Cable and accessories are an important part of the power cable systems and are widely used in the distribution and transmission of electricity. Cables are an assembly of one or more insulated electrical conductors to serve in single phase or three phase systems. Cables are made up of three basic parts such as conductor, shielding and connector. These cables and accessories include cable joints, connector systems, terminations, and so on.
Rising inclination towards conventional sources of renewable energy is expected to drive growth of global cable and accessories market over next five years
Increasing urbanization, growth in industrialisation and rising demand for electricity are key factors propelling growth of the global cable and accessories market. Increasing government activities to update and extend current transmission distribution infrastructure, and growing infrastructure developments in emerging economies are other factors expected to propel growth of the global cable and accessories market over the forecast period.
Shifting inclination towards conventional sources of renewable energy, and development in wire insulation technologies further expected to prove as a growth opportunity for the global cable and accessories market over the forecast period.
However, fluctuating raw material prices such as aluminium, and copper is a key factor restraining growth of the global cable and accessories market. Additionally, lack of skilled workforce to handle high voltage (HV) projects, and environmental stress such as extreme temperatures affect cable materials – with low temperature making cables brittle and high temperatures causing them to become very soft – are other factors expected to hamper growth of the global cable and accessories market over the forecast period.
The global cable and accessories market is segmented on the basis of voltage type, installation, end-user, and regional. On the basis of region, the global cable and accessories market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America market is a dominant player in the global cable and accessories market followed by Europe, and accounts for highest revenue share in terms of revenue. This can be attributed to advancement in cable insulation technology in the region. The market in Asia Pacific is projected to register highest growth rate over the forecast period, owing to increasing infrastructure, and development in power sector in emerging economies in the region.
Prominent players in the global cable and accessories market include Nexans S.A., General Cable Corporation, ABB Ltd., Kabelwerke Brugg AG Holding, Prysmian S.p.A., Senaat General Holding Corporation, Bahra Advanced Cable Manufacture Co. Ltd., LS Cable & System Ltd., Caledonian Cables Ltd., and Kabelwerk Eupen AG.