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).
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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. This boosts the demand for cable markers across the globe. Cable lugs and markers have witnessed high adoption worldwide over the past few years, 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 across the globe during the forecast period.
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. This can be attributed to surging investments in manufacturing plants across the world. The energy & utility segment is anticipated to expand at a significant CAGR during the forecast period, as cable management accessories are increasingly being used across power distribution/generation plants, substations, and in power distribution/transmission equipment as well as related equipment.
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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.