Transparency Market Research delivers key insights on the global cable management accessories market. In terms of revenue, the global cable management accessories market is estimated to expand at a CAGR of ~8% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global cable management accessories market.
Cable management accessories are considered an essential utility under the portfolio of cable management systems. Cable management refers to the installation of cable management systems to secure cables for electric services in an organization/building/plant/vehicle/industry. Cable management makes maintenance of or changes to a cable system easier, as it provides support during installation.
Companies having developed cable infrastructure are not capable to handle requirements of applications and devices. Thus, they face low productivity and financial losses. The solution to this issue lies in proper cable management. Cable management is a significant part of configuration management for voice & data cabling and local area networks (LANs).
Cable Management Accessories Market: Dynamics
Increasing penetration of cable lugs and markers is driving the 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 region-specific 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 operating under harsh environmental conditions such as extreme temperatures and abrasion.
Furthermore, based on end-use industry, the global cable management accessories market has been segmented into IT & telecom, manufacturing, energy & utility, healthcare, logistics & transportation, mining, oil & gas, and construction. Manufacturing is anticipated to be the most rapidly expanding end-use industry 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% during the forecast period.
Furthermore, rising adoption of smart homes and increasing requirement for non-residential infrastructure and residential and government infrastructure are propelling the demand for cable management accessories in the construction segment.
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Cable Management Accessories Market: Prominent Regions
Geographically, the global cable management accessories market has been divided into five major regions. These include North America, Europe, Asia Pacific, South America, and Middle East & Africa. In 2018, North America was the leading region of the global market, followed by Europe. Demand for cable management accessories is the maximum in North America, due to growth of the IT & telecom industry in the region. The large number of wire and cable shipments to electric utilities in the region is boosting the cable management accessories market in North America.
Moreover, the U.S. Government has commissioned several studies to explore methods for upgrade of the existing infrastructure. The U.S. held a leading share of the North America market in 2018. The market in the country is estimated to expand at the maximum CAGR during the forecast period. The market in Europe is anticipated to expand at a significant CAGR during the forecast period, due to advancements in the field of logistics & transportation in the region. The cable management accessories market in Asia Pacific is likely to witness rapid growth during the forecast period. Speedy growth of the IT industry in Asia Pacific has driven the demand for mechanical cable management accessories, such as cable lugs, heat shrink tubes, and cable markers, in the region. Additionally, rapid pace of urbanization in developing economies of Asia Pacific is leading to increasing construction of residential and commercial buildings and new power transmission lines, thereby boosting the demand for cable management accessories in the region.
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