Press release
Cable Management Accessories Market: Up-to-Date Analysis of Market Trends and Technological Improvements
“Increasing investments aimed at product innovation and development is a key strategy adopted by most leading vendors in the market. So as to survive the stiff competition in the global market, companies are aligning their expansion strategies towards the emerging economies, which have demonstrated excellent growth opportunities in the industrial and construction sector,” a TMR analyst quotes.
Some of the leading players in the market are Schneider Electric SE, Thomas & Betts Corporation (ABB Ltd), Legrand SA, TE Connectivity Ltd., and HellermannTyton Group PLC.
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Infrastructure Development Activities in MENA to Boost Opportunities for Cable Management Accessories
There has been a huge surge in the number of new infrastructure development projects in the Middle East and North Africa in the past few years. This has favored the growth of many industries, including the cable management accessories industry.
Infrastructure development activities across emerging countries in Latin America and Asia Pacific will also stimulate the consumption of a variety of cable management accessories in the next few years. The recovering construction industry in European countries post the recent economic depression is also slated to present lucrative growth opportunities for the market in the next few years.
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Rising Demand for Energy to Drive Development of Power Generation and Transmission Infrastructure
The overall global investment in the power generation and transmission infrastructure has significantly increased in the past few years. Owing to the mounting global demand for electricity, especially across developing regions, sweeping developments will be observed in the power sector in the next few years.
In developed regions such as North America and Europe, most of the electrical grid infrastructure is reaching the end of its operational lifespan. Being incompatible with technical and environmental requirements of the present times, an urgent need has arisen for the renewal of energy infrastructures in these regions.
In the near future, favorable developments in this area will present lucrative growth opportunities for the global cable management accessories market in these regions.
In terms of product types, the segment of cable lugs is presently dominating the global market, accounting for over 53% share in 2015. The manufacturing sector is the leading revenue generator in terms of end-use industries, accounting for over 17% in the global market in 2015.
On a regional front, Asia Pacific is expected to present the most promising growth opportunities for the global cable management accessories market. The region will exhibit an 8.3% CAGR through 2024.
On a whole, the global cable management accessories market will expand at a healthy 7.2% CAGR over the period between 2016 and 2024, rising from a valuation of US$1.20 bn in 2015 to US$2.23 bn by 2024.
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