Global Cable Glands Market - Segmented by Type (Industrial Cable Glands, Hazardous Area Cable Glands), Cable Type (Armored Cable Glands, Unarmored Cables), Materials Used (Brass, Aluminum, Plastic, Stainless Steel), End-User Industry (Aerospace, Construction, Manufacturing and Processing, Oil and Gas, Power and Utilities), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global cable glands market was valued at USD 1.64 billion in 2017, and is expected to reach a value of USD 2.88 billion by 2023, at a CAGR of 9.82%, during the forecast period (2018-2023). The scope of the report includes Industrial Cable Glands, Hazardous Area Cable Glands.
Cable Type Armored Cable Glands, Unarmored Cables, Materials Used Brass, Aluminum, Plastic, and Stainless Steel. The end-user industries are limited to Aerospace, Construction, Manufacturing and Processing, Oil & Gas, Power and Utilities. While the regions considered in the scope of the report include North America, Europe, Asia pacific, Middle East & Africa, and Latin America.
Upgrading and Renewal of Existing Networks in Developed Economies
Many electrical and communication networks in developed countries are ageing with time. With innovations in technology, there has been a huge increase in demand. It was estimated; by Cisco that the current network traffic will triple by the end of the decade. The current infrastructure supporting these services is outdated and need to be upgraded to handle increasing demand and also to support new technologies that are being employed. Developed nations, such as the United States of America, United Kingdom, and other European countries are investing heavily in upgrading the existing systems to improve efficiency and provide reliable service. Electrical infrastructure development in Europe and Asia is also resulting in growing demand for this market.
Oil & Gas, Power & Utilities Sectors Hold the Largest Market Share
As large-scale up gradation and construction of oil refineries has resulted in increased demand for cable management tools across the globe. Power & utilities has traditionally been a major end-user market for cable glands, while the construction sector is expected to record the highest CAGR, followed by aerospace during the forecast period. Cable glands are increasingly being deployed in the aviation sector, as they are suitable for insulating and protecting. Materials, such as brass, aluminum and stainless steel have found several applications in the above-mentioned end-user verticals. Brass remains the most widely used material for the development of cable glands due to their inherent properties that make them highly suitable in the industrial environment. Aluminum and stainless steel are also being increasingly used for the manufacturing of cable glands. Aluminum is the most abundant metal, while stainless steel offers several benefits, such as temperature and pressure insulation.
North America Was Projected To Hold The Largest Market Share
The United States remains to be the single largest market for cable glands (and other cable management tools), and it is expected to continue its dominance, buoyed by increased up gradation, and renewal of existing public & private installations coupled with presence of several market incumbents. Asia-Pacific is expected to record the highest CAGR during the forecast period. Large scale up gradation and construction activities (especially in China, India, and other Asia-Pacific countries, where smart cities are being built to aid development) are expected to continue to drive future growth in this region.
Key Developments in the Market