A host of local players hold a sway over the regional markets in the global cable management accessories market. Even big international players find it difficult to dent their shares. This makes the competitive landscape in the market highly fragmented. TE Connectivity Ltd., Schneider Electric SE, Legrand SA, Thomas & Betts Corporation (ABB Ltd), and HellermannTyton Group PLC., are to name a few of the leading players operating in the global cable management accessories market.
A report by Transparency Market Research notes that in order to stay ahead of the competition in the highly competitive environment, savvy players need to constantly reinvent their marketing strategies, focus on product development, and lookout for opportunities to consolidate with important regional players. In fact, most savvy players in the global cable management accessories market are already treading on the lines suggested in the report. To outshine others, they are targeting lucrative markets in the emerging economies that hold out a strong promise of growth.
The TMR report forecasts the global cable management accessories market to rise at a steady CAGR of 7.2% from 2016 to 2024 to reach a valuation of US$2.23 bn by 2024 from US$1.20 bn in 2015.
Burgeoning IT Industry Makes Asia Pacific Key Market
The manufacturing industry is at the forefront of driving demand in the global cable management accessories market. The segment accounted for 17.0% share in the market in 2015 vis-à-vis revenue. This is because of the sector’s high dependence on an effective network of different types of cables and the strict norms pertaining to the safety and security of those networks right from their installation to their maintenance throughout. The booming manufacturing industry will continue stoking significant demand in the near future as well, particularly for cable lugs.
From a geographical standpoint, emerging economies across Latin America and Asia Pacific are considered most attractive in the global cable management accessories market. The swift pace of industrialization in the regions has pushed up demand for efficient cable management accessories in numerous industries. In Asia Pacific particularly, the proliferation of the IT industry, has had a strong positive impact on the market by driving up the requirement for cable installations. This has pushed up demand for heat shrunk tubes, cable markers, and cable lugs in the region. The Asia Pacific is slated to outshine all others in terms of growth in the near future by clocking a healthy 8.3% CAGR between 2016 and 2024. In terms of market share, however, it is North America that dominates at present.
Installation of New Electricity Transmission Lines to Boost Market
“A lot of investment has been funneled into power generation and transmission infrastructure in the past couple of years. Owing to the mounting global demand for electricity, particularly across developing regions, sweeping developments will be observed in the power sector in the next few years. The installation of new transmission lines, upgradation of existing grid infrastructures to support the constantly rising power loads, and inclusion of renewable sources in existing transmission systems will boost the cable management accessories market in developing regions,” states the lead analyst of the report.
In most of North America and Europe, for example, the existing electrical grid infrastructure are nearing the end of their operational lifespan. Being incompatible with the present technical and environmental needs, the entire energy infrastructures in the two continents will have to be overhauled. This is slated to be a boon for the global market for cable management accessories in the two regions.
This review is based on the findings of a TMR report, titled, “Cable Management Accessories Market (Product - Cable Lug, Cable Marker, and Heat Shrink Tube; End-use - IT and Telecom, Manufacturing, Energy and Utility, Healthcare, Logistics and Transportation, Mining, Oil and Gas, and Construction (Residential, Commercial)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
Cable Management Accessories Market, by Product
- Cable Lug
- Cable Marker
- Heat Shrink Tube
Cable Management Accessories Market, by End-use Industry
- IT and Telecom
- Energy and Utility
- Logistics and Transportation
- Oil & Gas
Cable Management Accessories Market, by Region
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Middle East & Africa
- The UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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