New York, March 20, 2024 (GLOBE NEWSWIRE) -- The global cable fault locator market size is predicted to expand at 10% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 1.6 billion by the end of 2035, up from a revenue of USD 780 million in the year 2022. This market revenue is poised to be dominated by rising demand for electricity. Electricity consumption has experienced a significant rise of approximately 25,499 terawatt-hours in 2022 all across the globe. As a result, the market demand for cable fault locators is projected to rise.
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Additionally, the prevalence of power outages is also growing rigorously in the world. Globally, over 349 million of the population has experienced power outage in the year 2021. This indicates about 5% of the global population. The major factor responsible for this outage is extreme weather events including storms, aging, UV exposure, fire accidents, heating of cables, and others. Therefore, with the deployment of a cable fault locator, the prevalence of major power outages might be reduced.
Cable Fault Locator Market: Key Takeaways
- The market for North America to experience the highest growth in its market share.
- The portable cable fault locator segment to generate the largest share in the market.
- Asia Pacific market to observe notable growth in the market.
Growing Urban Population to Boost the Growth of the Global Cable Fault Locator Market
The shift of population from rural areas to urban areas owing to the growing employment opportunities, education, and more has observed significant growth. It is predicted that close to 4 billion population across the globe might be residing in urban regions. As a result, the electricity demand is also estimated to rise. Furthermore, the standard of living of the people in urban regions has seen an enhancement. This is why, the consumption of energy has also risen. Therefore, the market demand for cable fault locators is set to rise over the coming period.
Cable Fault Locator Industry: Regional Overview
The global cable fault locator market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Number of Data Centers to Drive the Market Expansion in North America
The North American market for cable fault locators is poised to gather the highest share in the market of about 35% over the years to come. This growth of the market in this region is set to be dominated by the rising number of data centers. In the United States, about 5374 data centers were reported as of September 2023 and this is the highest if compared to other countries. Hence, the demand for cable fault locators is projected to surge to ensure the efficient working of cables in data centers.
Surging Population to Encourage Market Expansion in the Asia Pacific
The Asia Pacific market for cable fault locators is predicted to observe notable growth in the market over the coming years. The major factor in dominating the market expansion in this region is the growing population. Over 60% of the world's population resides in Asia Pacific. This indicated that close to 4.3 billion of the population lives in Asia Pacific which also includes the most populace countries such as India and China.
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Cable Fault Locator Segmentation by Product Type
- Pinpointer
- Voltage Surge Generator
- Cable Sheath Fault Locators
- Time Domain Reflectometer
- Cable Route Tracer
The cable route tracer segment is predicted to gather the highest market share of over 38% by the end of 2035. This growth of the segment is predicted to be dominated by the growing telecommunication sector on account of the growing adoption of 5G technology. The adoption of 5G by June 2023 reached approximately 1 billion subscriptions in the world. Moreover, close to 239 service providers have launched a 5G network. Hence, this is further estimated to boost the connectivity which might increase the need for cable route tracer.
Cable Fault Locator Segmentation by Portability Type
- Handheld
- Portable
The portable cable fault locator segment is predicted to capture the largest share in the market of over 56% over the forecast period. The main element to influences the segment share is the growing adoption of the internet. For instance, over 4 billion internet users were identified all across the world as of January 2024. This amounted to approximately 65% of the population.
A few of the well-known market leaders in the global cable fault locator market that are profiled by Research Nester are Telematics Equipment Pvt. Ltd., Megger Group, Fluke Corporation, Hubbell Incorporated, PCE Instruments UK Limited, 3M, Electrocon Kristinestad Oy Ab, BAUR GMBH, High Voltage India, Kehui International Ltd., and others.
Recent Development in the Market
- The announcement of the launch of the Fluke 393 FC CAT III 1500 V True-RMS Clamp meter with iFlex was made by Fluke Corporation. It is considered to be the first and only meter in the world.
- The announcement of acquisitions of InsuLogix monitoring product line and Diagnostics Laboratories of Weidman Electrical was made by Megger Group.
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