Cables and Accessories Market

Cables and Accessories Market Size (2023-2028):

The Global Cables and Accessories Market was worth US$ 54.34 billion in 2022 and is projected to reach a valuation of US$ 75.31 billion by 2028 and is predicted to register a CAGR of 5.80% during 2023-2028.

Market Overview:

Raw material suppliers (copper, silver, aluminium, and insulation), OEMs manufacturing power cables and accessories, end-user industries such as renewables, infrastructure, and industries such as oil & gas, manufacturing, mining & metals, and petrochemical, among others, and distributors make up the market ecosystem. As a result, it's a horizontal market with upstream and downstream verticals.

During the construction of electrical transmission and distribution networks, as well as mobile substation facilities, power cables are used. Individual residential regions and modest commercial establishments use LV power connections for distribution. Cable accessories, on the other hand, are widely used in T&D infrastructure and HVDC transmission systems. Connectors, cable junctions, and terminations are examples of these.

Market Growth:

On the horizon, the increase in global electricity capacity, offshore wind regulations in developing nations, the replacement of traditional grids with 'Smart Grids,' and infrastructure upgrades in emerging economies will provide new avenues for this market in the forecasted period.

Market Drivers:

Power consumption has increased significantly over the world as a result of industrialisation, fast urbanisation, rising global population, and increased use of consumer electronics. This, together with increased smart grid implementation rates in various nations, is propelling the global cable accessories market forward. Aside from that, several governments are concentrating on updating the current grid infrastructure by utilising new transmission lines. They are also constructing a number of unconventional energy-generating facilities in response to rising environmental awareness. Furthermore, some of the industry's leading manufacturers are investing heavily in research and development (R&D) to improve the quality of cable accessories and extend their service life.

Market Restraints:

The changing priorities of transmission and distribution projects are influenced by environmental considerations. Multiple approvals and processes are required for the installation of transmission and distribution lines and cables. One such stage of approval is environmental clearance, which involves different agreements as well as approvals for forest or vegetation clearing. Furthermore, the possibility of employing hazardous materials such as cross-linked polyethene (XLPE) cables makes getting permission for power projects problematic. Cost overruns are also a result of project delays. The market's growth is further hampered by a scarcity of technical knowledge for implementing HV projects.

Market Recent Developments:

• Following regulatory approval, Nexans has completed its acquisition of Centella, a premium cable producer focusing on building and utility applications in Latin America, from Xignux S.A. (based in Mexico).

CABLES AND ACCESSORIES MARKET REPORT COVERAGE:

Market Segmentation:

Cables and Accessories Market - By Voltage:

• Low
• Medium
• High

Due to increased demand for high voltage cables from various industries such as oil & gas, power generation, HVDC network, building & construction, and manufacturing, the high voltage segment held the biggest cable accessories market share by voltage in 2021.

Cables and Accessories Market - By Installation:

• Overhead
• Underground

Because of advantages associated with overhead cables such as low cost, fast installation, easy troubleshooting, natural cooling, smaller conductor sizes, and up-gradation, the overhead segment led the global market in terms of share in 2020.

Cables and Accessories Market - By End-User:

• Industrial
• Renewables

In 2021, the renewables segment had the biggest market share by end users. The rapid rise of the solar, wind, wave, hydro, and other renewable energy sectors was blamed for this.

Market Regional Analysis:

The Cables and Accessories Market Report includes the segmentation of regions:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

In 2021, Asia-Pacific dominated the cable accessories market trend, and this dominance is expected to continue over the projected period. This is due to the region's large consumer base and the presence of important players. Furthermore, rising power consumption from growing nations in Asia-Pacific, such as China, Japan, India, and Australia, raises the demand for power production, transmission, and distribution infrastructure, likely to boost market growth throughout the forecast period.

Between 2022 and 2027, the North American wire and cable market is expected to increase at a CAGR of over 6%. The rapidly growing communication industry will be aided by increased expenditures in upgrading and replacement of ageing grid systems. The commercial picture will be boosted by a paradigm shift toward the integration of renewable energy sources with smart grid systems.

In recent years, there has been a growing trend in Europe, particularly in Germany and the Netherlands, to replace old overhead distribution lines with subterranean cabling and to favour underground cabling for new projects.

South Africa, Saudi Arabia, and the United Arab Emirates are large economies in the Middle East and Africa. The MEA cable and accessory market are likely to grow as cable technology improves across the region. With the increasing popularity and use of subterranean cable systems, notable technological breakthroughs have been made to overcome the cables' different restrictions. The majority of these developments are aimed at improving insulation and voltage grade. Material science advancements have aided in producing higher-quality polymers capable of delivering the cable's needed mechanical and electrical qualities.

In 2021, the market for low-voltage cables in Latin America is expected to be worth USD 6.1 billion. Over the projection period, technological proliferation and rapid industrialisation are likely to boost industry growth. Increased investment in various projects in the building, infrastructure, oil and gas, and power industries is expected to boost regional demand for distribution and utility products.

Market Key Players:

1. Nexans
2. General Cable Technologies Corp
3. ABB Ltd
4. Brugg Group
5. Prysmian SPA
6. Dubai Cable Company Pvt Ltd
7. Bahra Advanced Cable Manufacture Co Ltd
8. LS Cable & System Ltd
9. Caledonian Cables Ltd
10. Kabelwerk Eupen AG