Wilmington, Delaware, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Underground Cable Accessories Market by Voltage (Low, Medium and High), Installation (New Installation and Repair), and End User (Industrial and Renewable): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the underground cable accessories market was valued at $18.4 billion in 2023, and is estimated to reach $35.4 billion by 2032, growing at a CAGR of 7.5% from 2024 to 2032.
Prime determinants of growth
Growth of the global underground cable accessories market is driven by rise in demand for electricity from various end-use industries including oil & gas, construction, and manufacturing. However, the high cost associated with underground cables and delay in implementation of power projects are the key factors that hamper growth of the market. On the contrary, technological advancements in development of smart grids and R&D initiatives toward improving quality of cable accessories are anticipated to provide lucrative growth opportunities for key players to maintain the position in the global market in the upcoming years.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2022 | $18.43 billion |
| Market Size in 2032 | $35.33 billion |
| CAGR | 7.5% |
| No. of Pages in Report | 207 |
| Segments Covered | Voltage, Installation, End User, and Region. |
| Drivers |
|
| Opportunities |
|
| Restraint | High initial cost |
Segmental overview
High voltage segment held the highest market share in 2023
By voltage, the high voltage segment held the highest market share in 2023 owing to rise in demand for high voltage cables from various industries including oil & gas, power generation, HVDC network, building & construction, and manufacturing. However, the low and medium segments are anticipated to grow with a higher CAGR during the forecast period. As the number of households is rising, the demand for low and medium voltage is rising to cater to the low-capacity needs of the homeowners.
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New installation segment held the highest market share in 2023
By installation, the new installation segment held the highest market share in 2023. This is attributed to underground cable laying is not popular in remote areas, especially in developing countries. Thus, there is a high demand for the installation of new cables. However, the repair segment is expected to grow with a higher CAGR during the forecast period. As the cables and its accessories gets old that demand for repairs and other services tend to rise.
Renewable segment held the highest market share in 2023
By end user, the renewable segment held the highest market share in 2023. The growing popularity of sustainable development and rising concerns of ever-increasing pollution are major factors behind the high share of renewable energy segment. The same segment is also projected to manifest the highest CAGR during the forecast period.
Asia-Pacific to maintain its dominance by 2032.
By region, Asia-Pacific held the highest market share in terms of revenue in 2023. The rapid urbanization in countries, such as China and India, has led to the establishment and expansion of manufacturing facilities, buildings, utility lines, minerals, and others. These industries heavily demand Underground Cable Accessories.
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Players
- ABB, Ltd.
- Dubai Cable Company
- Elsewedy Electric
- Furukawa Electric Co., Ltd.
- LS Cable & System Ltd.
- Nexans S.A.
- NKT A/S
- Prysmian Group
- Sumitomo Electric Industries, Ltd.
- Tele-Fonika Kable.
The report provides a detailed analysis of these key players in the global Underground Cable Accessories market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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