Cables and Accessories Market is Projected to Reach $158.25 Billion by 2022 | Leading key players are Prysmian, Nexans, NKT Cables, General Cables, Sumitomo, ABB

According to recent market research "Cables and Accessories Market by Voltage (Low, Medium, High), LV by Installation (Overhead (Conductors, Accessories), Underground (PVC, XLPE, Terminations, and Joints)), LV by End-User (Industrial, Renewables), and Region - Global Forecast to 2022", The global cables and accessories market is estimated to reach USD 121.63 Billion in 2017, and is further projected to reach USD 158.25 Billion by 2022 growing at a CAGR of 5.40%.

The market is set to witness growth, due to increasing urbanization, industrialization, and rising demand for electricity from the industrial, commercial, and residential sectors.

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The global cables and accessories market is projected to reach USD 158.25 billion by 2022 growing at a CAGR of 5.40% from 2017 to 2022. This market growth is primarily driven by the increasing installation of offshore windfarms, growing grid interconnections, and new transmission line projects and upgrades.

Asia Pacific would continue to be the largest market for low voltage cables and accessories followed by Europe till 2022. The global market is dominated by major players including Nexans (France), NKT Cables (Denmark), General Cable (US), Prysmian (Italy) and Sumitomo (Japan), and others.

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Market growth strategies adopted by key players in cables and accessories market include contracts & agreements, new product launches, expansions & investments, mergers & acquisitions, and joint ventures, partnerships & collaborations. Contracts & agreements was the most commonly adopted strategy by market players from 2013 to October 2017. Industry players also adopted new product launches in the stated period from 2014 to 2017 (January).

Prysmian is one of the leading companies in supplying cable and system solutions to the energy and telecom sectors. The company operates its business through four segments namely: energy products, energy projects, telecom, and oil and gas. It offers cables under energy projects operating segment. The company has adopted various strategies such as contracts & agreements and expansions to gain market share in cables and accessories market. In May 2017, the company has signed a technology cooperation agreement with Nanocomp Technologies to improve the use of various technologies in power transmission, power distribution, telecom networks, control, and instrumentation applications.

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Nexans is a global manufacturer of cable products and services in the industrial automation, utilities, transmission and distribution, oil & gas and petrochemical, aerospace and defence sectors. It mainly focuses on four main end markets namely: electricity transmission and distribution (submarine networks, and land-based networks), energy resources (oil & gas, mining & renewables), transport ((rail, road, air, and sea), Building (community facilities, housing and data centers). The company supplies cables under its electricity transmission distribution, and operators segment. The company has adopted contracts & agreements as its growth strategies to maintain its market position. In October 2017, Nexans received a contract for supply of 3,000 km of low and medium voltage cables and instrumentation cables for the Nasr Phase II field development project in Abu Dhabi. It would supply cables ranging from 250 V to 132 kV. This would strengthen its presence in the Middle East. Later, in October 2017, the company was awarded a contract from BKK Nelt for supply and installation of submarine cables in Norway at a sea depth of 526 meters.

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