New York City, NY, 03 January, 2020/ 24 Market Reports: It is estimated for the global cables and accessories market to grow from USD 121.55 Billion in 2017 and reach to that of USD 158.21 Billion by 2022 registering the growth at a CAGR of 5.38% during the forecast period of 2017 to 2022. Increasing installation of offshore wind farms, growing grid interconnections, and new transmission line projects and upgrades are the factors that are driving the growth of the market during the forecast period.
Voltage, installation, end-user industries and geography are the segmentation for the global cables and accessories market. LV, MV and HV are the categories for the market based on voltage. The underground, submarine, and overhead cables and accessories are the categories for the market based on installation. PVC cables, MI cables, XLPE cables, cable terminations, cable joints, fittings & fixtures, and conductors are the individual categories for the above categories. Based on the end-use industries, utilities, oil & gas, cement, manufacturing, mining & metals, pharmaceuticals, petrochemical, chemical, wastewater treatment, paper & pulp, infrastructure and renewables are the categories for the market.
MV cables to hold the largest share in the market during the forecast period
During the forecast period, MV cables, based on voltage is estimated to hold the largest share in the cables and accessories market. Prolific applications in supplying temporary power and in MV switchgear is driving the growth for the segment during the forecast period. LV cables and accessories, due to their use in underground distribution networks are estimated to witness significant growth in the market during the forecast period.
By installation, the overhead segment to achieve the highest growth in the cables and accessories market
Overhead market, based on installation, is estimated to own the largest share in the market during the forecast period. Increasing power demand and growth in rural electrification, especially in the developing economies including India, Thailand, Malaysia and others, are the factors driving the growth of the market during the forecast period.
Increased use of low voltage cables to drive the growth for the infrastructure segment during the forecast period
Infrastructure segment, based on end-use industry, is estimated to achieve growth in the market owing to the increased use of low voltage cables ranging from commercial to residential sectors in developing economies such as South Asian countries, including India, Indonesia, Philippines, and others. Also, the up-gradation of ageing infrastructure is estimated to drive the growth of the market in European and North American region.
The Asia Pacific is estimated to dominate the global cables and accessories market throughout the forecast period
North America, Europe, Asia Pacific, Latin America, the Middle East and Africa are the segmentation for the market based on geography. During the forecast period, it is estimated for the Asia Pacific region to lead the low-voltage market segment. Increasing demand for electrical energy due to urbanization and industrialization, as well as rising government mandates to achieve sustainable goals, are the factors responsible for the growth of the market in the Asia Pacific region.
However, limited funds, complex planning and authorization of projects and the consequent delays in their implementation, steeply-priced raw materials, and easily available inexpensive products in grey markets are the factors that are responsible for the slow-growth of the market. Shortage of technical expertise for employing HV projects is also hampering the growth of the market during the forecast period.
The following are the major objectives of the study:
- To define, describe, and forecast the global cables and accessories market on the basis of product, application and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the global cables and accessories market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for global cables and accessories market and their future potential during next decade?
- How competitive landscape is evolving in global cables and accessories market?
