Press release
Cable Glands Market Projected To Experience Major Revenue Boost During The Period Between 2018-2025
Asia-Pacific cable glands market is expected to witness the fastest growth rate with a CAGR of 7.0% from 2018 to 2025, owing to vast availability of mines, chemicals, and refineries along with rise in adoption of industrial equipment. However, North America held the major market share in 2017 and is expected to maintain its leadership status by 2025. This is due to surge in demand for technologically advanced equipment in various sectors such as construction, manufacturing, and mining.Supportive government initiatives for regional connectivity and emergence of applications in automation sector facilitate the growth in the cable glands market. However, fluctuations in raw material prices hinder the market growth. On the other hand, rise in number of data centers and investment in emerging economies create new opportunities in the industry.
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Based on cable type, the armored segment accounted for nearly three-fourths of the total cable glands market share in 2017 and is expected to maintain its dominance throughout 2018–2025. This is attributed to the increased used in onshore plant applications. The same segment is also projected to grow at the fastest CAGR of 6.2% during the forecast period.
Based on type, the industrial segment generated the highest revenue in 2017, contributing to more than four-fifths of the total market share. The rapid industrialization across the globe has led to rise in demand for industrial grade cable glands for proper transmission of power, earthing, bonding, insulation, and cable guarding. The Hazardous segment, on the other hand, is anticipated to cite the fastest CAGR of 6.3% through 2018–2025.
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Key market players analyzed in the cable glands market include Amphenol Industrial Products Group, CMP Products, Bartec Feam, Cortem Group, Copper Crouse-Hinds, Jacob Gmbh, Elsewedy Electric, Sealcon LLC, Metal Craft Industries, Wiska, Warom Group, Weidmüller Interface GmbH & Co. KG, Agro AG, and Hummel AG.
Key Findings of the Cable Glandss Market:
The North America region dominated the market and is projected to grow with a CAGR of nearly 6.1%, in terms of revenue, during the forecast period.
The Europe Cable Glands market is anticipated to witness moderate growth rate of 5.8%, in terms of revenue, during the forecast period.
The Asia-Pacific Cable Glands market generated a revenue share of 29.99% in 2017.
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