Industrial Hazardous Cable Glands Market Growth Is Attributed To The Increasing Demand For Power

According to Precision Business Insights (PBI), the latest report, the industrial hazardous cable glands market size was valued at USD 2,102.7 million in 2021, growing at a 6.1% CAGR from 2022 to 2028. The growth in the use of cable glands in this industry is being significantly fueled by the growing demand for better resource and material utilization, the reduction of maintenance costs, protection from dust and moisture found in space vehicles, and enhancing performance and safety systems cable glands that are set up to work with a specified size and range of cable parameters offer more excellent sealing protection. Oil, gas, and petrochemicals will continue as major end-use sectors for cable glands worldwide. Due to increased processing and cable system requirements in the distillation columns and other locations in refineries and petrochemical sectors, cable glands have a significant consumption rate.

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Power Segment to Dominate the Industrial Hazardous Cable Glands Market:
The power segment is expected to account for a larger revenue share in the global Industrial Hazardous Cable Glands market, with a value share worldwide. It is projected to grow at a 6.8% CAGR between 2022 and 2028. The ongoing demand for energy and power in industrialized and developing (or undeveloped) nations presents a sizable market development opportunity. Several developing countries, including Romania, Bulgaria, Laos, and others, need investment to expand their industrial sectors. The economic development of the concerned nation will be aided by financing in such developing regions. Investments in these underdeveloped areas to broaden their economic sectors will likely present profitable opportunities for the overall market. Within the next 20 years, it is foreseen that the world's energy consumption will rise by 48% resulting in a rapid increase in population. Currently, fossil fuels provide 80% of the world's energy needs, but, in the not-too-distant future, this percentage will primarily shift to renewable sources. This will create ample opportunities for cable gland manufacturers.

Asia Pacific Industrial Hazardous Cable Glands Market:
The Asia Pacific market is expected to increase in the global industrial hazardous cable glands market over the forecast period. It is projected to grow at a CAGR of 6.7% in the coming years. Globally, increasing construction activity is also promoting industrial growth. Most developing nations are investing extensively in infrastructure development to boost their economies. Because secure cable connections are necessary for constructing and maintaining public and private infrastructures, the need for cable glands has expanded. The world's largest construction market is expected to experience a slowdown in expansion through 2030, which would limit China's participation in the global construction market. In contrast, building in the US will grow faster than in China over the following 15 years, averaging 5% annually. By 2021, India will surpass Japan to become the third-largest building market in the world, and rates there are anticipated to grow as a result. These factors are driving the market in the region.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.
The global industrial hazardous cable glands market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, in May 2020, Cortem SPA expanded the cable gland family and presented the new barrier version for armored cables (NEVB series) and non-armored cables (NAVB series). They feature a silicone sealing ring, female or male entry, NAVGB model with double sealing ring, etc., which is suitable for different types of cables, including lead sheathed, flat, instrumentation, and fiber optic cables.

The industrial hazardous cable glands market is segmented based on hazard type, cable type, material, end-user, and geography.
Based on the hazard type:
• Flame Proof
• Explosion Proof

Based on the cable type:
• Armored
• Unarmored

Based on the material:
• Brass
• Stainless Steel
• Plastic/Nylon
• Others

Based on the end user:
• Marine & Off-shore
• Utilities
• Power
• Renewable Energy
• Mining & Quarrying
• Oil & Gas, Petrochemicals

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Key players in the industrial hazardous cable glands market report are Amphenol Industrial Products Group, Bartec Feam, Cmp Products Limited, Cortem Group, Eaton Corporation Plc. (Copper Crouse-Hinds, Llc.), El Sewedy Electric Company SAE, Emerson Electric Co., Hummel AG, Jacob GmbH, Weidmüller, Hubbell Group.

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