Market Synopsis
Global cable management accessories market 2020, according to MRFR, is poised to expand from USD 1.74 billion in 2017 to USD 2.5 billion by 2023, at a CAGR of 6.53% over the review period.
Market Highlights
Increasing investment in global energy infrastructure renewal and upgrade, double-digit growth in the infrastructure sector in developed nations, and strict cable management regulation in a premise drive cable management accessories demand.
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Manufacturers in the cable management accessories sector are taking advantage of new opportunities in the aerospace industry, as the demand for weight-reducing materials in the aerospace industry is growing. Manufacturers on the cable management accessories market are thus the the production of personalized and precision parts that meet the needs of aerospace engineers. In addition , companies operating in the market for cable management accessories are developing heat shrink closures which improve network capacity. Therefore, the ever-growing IT & Telecom sector propels the market for closures to heat shrinks. Additionally, tried and tested efforts have led to splice closure technologies that support cable diameters and joint dimensions. Nonetheless, other business environment issues are slowing the growth of the company. For example , finding an acceptable marking solution for steel wires is one of the challenges for end-users in the market environment of cable management accessories.
Market Segmentation
Market by type of cable handling accessories is divided into cable lug, cable label and heat shrink tube. The segment of cable lug is estimated to hold the largest market share in 2017 while heat shrink tubes are expected to witness the highest CAGR over the forecast period. The market is segmented by end-users into telecommunications, automation and IT, manufacturing , energy, logistics & transport , construction and others. The end-user manufacturing segment is expected to dominate the market over the entire forecast period ( 2018-2023). Strict government legislation and compliance standards concerning cabling safety and security at the manufacturing premises result in this sector's strong demand for cable management accessories. Nonetheless, due to cable management requirements across power distribution / generation plants and substations, the Utilities segment is expected to record the highest CAGR durin g of the prediction period.
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Competitive Dashboard
The key players profiled in the cable management accessories market research report are Thomas & Betts Corporation (Switzerland), HellermannTyton Group PLC (UK), Legrand S.A. (France), TE Connectivity Corporation (Switzerland), Chatsworth Products, Inc. (US), Cooper Wiring Devices (US), Gustav Klauke GmbH (Germany), Schneider Electric SE (France), Panduit Corporation (US), CableOrganizer.com, LLC. (US). Such players are actively focused on growth strategies such as strategic alliances, mergers , acquisitions and product launch to strengthen their product offerings and extend their market presence.
Regional Outlook
It is projected that the global demand for cable management accessories will expand at a significant pace over the 2018-2023 forecast period. The cable management accessories industry regional research is performed for North America, Europe , Asia-Pacific and the rest of the world.
From 2018 to 2023, North America followed by Europe is projected to dominate the demand for cable management accessories, as these regions are competitive and well-established economies. In addition , the presence of the leading multinational corporations in the region and the rapid growth of the logistics and transport sector further drive the market for cable management accessories in those regions.
During the forecast period Asia-Pacific is expected to rise at the significant CAGR. Demand for accessories for cable management is mainly concentrated in countries such as China and India that are witnessing rapid urbanization pace and growth in the construction sector. This phenomenon has fueled demand for cable management products, as demand for electricity is expected to double with increased urbanization. In addition, there is a growing demand for quality electrical infrastructure which will serve potential demands for electricity.
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