Market Trends of Cable Accessories Industry
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.
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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.
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