The global cable accessories market reached a value of US$ 44 Billion in 2017, the market is projected to reach a value of US$ 61 Billion by 2023, exhibiting a CAGR of almost 5.6% during 2018-2023.
A significant shift towards sources of renewable energy, such as solar, wind or tidal, has created a demand for weather resistant and durable cable and relative cable accessories. Installation of high-voltage direct current (HVDC) cable joints and terminations, coupled with the aim of upgrading the existing infrastructure encouraged by government aids, has bolstered the market growth for cable accessorises. Despite the presence of these driving forces, the market is restrained by limited funds, steeply priced raw materials and delayed implementation due to poor planning.
The report has segmented the market on the basis of voltage level, including low voltage cable accessories, medium voltage cable accessories and high voltage cable accessories. Amongst these, low voltage cable accessories are the most popular product type.
The report has also analysed the competitive landscape of the market with some of the key global players being Nexans, Prysmian Spa, ABB Group, NKT Group and Taihan Electric Wire Company Ltd.