The new cable accessories market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Cable Accessories Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the large-scale deployment of explosion-resistant cable terminations," says a senior analyst for industrials at Technavio. The vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover Technavio expects the cable accessories market size to grow by USD 6.91 billion during the period 2020-2024.
Cable Accessories MarketSegment Highlights for 2020
- The cable accessories market is expected to post a year-over-year growth rate of -5.43%.
- Based on the application, the low voltage segment saw maximum growth in 2019. Large-scale deployment of explosion-resistant cable terminations has been driving the cable accessories market growth.
- The growth of the segment will be significant during the forecast period.
Regional Analysis
- 49% of the growth will originate from the APAC region.
- The growing adoption of renewable energy technology in major developing nations is one of the prime factors that will facilitate the cable accessories market growth in the APAC region.
- China, India, and Japan are the key markets for cable accessories in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The cable accessories market size is expected to accelerate at a CAGR of over 3% during the forecast period.
- The cable accessories market is segmented by application (Low voltage, Medium Voltage, and High voltage) and Geography (APAC, Europe, North America, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including 3M Co., ABB Ltd., Hubbell Inc., Kabelwerk Eupen AG, Nexans SA, Prysmian Spa, Southwire Co. LLC, Sumitomo Corp., TE Connectivity Ltd., and Trelleborg AB
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