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Industrial Cable Reels Market Size, Share & Forecast 2024-2033 | Trends & Key Players
Industrial Cable Reels Market Size
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According to The Business Research Company's, The industrial cable reels market size has grown strongly in recent years. It will grow from $1.63 billion in 2023 to $1.72 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to increased adoption in the healthcare sector, growth in urbanization and the development of smart cities, improved customer support services, increased investments in research and developments, the expansion of telecommunications networks, and smart factory development.
The industrial cable reels market size is expected to see strong growth in the next few years. It will grow to $2.13 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to the development of educational and training programs, rising demand for cable reels in the renewable energy sector, focus on developing cost-effective cable reels, increasing energy consumption required efficient distribution systems, and growth in port and maritime operations. Major trends in the forecast period include industry focus on sustainability initiatives, the introduction of hybrid cable reel systems that combine manual and motor-driven mechanisms, adoption in the aerospace sector, integration of energy storage solutions, and customization and modular solutions.
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Market Drivers and Trends:
The increasing focus on workplace safety is expected to propel the growth of the industrial cable reels market going forward. Workplace safety refers to creating a secure environment by addressing potential risks such as cluttered walkways, uneven surfaces, and loose cables. There is an increasing demand for workplace safety due to several factors, including a growing emphasis on corporate social responsibility, technological innovations, and favorable regulatory compliance. Industrial cable reels enhance workplace safety and reduce tripping hazards by keeping cables organized and off the floor, preventing loose cables from creating obstacles, and maintaining a tidy workspace. For instance, according to the Workplace Safety and Health Report 2021 released by the Ministry of Manpower, a Singapore-based government agency, the number of workplace injuries increased from 11,350 in 2020 to 12,766 in 2021. Therefore, the increasing focus on workplace safety and reducing tripping hazards is driving the growth of the industrial cable reels market.
Major companies operating in the industrial cable reels market are developing innovative solutions, such as slip ring-free cable reels, to enhance reliability and reduce maintenance costs, allowing easy cable management. Slip-ring-free solutions eliminate the need for rotating electrical contacts, which enhances reliability and reduces maintenance costs. These solutions provide uninterrupted power and signal transmission, minimize the risk of electrical failures, and extend the lifespan of the equipment, leading to increased operational efficiency and reduced downtime. For instance, in February 2021, igus, a Germany-based plastics manufacturing company, launched e-spool flex 2.0, a new cable reel that provides a slip ring-free solution for cable management in industrial robot applications. It guarantees seamless cable handling with a simple setup and adaptable mobility, prioritizing safety and operational efficiency. Other features of the device include a snail mechanism that enables continuous cable connection and easy insertion of existing cable even when connectors are already attached. The technology also boasts good transmission dependability and a variety of winding configurations.
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Major Key Players of the Market:
Schneider Electric SE, Eaton Corporation plc, TE Connectivity, Emerson Electric Co., Marmon Holdings Inc., Southwire Company LLC, Hubbell Incorporated, Atkore , Tsubakimoto Chain Co., Nederman Holding AB, Conductix-Wampfler GmbH, Cavotec SA, BICC Cables, Reelcraft Industries, Coxreels, Arnold Fire Equipment, Power and Rubber, DEMAC, Hannay Reels Inc., United Equipment Accessories Inc., Schill GmbH & Co. KG, United Universal Industries Inc., Duro Manufacturing LLC, Reel Power Industrial, Paul Vahle GmbH & Co. KG
Industrial Cable Reels Market 2024 Key Insights:
• The industrial cable reels market size is expected to see strong growth in the next few years. It will grow to $2.13 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Rising Emphasis On Workplace Safety Boosts Industrial Cable Reels Market Growth
• Innovative Slip-Ring-Free Solutions Drive Growth In The Industrial Cable Reels Market
• Asia-Pacific was the largest region in the industrial cable reels market in 2023
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