The cable tag market is expected to register a CAGR of 9.5%, over the forecast period of 2018
Cable Tags Market
NEW YORK, Oct. 31, 2019 /PRNewswire/ --
The cable tag market is expected to register a CAGR of 9.5%, over the forecast period of 2018-2023. The scope of the report includes segmentation by product type, material type, and end-user industry.
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The demand for highly resistant identification products is driving the growth of the cable tag market. In addition, the increasing adoption of automation and demand for frequently alterable wiring systems are expected to boost the growth of the cable tag market. There is an increasing need for businesses to increase their productivity. Factors that can affect the productivity, particularly in terms of technological systems, are - massive amounts of cables, wires, and other types of harnessing. Cable tags play a significant role in labeling the machines, which can be used to increase business productivity. However, unstable raw material prices are expected to hamper the growth of the market studied, over the forecast period.
The automation market has been recording significant growth, owing to its widespread adoption in industrial and urban applications. Automation uses a considerable number of components, such as HVAC systems, switchgear, relays, human-machine interface (HMI) systems, and IT systems, which are connected through wires and cables. The cables can be small in size, ranging from 0.5 mm2 to 35 mm2. Besides, tracking the exact wire connection in an automation system can be difficult.
Thus, the use of cable tags plays a significant role, in automation. A cable tag is a label that indicates the serial number or information on a particular wire, regarding which component it is connected to. A cable tag can be inserted or pasted as a ferrule, on the cable. Cable tags find applications in industrial and home automation.
Demand for Highly Resistant Identification Products
Cable tags have the ability to withstand high temperatures and harsh weather conditions, such that printing on the tag does not fade away. The cable tag companies are printing labels on stainless steel or aluminum tags, by punching the letters on tags. Stainless steel and aluminum tags have a longer life than that of paper or plastic, thereby offering a competitive advantage. However, plastic ferrules and other plastic coated, paper wrap-around cable label tags are used commonly in the market, owing to their low cost.
North America Expected to Account for the Largest Share in Cable Tags Market
By region, the North American segment accounted for the largest share in the global cable tag market, and is expected to continue its dominance, over the forecast period. The United States leads the North American segment, due to the growing adoption of automation technologies, in the country. In addition, the countries in the region have advanced commercial and industrial sectors. Therefore, it is important for industries that deal heavily with technology, to have all the wires and cables correctly labelled. Including high-quality label tags on site can drastically increase productivity, as cable tags are durable, long lasting, and easy to read. The robust adoption of cable tags in various industries is expected to lead to the growth of the North American segment, over the forecast period.
Key Developments in the Cable Tags Market
- February 2018 - Eaton launched a new series of deck hangers, to help reduce installation time and simplify electric code compliance. The new series is designed to reduce labor while meeting critical electrical code requirements, through a robust riveted assembly and identical ends that do not require the installer to identify proper side, before installation.
- November 2017 - HellermannTyton launched identification tags for cable bundles, which are specifically designed for applications where metal detectable materials are required.
Cable Tags Market Major Players:
TE Connectivity.
Brady Worldwide Inc.
ZipTape Label ID Systems.
Legrand.
Panduit.
3M Company.
Cable Label Co. Ltd.
HellermannTyton.
Industrial Labelling Solution.
Marking Services Inc.
Eaton Corporation PLC.
Reasons to Purchase Cable Tags Market Report
- Current and future global cable tag market outlook in developed and emerging economies
- Performance of various segments in the market studied
- Analyzing different perspectives of the market, with the help of Porter's five forces analysis
- The segments and sub-segments that are expected to dominate the market studied
- The regions that are expected to witness healthy growth, during the forecast period
- The latest developments, market shares, and strategies employed by the major market players
- 3 month analyst support along with the Market Estimate sheet (in Excel)
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