Cable accessories: Key market research findings
- APAC dominates the market geographically
- LV cable segment will be the major revenue generator
- Key vendors – ABB, Nexans, NKT Cables, and Prysmian
Tecehnavio’s market research analysts predict the global cable accessories market to grow at a CAGR of around 7% between 2016 and 2020. The increasing development and testing of explosion-resistant cable terminations will be the fundamental driving force behind growth in this market. During 2015, the APAC region accounted for over 42% of the total market share to become the dominant shareholder in the global cable accessories market. Increased electricity consumption, resulting from rapid industrialization and urbanization coupled with a rise in the power generation capacity is expected to fuel growth in the cable accessories market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the cable accessories segments based on the voltage level.
“Recently, there have been many technological innovations and associated challenges concerning HVDC cable joints and terminations. HVDC light cables find preference over their AC counterparts, especially in submarine power transmission owing to its light-weightedness and dimensions. The growing popularity of the HVDC cables and its corresponding accessories is expected to reflect positively on their demand in the coming years,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
The LV cable segment occupied around 51% of the overall market space to become the key revenue generator in the global cable accessories market in 2015. LV accessories are used in the distribution network, wherein, electric power is transmitted from the substations/distribution stations to individual households. The complexity of power cable network and connections stemming from a high network density is expected to augment the demand for accessories like cable joints, terminations, and connector systems.
The key vendors in the global cable accessories market include ABB, Nexans, NKT Cables, and Prysmian. The market is highly fragmented and is primarily dominated by the large international players. In this market, the local players compete with the international vendors in terms of quality, features, functionalities, and services to gain a competitive edge over their peers. The level of competition in this market is expected to intensify during the forecast period with the advent of new products with advanced features and technologies.
A more detailed analysis is available in the Technavio report, Global Cable Accessories Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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