The global cable management accessories market was valued at US$ 1,362.2 Mn in 2017 and is anticipated to register a stable CAGR of 7.1% during the forecast period, according to a new report published by Transparency Market Research (TMR) titled ‘Cable Management Accessories Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’
Continued investments in infrastructure, rising global energy demand, major infrastructure development projects in MENA, recovering construction sector in developed countries, renewal and upgrade of existing networks in mature economies, and stringent regulations regarding cable management have driven the global cable management accessories market. The market in North America is expanding at the maximum CAGR of 7.6%, owing to technological innovations and presence of a large number of market players in the region.
Increasing use of cable lugs and markers to drive the cable management accessories market
Increasing penetration of cable lugs and markers is ultimately resulting in high demand for cable management accessories worldwide. Use of cable lugs is increasing rapidly, as cable lugs enable safe electric connection between the wire and the terminal of an equipment. Several regional standards and regulations have been imposed on cable lugs in order to ensure safe and long-lasting connections. Additionally, cable lugs have distinct applications in manufacturing plants.
Cable markers are used in industrial facilities operational under harsh environmental conditions such as extreme temperatures and abrasion. This boosts the demand for cable markers across the globe. Cable lugs and markers have witnessed high adoption, due to continuous installation of a large number of machines and assembly units followed by extensive channels of wiring systems. This is expected to continue to augment the demand for cable management accessories during the forecast period.
Rise in demand for cable management accessories in manufacturing and energy & utility industries to drive market
Based on industry vertical, the cable management accessories market has been segmented into IT & telecom, manufacturing, energy & utility, health care, logistics & transportation, mining, oil & gas, and construction. Manufacturing is anticipated to be the rapidly expanding industry vertical segment during the forecast period, followed by the energy & utility segment. The manufacturing segment is expected to dominate the global market for cable management accessories, expanding at the maximum CAGR of 8.0% throughout the forecast period.