New York, United States, Sept. 28, 2023 (GLOBE NEWSWIRE) -- Cable glands are crucial when terminating cables in tough or hazardous situations, where ingress protection, sealing, and grounding are necessary to securely pass a wire, cable, or tube through an enclosure. They provide essential strain relief and are also designed to contain flames or electrical sparks that could arise in dangerous conditions. “Asia-Pacific accounted for the largest market share and is estimated to grow a CAGR of 7.9% during the forecast period” stated by Seema, Research Manager at Straits Research P. Ltd.
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Global Cable Glands Market Drivers
The expanding construction sector, particularly in developing nations, is one of the essential drivers driving the global expansion of cable glands. The construction industry's growth rate is significantly higher in developing countries such as the UAE, China, and India; hence, these locations offer more potential opportunities for the investigated market.
Rising Trends
The increasing trend of digitization and automation has led to the spread of robotics in various industries. According to the International Monetary Fund, “with more than half of the world's estimated inventory of industrial robots in use, Asia's investments in robotics are vital for the region's economies, as is the automation of production.”
Thus, the development of smart cities, altering technological trends, the emergence of new markets, and Industry 4.0 are vital variables that will impact the demand for cables and connections and, consequently, the use of cable glands.
Key Highlights
- The global cable glands market size is estimated to reach an expected value of USD 2590 billion by 2030, registering a CAGR of 6.4% during the forecast period (2022-2030).
- By type, the global cable glands market is segmented into non-hazardous area cable glands and hazardous area cable glands. The hazardous area cable glands segment accounted for the largest market share and is estimated to grow a CAGR of 6% during the forecast period.
- By cable type, the global cable glands market is segmented into armored cable glands and unarmored cable glands. The unarmored cable glands segment accounted for the largest market share and is estimated to grow a CAGR of 5.7% during the forecast period.
Regional Insights
By region, the global cable glands market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Asia-Pacific accounted for the largest market share and is estimated to grow a CAGR of 7.9% during the forecast period. As this region is rich in mining, refineries, and chemicals, it is anticipated that large-scale construction operations, especially in growing economies such as China and India, will fuel economic growth. Consequently, industrial equipment such as cable glands is anticipated to increase substantially in this region. Exxon Mobil predicts that by 2040, energy demand will exceed 316 quadrillion BTUs. It is anticipated to reach 271 quadrillion BTUs by 2025, raising the need for the investigated market.
Europe is the second largest region. It is estimated to reach an expected value of USD 555 billion by 2030, registering a CAGR of 5.4%. Europe's demand for oil and gas has increased due to the economic recovery, industrial activity, and heating demand brought on by winter cold spells. The region is one of the world's most advanced and largest crude oil refiners. According to IEA (International Energy Agency), in 2019, the oil sector would invest USD 3.8 million annually in new refining capabilities in Europe.
Competitive Landscape
The Key Players in the global cable glands market are Amphenol Corporation, Bartec Group, CMP Products Limited, Eaton Group (Cooper Crouse-Hinds Electric Company), ABB Ltd, Cortem SPA, Emerson Industrial Automation, Elsewedy Electric, Hubbell Incorporated, Jacob Gmbh, R.Stahl AG, Quanguan Electric, Warom Technology Incorporated, TE Connectivity Ltd.
Market News
- August 2022 - Amphenol Industrial Operations has enhanced its Amphoe-PD series with two low-profile, two-way power connectors that can carry high currents. The Amphe-PD Mini 5.7mm and Gen2 5.7mm Amphe-PD can be used to transfer power from a PSU/PDU to a CPU or GPU PCB board.
Global Cable Glands Market: Segmentation
By Type
- Non-hazardous Area Cable Glands
- Hazardous Area Cable Glands
By Cable Type
- Armored Cable Glands
- Unarmored Cable Glands
By Material Type
- Brass
- Aluminum
- Plastic
- Stainless Steel
- Other Material Types
By End-user Industry
- Aerospace
- Construction
- Manufacturing and Processing
- Oil and Gas
- Power and Utilities
- Other End-user Industries (Marine, Mining, Chemicals)
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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