NEW YORK, Sept. 24, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The Global Cables and Accessories Market size is estimated to grow by USD 42.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.08% during the forecast period. Rising adoption of smart grid technology is driving market growth, with a trend towards increasing trend to replace existing overhead distribution lines. However, volatility in raw material costs poses a challenge - Key market players include ABB Ltd., Apar Industries Ltd., BRUGG GROUP AG, Dubai Cable Company Pvt. Ltd., EL Sewedy Electric Co., Eland Cables Ltd., Encore Wire Corp., Finolex Cables Ltd., Furukawa Electric Co. Ltd., Hexatronic Group AB, LS Cable and System Ltd., Nexans SA, NKT AS, Prysmian Spa, Southwire Co. LLC, Sumitomo Electric Industries Ltd., Taihan Cable and Solution Co. Ltd., TE Connectivity Ltd., Tele Fonika Kable SA, and Telefonaktiebolaget LM Ericsson.
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Cables And Accessories Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 5.08% Market growth 2024-2028 USD 42.2 billion Market structure Fragmented YoY growth 2022-2023 (%) 4.73 Regional analysis North America, Europe, APAC, Middle East and Africa, and South America Performing market contribution APAC at 48% Key countries China, US, Germany, India, and Japan Key companies profiled ABB Ltd., Apar Industries Ltd., BRUGG GROUP AG, Dubai Cable Company Pvt. Ltd., EL Sewedy Electric Co., Eland Cables Ltd., Encore Wire Corp., Finolex Cables Ltd., Furukawa Electric Co. Ltd., Hexatronic Group AB, LS Cable and System Ltd., Nexans SA, NKT AS, Prysmian Spa, Southwire Co. LLC, Sumitomo Electric Industries Ltd., Taihan Cable and Solution Co. Ltd., TE Connectivity Ltd., Tele Fonika Kable SA, and Telefonaktiebolaget LM Ericsson
Market Driver
Underground cables are essential components of electricity transmission and distribution systems, particularly in densely populated areas and infrastructure-heavy industries. These cables, made up of one or more insulated conductors with protective coverings, offer advantages over overhead systems, including reduced visual impact and improved safety from weather and automobile accidents. The global market for cables and accessories is experiencing growth due to urbanization, increasing power demand in commercial, industrial, and residential sectors, and the adoption of smart power transmission and distribution systems. Smart grid technology and grid interconnections are key drivers, leading to significant investments in new underground cable projects. The trend toward replacing overhead distribution lines will continue to fuel market expansion during the forecast period.
The Cables and Accessories market is witnessing significant growth due to increasing power generation capacity from renewable sources like solar and wind. Grid interconnections and offshore wind farms are key trends driving demand for high voltage cables and accessories. Voltage management and installation infrastructure are crucial factors in the transmission sector. Emerging countries are investing heavily in power projects, boosting demand for cable installations, connectors, joints, insulation, lugs, and other accessories. Environmental factors are a growing concern, with a shift towards energy efficiency and reducing carbon emissions. Cross-linked polyethylene cables are gaining popularity due to their low environmental impact. The organized sector dominates the market, but the unorganized sector also presents opportunities. The infrastructure segment includes electrical networks and telecommunication networks. Smart grids and smart cities require advanced cable technologies and accessories for grid reliability and safety standards. Key players include Centelsa, Elsewedy Electric, and others. The high voltage segment and overhead segment are expected to dominate the market. E-commerce and logistics industries are driving demand for cable accessories. Urbanization, transportation networks, and energy grid upgrades also contribute to market growth. Renewable energy sources, energy efficiency, and environmental issues are major challenges and opportunities for the industry.
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Market Challenges
The power transmission and distribution industry faces various environmental challenges, including the approval process for installing transmission and distribution lines and cables. Environmental clearance, which includes forest or vegetation clearance and agreements, is a crucial approval stage. The use of hazardous substances like cross-linked polyethylene (XLPE) cables poses environmental risks and can hinder power project approvals. To mitigate these concerns, recycling aspects such as cable recovery, copper recyclability, and XLPE disposal must be addressed. Aluminum and copper are primary raw materials in cable manufacturing, accounting for about half of the production cost. Raw material price volatility, including copper, aluminum, energy, and fuel, significantly impacts cable manufacturers' costs and revenues. Price fluctuations can lead to negotiated changes in final product pricing, but implementation time lags may cause a delay in adjusting selling prices. This raw material price instability poses a significant challenge to the growth of the global cables and accessories market during the forecast period.
