Cable Accessories Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cable Accessories Market Analysis
The Cable Accessories Market is expected to grow at a CAGR of over 4% during the forecast period.
The market was moderately impacted by COVID-19 in 2020. Currently. The market has reached pre-pandemic levels.
- Over the medium term, factors such as the growing electricity generation and consumption, along with changing power generation industry dynamics, are expected to drive the transmission and distribution network growth, which, in turn, is expected to drive the cable accessories market.
- On the other hand, challenges such as intricate project planning, delay in approval procedures, and funding constrictions for power projects at a global level are expected to hinder the growth of the cable accessories market.
- Nevertheless, with rising electrification projects in Africa, cables are used for power generation transmission and distribution from substations to the customer. The increasing rural electrification in African and Asian countries is expected to offer tremendous opportunities for cable accessories market players.
- Asia-Pacific is expected to be the largest and the fastest growing region during the forecast period, bolstered by a high urbanization growth rate and growing electricity demand, mainly from China and India.
Cable Accessories Market Trends
This section covers the major market trends shaping the Cable Accessories Market according to our research experts:
Underground Segment to be the Fastest Growing Market
- Deployment of underground cables instead of overhead ones has been one of the trends in regions, like Europe and North America, in recent times. In urban areas, underground cables are more favoured, as above-ground space is unavailable.
- With the increasing electricity generation, demand for power supply is expected to grow in the forecast period. In 2021, global electricity generation accounted for 28,466.3 TWh, with an annual growth rate of 6.2%. Thus, the demand for power supply is expected to create opportunities for the Cable Accessories Market through a grid electricity network.
- In recent years, across Europe, specifically Germany and Netherlands, there has been an increasing trend to replace the existing overhead distribution lines with underground cabling and give preference to underground cabling for new projects.
- Moreover, India is also witnessing the growing adoption of underground cables. Among the 100 smart city projects of the country, several projects include underground cables, which in turn is expected to drive the cable accessories market.
- Besides deploying underground cables in major roads, the exercise has extended to passages within the cities. The overhead cable replacements are expected to occur between 2022 and 2027, driving the market for an underground segment of the cable accessories market.
Asia-pacific to Dominate the Market
- Asia-Pacific has emerged as one of the cable markets in recent years, with the rise in energy demand associated with urbanization, economic modernization, and better living standards across the region has resulted in the growth of sustainable power systems, which in turn increased the demand for cable accessories in this region.
- Many countries in Asia-Pacific have inadequate Transmission and Distribution (T&D) networks; hence, electricity is unavailable in some remote and rural areas. To bring electricity to these areas, the countries in the region are investing heavily in building Transmission and Distribution line networks.
- In India, residential building construction is expected to witness significant growth in the near future, supported by the government's housing for all plan and the Pradhan Mantri Awas Yojana (PMAY). Under PMAY, the government is expected to build 60 million houses (40 million in rural areas and 20 million in cities) by 2022.
- Moreover, China's power transmission and distribution grid has been experiencing major upgrades and modifications to make it capable of transmitting higher electricity and coping with future demand.
- Therefore, factors like expansions and upgrades, especially in the Asia-Pacific region, are expected to positively impact the cable accessories market.
Cable Accessories Industry Overview
The Cable Accessories Market is moderately fragmented. Some of the key players (not in a particular order) are Eland Cables Ltd., ABB Limited, Prysmian SpA, NKT A/S, and Nexans SA, among others.
Cable Accessories Market Leaders
Eland Cables Ltd.
ABB Ltd.
Prysmian SpA
NKT A/S
Nexans SA
*Disclaimer: Major Players sorted in no particular order
Cable Accessories Market News
- December 2022: NKT was awarded a turnkey cable system contract for the electrification of the North of Alvheim (NOA) and Krafla offshore fields in the North Sea's NOAKA area. More than 255 kilometers of 145kV high-voltage AC power cables will be designed, manufactured, and installed by the cable-laying vessel NKT Victoria.
- February 2022: Sumitomo Electric Industries, Ltd. was granted a Limited Notice to Proceed (LNTP) by Samsung C&T Corporation to supply a direct High-Voltage Current (HVDC) cable to Abu Dhabi National Oil Company (ADNOC) in the United Arab Emirates (UAE). The project is worth approximately USD 200 million, and system operations are planned to begin in 2025.
Cable Accessories Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD Billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Voltage Level
5.1.1 Low
5.1.2 Medium
5.1.3 High
5.2 Location of Deployment
5.2.1 Overhead
5.2.2 Underground
5.2.3 Submarine
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Limited
6.3.2 Nexans SA
6.3.3 NKT A/S
6.3.4 Prysmian SpA
6.3.5 Eland Cables Ltd
6.3.6 TE Connectivity Ltd
6.3.7 Sumitomo Electric Industries Limited
6.3.8 Brugg Kabel AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cable Accessories Industry Segmentation
Cable accessories are designed to connect cables, isolate the conductor from direct contact with the ground, and protect the cable from damage and erosion caused by environmental stress, UV light, and another medium.
The Cable Accessories Market is segmented by voltage level, location of deployment, and geography. By voltage level, the market is segmented into low, medium, and high. By location of deployment, the market is segmented into overhead, underground, and submarine. The report also covers the market size and forecasts for the cable accessories market across the major regions. For each segment, the market sizing and forecasts is based on the revenue (USD Billion).
| Voltage Level | |
| Low | |
| Medium | |
| High |
| Location of Deployment | |
| Overhead | |
| Underground | |
| Submarine |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Cable Accessories Market Research FAQs
What is the current Cable Accessories Market size?
The Cable Accessories Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Cable Accessories Market?
Eland Cables Ltd., ABB Ltd., Prysmian SpA, NKT A/S and Nexans SA are the major companies operating in the Cable Accessories Market.
Which is the fastest growing region in Cable Accessories Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Cable Accessories Market?
In 2024, the Asia Pacific accounts for the largest market share in Cable Accessories Market.
What years does this Cable Accessories Market cover?
The report covers the Cable Accessories Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Cable Accessories Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Cables and Accessories Industry Report
Statistics for the 2024 Cables and Accessories market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cables and Accessories analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
