New York, Sept. 16, 2019 (GLOBE NEWSWIRE) -- The increasing use of cables due to the rise in generation of electricity all over the world is propelling the market growth.
The global cable testing and certification market is forecast to reach USD 16.92 Billion by 2026, according to a new report by Reports and Data. Cable testing and certification are widely used to verify the safety and efficiency of the cables in the electronics and electrical industry, for the application of energy generation and distribution, transportation, and many others.
The market for cable testing is influenced by the rising weak performance of new improper network systems, bad products, and improper system deployment. The cable testing and certification from cable manufacturers are fulfilling the requirement of the consumers by enhancing quality assurance procedures which reduce potential errors. Cable testing and certification market reconcile issues such as cable tension, cable damage or cable kinks, crossed wire, and improper termination of cable
The above-mentioned factors collectively create opportunities for the market growth while factors such as unfavorable effects of cable testing pose limitations in the market. However, each factor would have a definite impact on the market during the forecast period. Consistent advancements in cable testing and certification market owing to innovative efforts have enhanced the efficiency of cable testing.
The Asia-Pacific region is estimated to be the fastest-growing market for cable testing and certification owing to the rapid industrialization and urbanization in the region, due to the growing population. The urbanization in the Asia Pacific region has grown up to 50% since 2018. The electronics and electrical, energy & utility, and transportation industries in China are growing due to this rapid urbanization which is propelling the growth of the cable testing and utility market.
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Further key findings from the report suggest
- The routine test segment held a market share of 49.3% in the year 2018. The routine test is used to check the integrity of the cables by a group of tests on the finished cables. The routine test varies according to the cable types since there are specific standardization for testing.
- High voltage segment is forecasted to witness the highest CAGR of 5.9% during the forecast period. This type of voltages are mainly used for testing the cables in overhead, submarine and underground conditions. The sectors who use high voltage cables are energy industries, offshore wind farms, and many others.
- Cable Manufacturers held the largest market share of 53.3% in the year 2018, owing to the ever-growing electrical and electronics industry, and the huge production of electronic materials and energy utility.
- Asia Pacific is forecasted to grow with the highest CAGR of 6.1% during the forecast period. Countries like India, China, and Japan are rapidly catching up with the growth in the Cable testing and Certification market.
- China became a leader in world electrical and electronics item manufacturers’ production because of its low-cost labor, and high technological advancements compared with other countries.
- Key participants include Dekra, Underwriters Laboratories, British Approvals Service for Cables (BASC), Bureau Veritas, Tv Rheinland, Eurofins Scientific, SGS, DNV GL (Kema Laboratories), Intertek, and Kinectric among others.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/cable-testing-and-certification-market
Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global Cable Testing and Certification market on the basis of test type, voltage type, end-users, and region:
Test Type Outlook (Revenue, USD Billion; 2016-2026)
- Routine
- Sample
- Type
Voltage Type Outlook (Revenue, USD Billion; 2016-2026)
- Low Voltage
- Medium Voltage
- High Voltage
End Users Outlook (Revenue, USD Billion; 2016-2026)
- Cable Manufacturers
- Utility Providers
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Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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