The competitive
landscape of the global cable management accessories market features
a high level of fragmentation, especially in regional pockets, says
Transparency Market Research (TMR) in a recent report. Local players
have a stronghold on regional markets and pose intense competition
and entry barriers for international companies. TMR identifies
product development through continuous innovation and attempts for
consolidation with prominent regional players across emerging
economies as the key to success in the market.
“Increasing
investments aimed at product innovation and development is a key
strategy adopted by most leading vendors in the market. So as to
survive the stiff competition in the global market, companies are
aligning their expansion strategies towards the emerging economies,
which have demonstrated excellent growth opportunities in the
industrial and construction sector,” a TMR analyst quotes.
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Some of the leading
players in the market are Schneider Electric SE, Thomas & Betts
Corporation (ABB Ltd), Legrand SA, TE Connectivity Ltd., and
HellermannTyton Group PLC.
Infrastructure
Development Activities in MENA to Boost Opportunities for Cable
Management Accessories
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.
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.
Rising Demand for
Energy to Drive Development of Power Generation and Transmission
Infrastructure
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,
upgradation 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.
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In developed regions
such as North America and Europe, most of the electrical grid
infrastructure is reaching the end of its operational lifespan. Being
incompatible with technical and environmental requirements of the
present times, an urgent need has arisen for the renewal of energy
infrastructures in these regions. In the near future, favorable
developments in this area will present lucrative growth opportunities
for the global cable management accessories market in these regions.
In terms of product
types, 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. The region will exhibit an 8.3% CAGR through
2024.
On a whole, the
global cable management accessories market will expand at a healthy
7.2% CAGR over the period between 2016 and 2024, rising from a
valuation of US$1.20 bn in 2015 to US$2.23 bn by 2024.
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