Rising Need to Improve Power Transmission Infrastructures to Drive Demand for Cable Management Accessories
With increasing infrastructural developments across the world, the demand for different types of cable used in infrastructures and cable management accessories has also increased. The booming construction industry is also likely to emerge as one of the potential end users of cable management accessories. The demand for cable management accessories is increasing at a significant rate among various sectors such as electricity, manufacturing, and telecommunications. To meet the needs of these sectors and expand their consumer base, manufacturers of cable management accessories are focusing on producing high quality cable management accessories at minimum cost.
According to a report published by Transparency Market Research, the global cable management accessories market is projected to expand at 7.2% CAGR from 2016 to 2024. In 2015, the global cable management accessories market was worth US$1.20 bn and is expected to touch a valuation of US$2.23 bn by the end of 2024.
What factors are expected to drive the demand for cable management accessories?
As the reliance of consumers on machines is increasing, the need for better mechanism and quality devices is also rising. Industrial, domestic, and commercial facilities have increased adoption of machines and are focused on enhancement of infrastructure. Accessories used in cable management such as heat shrink tubes, cable marker, and cable lugs are finding applications in various sectors across the world. The global cable management accessories market is further driven by the rising need for the renewal of the current power transmission infrastructures.
The mounting demand for electricity across developing nations has led to a rise in the transmission and distribution activities in these countries. Furthermore, the recovering construction sector in developed regions and the strict regulations regarding installation of cable wires in developed regions is also anticipated to further drive the demand for various cable management accessories in the coming years. The need for devices with advanced mechanism is also another important factor driving the demand for cable management accessories. To provide consumers with advanced and quality cable wire management accessories, manufacturers are aiming at product innovation and development.
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For instance, in June, 2016, Eaton introduced a new design that will simplify the configuration and installation process of vital data center equipment further helping IT professionals to accomplish critical IT resources. The design requires flexibility and thus Eaton also announced new changes in the flextray cable wire accessories it manufactured. Flextray cable management solutions help in minimizing time and reducing the cost of labor due to their field adaptability feature.
What factors are likely to inhibit the sales of cable management accessories in the coming years?
The initial investment required in the primary set up of cable management accessories is substantially high. A dearth of funds and resources to aid the installation process is likely to extensively affect the growth of the global cable management market in the future. Moreover, the complex planning procedure throughout the installation process and the concerns related to authorization are further expected to hinder the sales of cable management accessories across the world. The volatility in the raw material prices and availability of cheap substitutes are likely to pose a threat to the progress of the global cable management accessories market.
What opportunities are likely to benefit manufacturers of cable management accessories in the future?
Manufacturers of cable management accessories can expect lucrative growth opportunities from the increasing demand for power in developing countries and the budding wind energy projects in developed countries. Emergence of new manufacturing plants is further expected to cause a surge in the sales of cable management accessories in the future.
Asia Pacific is projected to witness the most prominent growth until 2024 with a CAGR of 8.3%. The key players in the global cable management accessories market are Schneider Electric SE, Legrand SA, HellermannTyton Group PLC, TE Connectivity Ltd., and Thomas & Betts Corporation (ABB Ltd).