(MENAFN- America News Hour) The report predicts the global Cables and Accessories Market to grow at a healthy CAGR Of 5.40% over the forecast period from 2023-2033.
“The cables and accessories market is projected to grow at a CAGR of 5.40%, from 2023 to 2033”
The cables and accessories market is projected to reach from USD 121.63 billion in 2023 to USD 158.25 billion, by 2033, growing at a CAGR of 5.40%, from 2023 to 2033. Increasing demand for electric power worldwide and increasing investments in smart grids are driving the market growth of cables and accessories across the world. Complex planning and authorization procedures leading to delays, and volatile prices of raw materials are restraints for the cables and accessories market .
“Low voltage segment is expected to hold the largest share of the cables and accessories market, by voltage, during the forecast period”
Low voltage segment is expected to grow quickly in the global cables and accessories market during the forecast period. This growth can be attributed to rising investment in smart grid technology, an increase in renewable energy generation, and an expansion of transmission and distribution networks. Increasing demand for power in countries such as India, China, South Korea, Philippines, among others led to the expansion of T&D infrastructures such as power cables, substations, and transformers. Moreover, expansion and up-gradation of aging electrical infrastructure would drive the market for low-voltage cables and accessories.
“Europe: Key market for low voltage cables and accessories”
Europe is the second largest market for low-voltage cables and accessories followed by North America and the Middle East and Africa. The focus of the governments of countries such as Germany, the UK, and Russia for increased renewable energy contributions in the regional electricity generation mix is expected to boost the demand for low voltage cables and accessories in Europe. Furthermore, the need to upgrade aging infrastructure in European countries and planning of inter-country grid interconnection projects is likely to impact the growth opportunities of low voltage cables and accessories in Europe.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
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The distribution of primary interviews is as follows:
By Company Type: Tier 1- 62%, Tier 2- 23%, Tier 3- 15% By Designation: C-Level- 40%, D-Level- 35%, Others- 25% By Region: Asia Pacific- 42%, North America- 19%, Europe- 18%, Latin America- 11%, Middle East and Africa- 10%
The tier of the companies has been defined on the basis of their total revenue; as of 2016: Tier 1 = USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 =
The leading players in the cables and accessories market are Prysmian (Italy), Nexans (France), General Cable (US), NKT Cables (Germany), and Sumitomo (Japan).
The report provides a picture of the cables and accessories market across the power industry and regions. It aims at estimating the market size and future growth potential of the market across different segments such as voltage, installation, end-user, and region. Furthermore, the report also includes an in-depth competitive analysis of key players in the market along with their company profiles, recent developments, and key market strategies.
For the purpose of this report, the market has been segmented on the basis of voltage, end-user, installation, and region with a focus on industry analysis (industry trends), market share analysis of top players, supply chain analysis, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the cables and accessories market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the cables and accessories market Market Development: Comprehensive information about lucrative emerging markets; the report analyzes the markets for cables and accessories across regions Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global cables and accessories market
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Why buy this report? The report identifies and addresses key markets for implementation of cables and accessories in the power industry, which would help manufacturers review the growth in demand. The report helps solution providers understand the pulse of the market and provide insights into drivers, restraints, and challenges. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
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