Press release
Cable Management Accessories Market is predicted to clock a CAGR of 7.1% between 2017 and 2024
Factors such as need for upgrade of existing power transmission infrastructure in developed countries along with infrastructural development and rising energy generation in developing countries are stoking demand for construction equipment and electrical components. This is indirectly boosting the cable management accessories market. Considering a number of positive factors, the global cable management accessories market is predicted to clock a CAGR of 7.1% between 2017 and 2024.
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Growth of Manufacturing Sector to Fuel Cable Management Accessories Market
The global cable management accessories market has been segmented in terms of product, end-use, and geography. By product, cable marker, cable lug, and heat shrink tube are the segments into which the cable management accessories market has been divided. Cable lug, among them held the dominant close to 53% of the overall market in 2015.
In terms of end-use, key segments into which the cable management accessories market is divided are IT and telecom, energy and utility, manufacturing, oil and gas, healthcare, mining, logistics and transportation, construction, and others. The manufacturing segment, among all, holds dominance in this market. Stringent regulations that oversee the safety and security aspects of cabled networks, right from installation till the end of their usable life mandate the use of effective cable management accessories for machinery in the manufacturing sector.
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In the years ahead too, the thriving manufacturing sector worldwide is predicted to display vast growth opportunities for the cable management accessories market. The manufacturing sector displays the leading demand for consumer lugs in the overall market. Owing to these factors, the manufacturing sector accounts for the leading revenue contribution to the cable management accessories market; the manufacturing sector is predicted to command dominance amongst other end-use segments.
Rapid Industrialization Stokes Demand for Cable Management Accessories in Asia Pacific
Geography-wise, the cable management accessories market is classified into North America, Asia Pacific, Latin America, Asia Pacific, and the Middle East & Africa. Asia Pacific and Latin America hold prominence in the cable management accessories market. Rapid industrialization in developing nations of these regions display huge demand for cable management accessories for industrial machinery.
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In addition, rapid growth of the IT industry in Asia Pacific has also had a sizeable impact on the demand for mechanical cable accessories such as heat shrunk tubes, cable lugs, and cable markers.
Apart from this, rapid pace of urbanization in emerging economies of Asia Pacific leading increasing construction of residential and commercial buildings and new power transmission lines is serving to boost the demand for cable management accessories.
Increasing initiatives for infrastructural development in the Middle East & Africa have favored the growth of several ancillary industries such as cable management accessories. In the coming years, construction projects in countries such as Qatar, Saudi Arabia, and the UAE are likely to present monumental demand for mechanical and electrical components.
Key companies operating in the global cable management accessories market include Schneider Electric SE, Legrand SA, Hellermann Tyton Group plc, Thomas & Betts Corporation, TE Connectivity, and Legrand SA.
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