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Cord And Cable Reels Global Market Set to Skyrocket to $10.30 Billion By 2028 with an Impressive CAGR 6.3% | Eaton Corporation, Legrand SA, Hubbell Inc., Nederman GmbH, Gunnebo Industries
Cord And Cable Reels Global Market
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According to The Business Research Company's, The cord and cable reels market size has grown strongly in recent years. It will grow from $7.59 billion in 2023 to $8.06 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to the rise in demand for industrial cable reels, expansion of industrial operations, increased focus on predictive maintenance, rise in demand for smart reels, and increased use of cord and cable reels in residential and commercial settings.
The cord and cable reels market size is expected to see strong growth in the next few years. It will grow to $10.30 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to rising demand from the construction industry, growing popularity of cord and cable reel systems in the data center, increasing demand from the electrical and electronics industry, growing emphasis on workplace safety, rising awareness regarding safety in a commercial environment. Major trends in the forecast period include advancements in cable management, industrial automation, integration of enabling technologies, advancements in materials and manufacturing, and demand for customized solutions.
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Market Drivers and Trends:
The increasing construction activities are expected to propel the growth of the cord and cable reels market going forward. Construction activities involve the physical development of buildings, infrastructure, and other structures. Construction activities are increasing due to rapid urbanization, infrastructure development, and a focus on efficiency and accuracy in building projects. Cord and cable reels enhance efficiency, improve safety, facilitate mobility, and ensure better project management for the construction industry. For instance, in February 2024, according to Eurostat, a Europe-based government agency, the average annual building production in the EU and the euro region increased by 0.1% and 0.2%, respectively, compared to 2022. Additionally, in December 2021, according to the United States Census Bureau, a US-based government agency, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, with a growth rate of 10.2%. Therefore, the increasing construction activities drive the cord and cable reels market.
Major companies operating in the cord and cable reels market are developing retractable power cord reels to enhance convenience, safety, and efficiency in various industries. Retractable power cord reels provide convenient access to power while minimizing clutter and hazards associated with loose cords. They offer benefits such as improved safety, organization, and efficiency, making them a valuable tool in many industries. For instance, in February 2024, SKF Lincoln, a US-based manufacturing company, introduced a new 60-foot retractable electrical power cord reel designed to provide high-quality and premium features for users. The retractable power cord reel is designed to improve safety, convenience, and productivity in various settings where electrical power is needed. It is suitable for use in a variety of applications, including construction, maintenance, and other industries.
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Major Key Players of the Market:
Eaton Corporation, Emerson Electric Co., Wabtec Corporation, Legrand SA, Hubbell Inc., Nederman GmbH, Gunnebo Industries, Conductix-Wampfler GmbH, Cavotec SA, Paul Vahle GmbH & Co. KG, Reelcraft Industries Inc., Coxreels Co., Gleason Reel Corporation, Demac Srl, United Equipment Accessories Inc., Hannay Reels Inc., Bright Industries, Embicon Tech Hub, Hartmann & König Stromzuführungs, Hinar Electric Co., Stemmann-Technik GmbH, Hindustan Engineers, Vijay Engineering Corporation, Harsh Industries
Cord And Cable Reels Market 2024 Key Insights:
• The cord and cable reels market size is expected to see strong growth in the next few years. It will grow to $10.30 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• The Cord And Cable Reels Market Is Poised For Growth Driven By The Booming Construction Industry
• Advancements In The Cord And Cable Reels Market Gaining A Competitive Edge In The Market
• Asia Pacific was the largest region in the cord and cable reels market in 2023
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