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The cables and accessories market size is forecast to increase by USD 43.66 billion, at a CAGR of 5.46% between 2022 and 2027. Market expansion hinges on several key drivers, such as the increasing integration of smart grid technology, widespread implementation of explosion-resistant cable terminations at scale, and advancements in high-temperature superconducting cables. These factors collectively propel the market forward by enhancing efficiency, reliability, and safety in electrical infrastructure. The adoption of smart grid technology facilitates better management and optimization of electricity distribution, while the deployment of explosion-resistant cable terminations mitigates risks in hazardous environments, promoting operational resilience. Furthermore, the evolution of high-temperature superconducting cables supports higher capacity and efficiency in power transmission, meeting growing energy demands more effectively. Together, these advancements reflect a dynamic landscape where technological innovation meets the needs for sustainable and resilient electrical grids, positioning the industry for continued growth and development in the coming years.
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The market is pivotal in supporting infrastructure for offshore wind farms, essential for expanding renewable energy sources like Algeria's ambitious projects. These cables, connectors, joints, and lugs are critical components in ensuring efficient power generation capacity and reliable transmission and distribution (T&D) infrastructure. Their role extends beyond energy, with applications in telecommunication networks vital for connectivity. As offshore wind farms grow, demand for robust cable solutions intensifies, emphasizing durability and performance in challenging marine environments. The market's evolution is driven by innovations in cable technology, enhancing efficiency and sustainability across global energy networks. Algeria's commitment to renewable energy underscores the market's significance in facilitating clean energy transitions and bolstering infrastructure resilience worldwide. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising adoption of smart grid technology is the key factor driving the market growth. The smart grid brings analog or digital information and computer-based remote control and automation to electricity networks. Smart grid systems are being increasingly deployed in many countries. A smart grid refers to an electricity grid that delivers an economical, sustainable, and secure supply of electricity by intelligently integrating the actions of all users, whether they are generators, consumers, or those capable of both in an efficient manner.
Rising investments in smart grids in the Gulf Cooperation Council (GCC) countries and those in APAC are expected to be a significant factor in market growth during the forecast period due to the continuous growth in the demand for electricity in these regions. Moreover, the world is gradually moving toward the adoption of smart grids, which will trigger an immense demand for such accessories in the future. This will influence vendors to focus on the development of cables and accessories that can serve the smart grid network. Many major vendors are also providing cables for smart grid networks. Such factors will increase the market during the forecast period.
The increasing trend to replace existing overhead power distribution lines will fuel the market development. Electricity is transmitted and delivered using either an overhead or underground cable system. A cable is an insulated conductor that is used to transmit and distribute power underground or overhead. One or more conductors with their own insulation, individual covers, assembly protection, and protective coverings make up a cable. Insulation protects the conductor by covering it and isolating it from the environment.
The primary reasons driving market expansion are the increase in urbanization and infrastructure development. Power and energy demand in the commercial, industrial, and residential sectors have all been affected by the aforementioned reasons. Increased expenditure on smart power transmission and distribution system upgrades, as well as the development of smart grids, are expected to propel the industry forward. Smart grid technology has been used to meet the increased demand for grid interconnections, resulting in a boom in new investments in underground cables. Such factors will increase the market growth and trends during the forecast period.
The volatility in raw material prices is a major challenge to the market growth. Various environmental factors play a role in the changing priorities of power transmission and distribution (T&D) projects. The installation of transmission and distribution lines and cables involves multiple stages of approvals and several procedures. Also, environmental clearance is one such approval needed, which includes various agreements as well as approvals for forest or vegetation clearance. In addition, the risks of using hazardous substances, such as cross-linked polyethylene (XLPE) cables make it difficult to obtain approval for power projects.
The volatility in the prices of copper, aluminum, and other raw materials such as energy and fuel results in fluctuations in cost and revenue for cable and accessory manufacturers. Moreover, instability in the cost of raw materials is often recovered by negotiated changes in the price of the final product. However, in such instances, changes in the selling price may lag behind metal price variations by a particular period. This delay happens as time is required to implement the necessary modifications to the customer pricing strategy. Such factors will hinder overhead cable growth during the forecast period.
