The global cable management accessories market is gaining on the back of increasing dependence on machines for industrial, commercial, and domestic operations. These machines heavily rely on cable management accessories such as cable lugs, heat shrink tubes, and cable markers to carry on mechanical functions.
Factors such as need for upgrade of existing power transmission infrastructure in developed countries along with infrastructural development and rising energy generation in developing countries are stoking demand for construction equipment and electrical components. This is indirectly boosting the cable management accessories market. Considering a number of positive factors, the global cable management accessories market is predicted to clock a CAGR of 7.1% between 2017 and 2024.
There has been a huge surge in the number of new infrastructure development projects in the Middle East and North Africa in the past few years. This has favored the growth of many industries, including the cable management accessories industry. In the next few years, these construction projects across countries such as Qatar, UAE, and Saudi Arabia will present the demand for increased volumes of cable lugs, heat shrink tubes, and cable markers to support the expanding networks of a variety of cables.
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Infrastructure development activities across emerging countries in Latin America and Asia Pacific will also stimulate the consumption of a variety of cable management accessories in the next few years. The recovering construction industry in European countries post the recent economic depression is also slated to present lucrative growth opportunities for the market in the next few years.
The overall global investment in the power generation and transmission infrastructure has significantly increased in the past few years. Owing to the mounting global demand for electricity, especially across developing regions, sweeping developments will be observed in the power sector in the next few years.
The installation of new transmission lines, upgrade 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.
In terms of product type, the segment of cable lugs is presently dominating the global market, accounting for over 53% share in 2015. The manufacturing sector is the leading revenue generator in terms of end-use industries, accounting for over 17% in the global market in 2015. On a regional front, Asia Pacific is expected to present the most promising growth opportunities for the global cable management accessories market.