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[189+ Pages Report] Facts and Factors has recently published the report titled “Cable Management Accessories Market” which illustrates that the global cable management accessories market was estimated at around USD 2 Billion in 2020, and it is expected to provide revenue of about USD 3 Billion by end of 2026, developing at a CAGR of around 6% between 2021 and 2026.
Cable management accessories are physical systems that help in reducing the hassle by providing intermediate support by maintaining documented physical support networks. These accessories further provide a pivotal role in avoiding financial losses and enabling a higher level of productivity. Furthermore, the measures provided by cable management accessories prolong the life cycle of these devices. Additional benefits include improved performance, flexible functionality, and enhanced safety features. A high rise for cable management accessories has given manufacturers the power to experiment with lightweight yet durable materials.
The global infrastructure sector indicates a higher growth than before owing to sectors such as railways, roads, airports, and communication sectors witnessing an enormous boom. Consumption of electrical units will expect a higher consumption rate all through the world which will play a crucial role in shaping the growth of the cable management accessory market. Higher demand for energy and increased investment in the private sector will drive the growth of the market to a higher margin. Renewing or building old electrical infrastructure in developed countries will led to a rise in the development of cable management accessories.
The average lifespan of a transformer ranges from 25 to 30 years. As the lifespan of such generators come close, the government of various countries will begin ramping up infrastructure to upgrade their existing structures. Aging equipment does not bode well for environmental and technical efforts in times of need. Even though government bodies are working toward achieving a technology to extend the average lifespan of a transformer, the technology to be developed will until the current lifestyle of the standing infrastructure succeeds. However, a constant price inequality of raw materials and a highly segmented market at regional levels is expected to hamper the growth of the market to a certain extent.
The global cable management accessories market can be segmented on the basis of product type, end-user, and region.
On the basis of type, the market of cable management accessory can be broken down into cable lung, cable marker, heat shrink tube, and others. On the basis of end-user, the market of cable management accessory can be segmented into IT and Telecom, manufacturing, energy & utility, health care, logistics and transportation, mining, oil & gas, construction, and others. The telecom sector witnesses the highest growth due to continuous development in the field of technology and the rising demand in the communication field. Furthermore, the increasing popularity of data/communication applications and new systems and products developed by manufacturers of cable management accessories to adapt to varying requirements help propel the demand in the telecom sector.
The region of Asia-Pacific is expected to witness the highest growth CAGR during the forecast period. Increased investments in renewable power sources in emerging economies such as India and other countries in South-East Asia will add a boost to the cable management accessory market in the region. Other factors such as a growing need for industrialization in the region will further propel the market to a greater extent.
Some of the major participants in the cable management accessories market are Legrand, Eaton, Obo Bettermann, Panduit, Atkore, Partex Marking Systems, Schneider Electric SE, Chatsworth Products, Inc., Weidmuller Interface GnbH & Co. KG, Thomas & Betts Corporation, Anixter, Inc., Hellermann Tyton Group PLC, and Panduit Copr., among others.
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