The Cables and Accessories market faces several challenges in various sectors. Electricity demand continues to rise, necessitating power projects and upgrades to electrical networks. In the power sector, both high voltage underground and overhead cables are crucial for grid reliability. Smart grids and renewable energy sources require advanced cable technologies for energy efficiency and safety. Centelsa and Elsewedy Electric are key players, supplying cable accessories for electrical and telecommunication networks. Cable installations demand connectors, joints, insulation, and lugs. Renewable energy sources and e-commerce bring logistical challenges. Urbanization, transportation networks, and smart cities require energy grid upgrades and voltage level adjustments. Installation types include overhead and underground, each with unique challenges. Safety standards, communication infrastructure, and environmental issues are ongoing concerns. Overall, the market requires innovative solutions to meet the demands of various industries.
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Segment Overview
This cables and accessories market report extensively covers market segmentation by
Type
1.1 Low
1.2 Medium
1.3 High
End-user
2.1 Industrial
2.2 Renewable
2.3 Infrastructure
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 Middle East and Africa
and 3.5 South America
1.1 Low- The global market for low-voltage cables and accessories has experienced significant growth in recent years due to the increasing demand for electricity worldwide. With an exponential rise in energy consumers, the installation of new transmission and distribution lines is essential to meet the demand for electricity from renewable energy sources. New infrastructure, such as residential buildings and commercial offices, also requires a steady supply of electricity, leading to increased demand for low-voltage cables. In addition, the repair of old buildings necessitates the replacement of power supply networks, further boosting demand. Low-voltage cables are not only used in residential and commercial applications but also in various industrial operations involving low-voltage equipment. The petroleum, natural gas, and mining industries have been major contributors to the market's growth due to their increasing use of low-voltage cables. Copper and aluminum are the most common elements used in the production of low-voltage cables. The market's growth is expected to continue during the forecast period, driven by the expanding population and urbanization, the increasing adoption of renewable energy sources, and the growing number of small-scale industries. In conclusion, the low-voltage cables and accessories market is poised for healthy growth due to the increasing demand for electricity, the expansion of new infrastructure, and the growing adoption of renewable energy sources. The market's growth is driven by the use of low-voltage cables in various industries, including residential, commercial, and industrial applications. The use of copper and aluminum in the production of low-voltage cables further supports the market's growth. The market's growth is expected to continue during the forecast period, making it an attractive investment opportunity for businesses in the energy sector.
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Research Analysis
The Cables and Accessories market encompasses a wide range of products essential for various power and telecommunication applications. Two significant sectors driving market growth are Grid Interconnections and Renewable Energy Sources. Grid Interconnections involve the integration of power systems to ensure a stable electricity grid, with offshore wind farms being a key contributor due to their increasing power generation capacity. Voltage management, installation, and infrastructure segment play crucial roles in these projects. Electricity demand continues to rise, leading to the development of new power projects, necessitating the use of extensive cable installations. Smart grids, which enhance grid reliability and energy efficiency, require advanced cable technologies and accessories such as cable connectors, joints, insulation, and lugs. Additionally, underground cables are increasingly preferred for their safety and aesthetic benefits. Telecommunication networks also rely on cable infrastructure for seamless data transmission. Safety standards and energy efficiency are paramount in the design and production of these products.
Market Research Overview
The Cables and Accessories Market is a significant segment of the global electrical industry, driven by the increasing power generation capacity from renewable sources such as Grid interconnections in offshore wind farms. Voltage management and infrastructure development are key focus areas in the transmission sector, with emerging countries leading the demand due to their growing electricity demand. Cross-linked polyethylene cables are gaining popularity due to their insulation properties, which reduce carbon emissions and pollution. The organized sector dominates the market, but the unorganized sector also plays a role, particularly in installation types like cable joints, lugs, and connectors. Smart grids and communication infrastructure are essential for enhancing grid reliability and safety standards. Environmental issues, energy efficiency, and e-commerce are also influencing market trends. Key applications include power projects, solar power capacity, and cable installations for telecommunication networks and transportation networks. The market includes various types of cable installations, such as overhead and underground, and cable accessories like insulation, joints, and lugs. Renewable energy sources, energy efficiency, and grid upgrades are major growth drivers, with voltage levels and installation types being crucial factors. Safety standards and communication infrastructure are also essential considerations in the market.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
Low
Medium
High
End-user
Industrial
Renewable
Infrastructure
Geography
North America
Europe
APAC
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
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