The sprawling infrastructural networks, which lays the foundation for connectivity, are held together by cables. The persistent growth in infrastructural projects has augmented the demand for cables and subsequently lent an impetus to the global cable management accessories market. The various accessories available in the global market are cable markers, cable lugs, and heat shrink tubes. The market was valued at US$1.20 bn in 2015. However, as the demand for cable management accessories soars in end-use industries such as manufacturing, IT and telecom, healthcare, energy and utility, logistics and transportation, oil and gas, mining, and construction, the opportunity in the global market is expected to reach US$2.23 bn by 2024. During the forecast years of 2016 and 2024, the global market is anticipated to expand at a CAGR of 7.2%.
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Europe Cable Management Accessories Market Leaps with Rising Construction Activity
The rising demand for electricity and the ongoing projects to upgrade the power transmission facilities are expected to fuel the demand for cable management accessories in the near future across developed nations. Transparency Market Research observes this as an emerging trend amongst European countries. The construction industry across the region regains strength and is complying with strict regulations that are governing the installation of cables, which has augmented the demand for cable management accessories. The remarkable pace of development due to industrialization and urbanization in regions such as Latin America and Asia Pacific is also projected encourage the growth of the market. The significant emergence of telecommunication networks is also supporting the growth of the global market.
Booming Manufacturing Sector Augurs Well for Growth of Market
Analysts project that the manufacturing industry is likely to be at a forefront of the overall demand for the cable management accessories during the forecast period. According to the research by Transparency Market Research, the application segment in question accounted for more than 17% in 2015. Stringent norms governing the safety and security aspects of cabled networks during their entire lifespan is expected to boost the demand for durable cable management accessories in the manufacturing sector. Thus, the booming manufacturing activities, especially in the developing countries, are likely to be the prime growth driver for the global market.
Asia Pacific to Assume Lead in Global Market
Geographically, the global market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Of these, Asia Pacific expected to offer a plethora of opportunities to the global market due to the unprecedented rise of the IT industry, which has had a significant impact on the cable installations. Thus, between the years of 2016 and 2024, the Asia Pacific cable management accessories market is likely to progress at a CAGR of 8.3%.
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Some of the leading players operating in the global cable management accessories market are Legrand SA, HellermannTyton Group PLC, Schneider Electric SE, TE Connectivity Ltd, and Thomas & Betts Corporation (ABB Ltd). Despite these big names claiming a strong foothold in the global market, there is a significant presence of local players in the regional markets. Analysts anticipate that companies will have focus on product innovation and collaboration with regional players to maintain dominance in the global market.