North America Estimated to Account for a Significant Industrial Cable Reels Market Value Share by 2026 End
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Sales of industrial cable reels in the global market is estimated to reach US$ 2,480.0 Mn by the end of 2018, witnessing a Y-o-Y growth rate of 4.0% over 2017. In terms of volume of industrial cable reels, China is expected to account for nearly 22.2% of the total share in the global industrial cable reels market by the end of 2018 and is expected to retain its position in the industrial cable reels market during the forecast period.
Global Industrial Cable Reels Market: Dynamics
The demand for industrial cable reels is driven by investments in public and private sector construction projects across the globe. Increasing investments made by governments as well as private sector companies in infrastructural development projects will create a requirement for construction and logistic equipment, such as cranes, and will be a major factor driving the growth of the global industrial cable reels market. Within these infrastructural projects, some of the key demand drivers are expected to be construction, urban infrastructure, irrigation and mining operations. Investments in infrastructure can be classified into investments on roads, ports, airports, railways, pipelines, waterways and urban infrastructure. Also, the Middle East region has presence of well-known construction companies, especially in Dubai, Qatar, Doha and UAE. That apart, the upcoming Expo 2020 (Dubai) will create significant opportunities for industrial cable reels manufacturers to cater to the demand from the construction sector in due time.
Also, due to the flourishing industrial sector, including manufacturing, mining, construction, utilities and oil and gas, the demand for cable reels across the globe is expected to rise during the forecast period. Many companies engaged in the manufacturing of industrial cable reels are entering markets in Asia-Pacific and Middle East and Africa with the hope of capitalizing on demand and thus, expand their geographical footprint. For this, companies are focusing on developing products that comply with the operational standards in local markets.
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Global Industrial Cable Reels Market: Forecast
The industrial cable reels market insights suggest that manual the industrial reels segment will continue to dominate the industrial cable reels market during the forecast period.
On the basis of cable core, the market varies from region to region. The demand for less than 4 core industrial cable reels is significantly higher at a global level.
The North America Industrial cable reels market is found to be a high value region and is further expected to dominate in terms of sales over the forecast period. However, China and Southeast Asia & Pacific are expected to grow at an above-average growth rate in the global Industrial cable reels market over the forecast period.
Global Industrial Cable Reels Market: Competitive Landscape
Some of the market participants included in the report on the industrial cable reels market are Delachaux SA, Cavotec SA, Stemmann-Technik GmbH, Paul Vahle GmbH & Co. KG, United Equipment Accessories, Inc., Hubbell Incorporated, Nederman Holding AB, Eaton(cooper industries), Emerson Electric Co., Legrand SA and Schneider-Electric.
Prominent manufacturers involved in the global industrial cable reels market are focusing on collaboration activities with local players to gain market share across the globe. Further, key manufacturers are introducing application-specific industrial cable reels to better serve their wide customer base.
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