Cables and Accessories Market

The Cables and Accessories Market was valued at US$ 54.34 billion in 2022 and is estimated to reach US$ 73.31 billion by 2028, with a CAGR of 5.80% from 2023 to 2028.

To join cables and prevent conductors from making direct touch with the earth, employ cable and accessory attachments. They help to make cables more robust, durable, and resistant to deterioration and erosion brought on by ultraviolet (UV) light, environmental stress, and other means. This makes it simpler to deliver dependable service and lengthen the lifespan of above- and below-ground systems. Because of these benefits, cable accessories are frequently used in transmission and distribution (T&D) networks for electricity, telephone, and internet systems.

The market ecosystem is made up of raw material suppliers (copper, silver, aluminum, and insulation), original equipment manufacturers (OEMs) that produce power cables and accessories, end-user industries like renewable energy and infrastructure, as well as industries like manufacturing, mining & metals, and petrochemical, among others. As a result, it has vertical upstream and downstream segments and is a horizontal market.

Power cables are employed for building electrical transmission and distribution networks and mobile substation installations. LV power connections are used for distribution in small-scale commercial spaces as well as individual residential communities. On the other hand, HVDC transmission systems and T&D infrastructure both make extensive use of cable accessories. Examples of these include terminations, cable junctions, and connectors.

Market Drivers and Restraints:

Because of industrialization, rapid urbanization, a growing world population, and increased usage of consumer electronics, power consumption has dramatically increased throughout the world. This is driving the global market for cable accessories ahead, together with rising smart grid installation rates in numerous countries. In addition, a number of governments are focusing on utilizing new transmission lines to update the infrastructure of the current grid. As a result of growing environmental awareness, they are also building a lot of unconventional energy-generating facilities. Also, some of the top manufacturers in the sector are making significant investments in R&D to raise the cabling accessories' quality and lengthen their useful lives.

Environmental factors have an impact on how important transmission and distribution projects are prioritized. Transmission and distribution lines and cables must go through a number of procedures and approvals before being installed. Environmental clearance is one such approval stage that includes several agreements and permits for clearing vegetation or forested areas. Obtaining approval for electricity projects is also challenging given the potential use of hazardous materials like cross-linked polyethene (XLPE) cables. Project delays also lead to cost overruns. The lack of technical expertise needed to carry out HV projects hinders the market's growth further.

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The report is segmented as follows:

The Cables and Accessories Market is segmented by Voltage; the Market is segmented by Installation; the Market is segmented by End-User:

By Voltage (Low, Medium, and High)

By Installation (Overhead and Underground)

By End User (Industrial and Renewables)

Geographical Segmentation:

The cable accessories market trend was dominated by Asia-Pacific in 2021, and this dominance is anticipated to last throughout the anticipated time. The existence of significant players in the area and the substantial consumer base are to blame for this. In addition, emerging economies in the Asia-Pacific region including China, Japan, India, and Australia are using more energy, increasing the demand for infrastructure for power production, transmission, and distribution, which is projected to spur market expansion.

The North American wire and cable market is anticipated to grow at a CAGR of more than 6% between 2022 and 2027. More spending on modernizing and replacing aging grid systems will benefit the quickly expanding communication sector. A paradigm shift toward the integration of renewable energy sources with smart grid technology will improve the business picture.

In recent years, there has been an increasing trend in Europe, particularly in Germany and the Netherlands, to favor underground cabling for new projects and to replace outdated overhead distribution lines with it.

Middle Eastern and African countries with sizable economies include South Africa, Saudi Arabia, and the United Arab Emirates. As cable technology advances in the region, the market for MEA cables and accessories is projected to expand. Subterranean cable systems are becoming more and more common, and significant technological advancements have been achieved to get around some of the limitations they have. The majority of these advancements focus on elevating voltage grade and insulation. Higher-quality polymers that can supply the required mechanical and electrical properties for the cable have been made possible because of breakthroughs in material science.

Latin America's low-voltage cable industry is anticipated to reach USD 6.1 billion in 2021. Proliferating technology and quick industrialization are projected to drive industry expansion during the projection period. Regional demand for distribution and utility products is anticipated to increase as a result of increased investment in several projects in the building, infrastructure, oil, gas, and power industries.

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Impact of the COVID-19 pandemic on the market:

The COVID-19 epidemic has had a negative effect on the world market for cable accessories. This is due to a temporary ban on import and export, a halt in the building of power infrastructure projects, and transportation activities. As a result, the supply chain and the demand for electricity from the manufacturing, transportation, construction, renewable energy, and oil & gas industries were disrupted.

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