs has also substantially increased worldwide.
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The international market for cable management accessories is being stimulated by factors like constant progress in the development of infrastructure activities, growing need for electricity, and increasing demand for the renewal of already existing infrastructure of power transmission in developed countries.
The recovering industry of construction in the European countries and strict rules and regulations that govern cable installations across various developed countries are fuelling the growing need for various cable management accessories. In the emerging economies of Latin America and Asia Pacific, substantial growth in the development activities across the industry of energy and public infrastructure. Expansion of telecommunication networks are facilitating the overall progress of the world cable management accessories market.
The said market was valued at around US$1.20 bn in the year 2015. Transparency Market Research mentions that during the forecast timeframe of 2016 to 2024. The said market is estimated to displaying a sound CAGR of 7.2%. The market is foreseen to reach a valuation of around US$2.23 bn by the year 2024.
The analysis provides an elaborate view of the international cable management accessories market. The report includes competitive vendor landscape, market opportunities and trends, regional outlook, and segmentations.
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Global Cable management accessories Market: Key Trends
Worldwide investment in the infrastructure of power transmission and generation has increased substantially over the last few years. Due to the increasing requirement of electricity worldwide, particularly across various developing regions, extensive development activities is forecasted to be observed in the industry of power in the forthcoming years. The upgradation of already existing grid infrastructures and setup of new lines of transmission are done to back the continuously burgeoning power loads. Addition of renewable sources in the already existing systems of transmission is expected to bolster the market for cable management accessories in the developing nations.
Manufacturing industries are currently leading the segment of end-use for the cable management accessories market. It held more than 17% of the total market in the year 2015. Reliance on various complex machineries in the industry need excellent network of a wide variety of cables. Strict norms that overlook the security and safety facet of cabled networks, starting from their installation to the end of their lifespan, instruct the need for efficient cable management accessories in the segment of manufacturing.
In the forthcoming years, the thriving sector of manufacturing is prognosticated to drive the market for cable management accessories worldwide. The sector leads with the consumption of the cable management accessories and cable lugs.
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Global Cable management accessories Market: Geographical Analysis
From the regional perspective, the developing economies across various regions such as Asia Pacific and Latin America are the most lucrative markets for accessories of cable management. Speedy industrialization across these developing regions has considerably boosted the demand for efficient cable management accessories of industries. There has been rapid development in the IT industry of Asia Pacific in the last few years and the same had sizeable effect on the overall cable installations of the region. This fuelled the augmented demand for cable lugs, heat shrunk tubes, and cable markers in the region.
North America is currently leading the market and accounted for a lion’s share in the world cable management accessories market in the year 2015.
Global Cable management accessories Market: Companies Mentioned
The international cable management accessories market is prophesized to witness the presence of quite a few leading companies such as HellermannTyton Group PLC, Thomas & Betts Corporation (ABB Ltd), TE Connectivity Ltd., Schneider Electric SE, and Legrand SA.