Cable Management Accessories Market: Snapshot
Cable management has gained significant prominence in the past few years since reliance on machines has extensively increased across industries and commercial and domestic dwellings. Consecutively, the demand for efficient cable management accessories such as cable lugs, cable markers, and heat shrink tubes has also considerably increased on a global front.
The market for cable management accessories is being driven by factors such as continued progress in infrastructure development activities, rising demand for electricity, and need for renewing existing power transmission infrastructure in developed countries. The recovering construction industry in European countries and stringent regulations governing installation of cables across many developed regions are also driving the demand for a variety of cable management accessories. In developing regions such as Asia Pacific and Latin America, a sizeable rise in development activities across the energy and public infrastructure sectors and expanding telecommunication networks are favoring the overall growth of the global cable management accessories market.
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The market had a valuation of US$1.20 bn in 2015. Transparency Market Research states that over the period between 2016 and 2024, the market will exhibit equally high growth prospects, expanding at a CAGR of 7.2%. The market is expected to rise to a valuation of US$2.23 bn by 2024.
Applications across Manufacturing Sector to Boost Demand for Cable Management Accessories
The manufacturing industry is presently the leading end-use segment for cable management accessories, accounting for over 17% of the market in 2015. The high reliance on complex machineries in the sector requires excellent network of a variety of cables. Stringent regulations overlooking the safety and security aspects of cabled networks, right from their installation to maintenance till the end of their usable lifespan, mandate the need for effective cable management accessories in the manufacturing sector.
Over the next few years, as well, the flourishing manufacturing sector across the globe is expected to remain the dominant demand driver of cable management accessories. The sector is the leading consumer of cable lugs, the cable management accessories, which accounted for a dominant share of nearly 53% in the overall market in terms of product type in the year 2015. As such, the manufacturing sector is one of the leading revenue generators of the market and will continue to command dominance in the near future as well.
Rapid Pace of Industrialization to Create New Growth Opportunities for Cable Management Accessories in Asia Pacific
From a geographical perspective, developing countries across regions such as Latin America and Asia Pacific are the most promising markets for cable management equipment. The rapid pace of industrialization across these regions has significantly boosted the demand for effective cable management accessories in a number of industries. The rapid development observed in the IT industry in Asia Pacific in the past few years has also had a sizeable impact on the overall cable installations in the region, driving the increased need for cable markers, heat shrunk tubes, and cable lugs in the region. In the next few years, increased demand for new construction projects and power transmission lines to support the rapid rate of urbanization will be a key propeller of the market for cable management accessories in Asia Pacific.
The market in Asia Pacific will rise at the highest CAGR of 8.3% from 2016 to 2024, surpassing North America, which will expand at a 7.9% CAGR over the period. North America leads the market presently, accounting for the largest share in the global cable management accessories market in 2015. The market in North America is mostly driven by an increase in utility renewal activities and rapid rate of infrastructure development.
The highly fragmented market features companies such as Legrand SA, Schneider Electric SE, HellermannTyton Group PLC, Thomas & Betts Corporation (ABB Ltd), and TE Connectivity Ltd.