The market analysis and report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ducab - The company offers fire performance voltage accessories, medium voltage accessories such as 3.8 or 6.6kV to 19 or 33KV 3 Core Unarmoured MV Cables, and low-voltage accessories such as single core PVC insulated unsheathed cables as per AS NZS 5000.1, which are intended for use in electrical installations at working voltages. Also, under this segment, the company offers bare wire and conductors, low-voltage cables, medium-voltage cables, overhead conductors, rubber cables, special cables, wires, and flexible cables.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
A qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the infrastructure segment will be significant during the forecast period. The industrial end-user segment uses high-temperature cables in several types of equipment, such as industrial furnaces and boilers, which are used in industries such as steelmaking, mining, glass making, and chemicals. Due to the high operating temperature for processes such as smelting, the related equipment requires efficient high-temperature cables for continuous operations. As the industrial sector grows, the installation of furnaces and boilers will increase, which will contribute to the growth of the market.
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The infrastructure segment showed a gradual increase in market share with USD 66.06 billion in 2017. In the infrastructure segment, steel is one of the most vital engineering and construction materials, as it is used in almost every industry. It is required in producing construction products, automotive, electronics such as washing machines and refrigerators, medical devices, cargo ships, and numerous other products. Countries such as China and India, with rapid economic growth and rising infrastructural activities, have emerged as major consumers and producers of steel. Favourable global economic momentum and rising urbanization are key factors for the stable demand growth for steel. Steel is majorly produced in blast furnaces or electric arc furnaces. Both production methods include processes such as smelting, which requires high operational temperature, and hence, high-temperature cables are needed as a critical component. Such factors will increase the market growth during the forecast period.
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APAC is projected to contribute 48% of market growth by 2027. Technavio’s analysts have elaborately explained the regional market trends and analysis and drivers that shape the market during the forecast period. APAC witnesses massive demand for electricity, mainly due to the considerable growth in electricity-consuming sectors. The rising urban population and the increase in the standard of living have made electricity a valuable commodity in many major countries in the region. This has compelled many countries to open up the power sector to private players. With the growing population in the region, the need for power has been steadily increasing. The growing rate of urbanization and the government's rural electrification plans have also raised electricity demand. China dominates the market, with more than half of the market share in APAC.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2023-2027, as well as historical data from 2017 - 2021 for the following segments.
Cable Accessories Market: Cable Accessories Market by Application and Geography - Forecast and Analysis
Cable Assembly Market: Cable Assembly Market Analysis APAC, Europe, North America, Middle East and Africa, South America - China, US, Japan, India, Germany - Size and Forecast
India - Electric Wire and Cable Market: India - Electric Wire and Cable Market by End-user and Type - Forecast and Analysis
The T and D infrastructure plays a crucial role in supporting the expansion of solar power capacity, particularly in emerging countries like Algeria, as part of initiatives such as the Power for All project. The transmission sector benefits from advancements like cross-linked polyethylene cables, reducing carbon emissions and pollution. Centelsa and Elsewedy Electric lead in the high voltage segment, contributing to the reliability of electrical networks through efficient cable installations and connectors. Safety standards and energy efficiency are prioritized in both organized sector and unorganized sector, essential for grid reliability in smart cities undergoing energy grid upgrades. Overhead and underground cable installations cater to varying voltage levels, reflecting diverse installation types crucial for enhancing communication infrastructure and addressing environmental issues in logistics and transportation networks. Overhead cable installations require robust cable connectors, Cable joints, and Cable lugs, crucial components for ensuring reliability in power grids, particularly in e-commerce logistics industries.
Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.46% |
Market growth 2023-2027 |
USD 43.66 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.6 |
Regional analysis |
APAC, Europe, North America, the Middle East and Africa, and South America |
Performing market contribution |
APAC at 48% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Apar Industries Ltd, BRUGG GROUP AG, Ducab, EL Sewedy Electric Co., Eland Cables Ltd., Encore Wire Corp, Finolex Cables Ltd., Furukawa Electric Co. Ltd., Hexatronic Group AB, LS Cable & System Ltd., Nexans SA, NKT AS, Prysmian Spa, Southwire Co. LLC, Sumitomo Electric Industries Ltd., Taihan Cable & Solution Co. Ltd., TE Connectivity Ltd., Tele Fonika Kable SA, and Telefonaktiebolaget LM Ericsson |
Market dynamics |
Parent market growth analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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