Cable Management Accessories Market
Market Overview
Cable management accessories are used in industrial applications for ensuring higher productivity and avoiding financial losses. Stakeholders of the manufacturing domain are highly investing in high-end cable management systems for efficient electrical services in organizations. This factor has led to the development of efficacious cable lugs, which is eventually driving the Cable Management Accessories Market.
The Cable Management Accessories Industry has reached a value of USD 1.74 billion in the year 2017, and now it is expected to reach USD 2.5 billion by 2023, and a CAGR rate of 6.53% during the forecast period.
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Manufacturers of cable management accessories are competing at the global level to develop insulated and non-insulated cable lugs that can guarantee consistent electrical connections in industrial applications. Thus, the rising demand for cable lugs in the industrial verticals is accelerating the Cable Management Accessories Market. The industrial players and manufacturers are with increased production capabilities of cable lugs will soon meet international standards. Companies related to the cable management accessories market are developing cable lugs that come with the best crimp connections with various crimping toolsets.
High investments in the infrastructure sector have been increasing over the years due to the increased focus on the infrastructure sector in both developed and developing countries. The propelled demand for innovative solutions to fulfil the requirements of industrial verticals will fuel up the Cable Management Accessories Market during the forecast period.
Moreover, the energy infrastructure and public sector infrastructures will be expanded and replaced, such as railways, roads, airports, and communication networks worldwide. This factor is accelerating the demand for cable installations, further stimulating the demand for cable lugs and markers.
Market Segmentation
The Cable Management Accessories Market is segregated into type and end-user. These segments are further segmented into different segments. The type fragment of the market consists of Cable Lug, Cable Marker, and Heat Shrink Tube.
The End-User segment of the market is divided into different industrial verticals such as Telecommunication, Utilities, Logistics and Transportation, Automation and IT, Manufacturing, Construction and others.
Regional Analysis
The Cable Management Accessories Market is geographically distributed into major regions such as North America, Europe, Asia-Pacific, and the rest of the world. All these regions will show significant growth during the forecast period.
North America, which Europe follows, will lead the market due to the region's higher demand for cable services. The region also consists of emerging countries that are propelling regional market growth. Moreover, prominent industrial players in the region and the intense growth of the logistics and transportation sector are accelerating the demand for cable management accessories.
Asia-Pacific is estimated to show robust growth at a significant CAGR rate during the forecast period. The demand for cable management accessories is highly concerned in countries such as China and India that are observing a rapid pace of industrialization and urbanization, and growth in the construction sector.
Industry News
In November 2018, Legrand India launched their first retail store in Kochi, which provides solutions that are designed throughout the sectors for the commercial, hospitality, residential, and industrial segments.
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