Portland, OR, Oct. 26, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global cable accessories market generated $49.5 billion in 2020, and is projected to reach $99.3 billion by 2030, witnessing a CAGR of 7.2% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rapid industrialization, urbanization, rapid development and investment in the renewable energy sector drive the growth of the global cable accessories market. However, failure of cable accessories and volatile prices of raw materials restrain the market to some extent. On the other hand, Increase in investments and favorable government regulations present new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to global lockdown and temporary closure of a number of industry verticals, thereby affecting the overall growth of the global cable accessories market.
- It further disrupted the whole supply chain, leading to difficulty in import & export of raw materials. This, in turn, affected the market demand for cable accessories.
- However, the cable accessories market is expected to recover by the second quarter of 2021 as COVID-19 vaccination has started in various economies across the globe, which is expected to improve the global economy.
The report offers detailed segmentation of the global cable accessories market based on voltage, installation, end user, and region.
Based on voltage, the high segment held the highest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the medium segment is estimated to register the highest CAGR of 8.2% from 2021 to 2030.
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Based on installation, the overhead segment held the largest market share in 2020, holding more than three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the underground segment is projected to register the highest CAGR of 8.0% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly one-third of the total market share, and is estimated to continue its dominant share by 2030. Moreover, North America is projected to manifest the fastest CAGR of 8.0% during the forecast period.
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Leading players of the global cable accessories market analyzed in the research include ABB, Ltd., Dubai Cable Company, Elsewedy Electric, Furukawa Electric Co., Ltd., LS Cable & System Ltd., Nexans S.A., NKT A/S, Prysmian Group, Sumitomo Electric Industries, Ltd., and Tele-Fonika Kable.
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