Global Cable Glands Market 2019-2024 Growing at a CAGR of 6.90%. The study provides market size, ongoing trends, drivers, risks, opportunities, and major market segments that helps interested audience to understand the industry and make the strategies for their business growth accordingly.
Dallas, United States - September 26, 2019 /MarketersMedia/ —
Market Overview
The market was valued at USD 1451.23 million in 2018 and is expected to reach a value of USD 2132.33 million by 2024, at a CAGR of 6.90%, over the forecast period (2019-2024). Over the last few decades, cable glands have emerged as one of the primary components of cable management systems, and are widely being used in several industrial and hazardous environments.
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- The growth in cable management systems market is a significant driver stimulating the need for cable glands. With the expansion of physical infrastructure, the demand for suitable cable management solutions is also rising. Also, with the advancement in the telecom sector, cable glands are also becoming a necessary component to connect the cables transferring data.
- The market growth is also fueled by growing construction activities, globally. To boost economic conditions, most of the emerging countries are investing hugely in infrastructure development. Hence, the construction and refurbishment of public and private installations have also propelled the need for secure cable connections, thus, driving the demand for cable glands.
- In the automotive sector, the growing number of vehicles that are being manufactured and the growth of electric vehicles are estimated to boost the market. These factors are also fueling the demand for cable glands in the manufacturing and process industries. The increasing development of smart grids and growing exploration in the oil and gas sector also offers a massive opportunity for the studied market to grow.
Scope of the Report
Cable glands can broadly be defined as mechanical fittings that form a part of electrical installation systems, which enable high levels of barrier protection and insulation. These systems are used in conjunction with power cables, wires, and probes. The primary purpose of these systems is to seal cables and maintain the ingress protection of enclosures.
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Key Market Trends
Aerospace Sector to Hold a Significant Market Share
- Cable glands find its application among aircraft and space vehicle, including military application, as they are used across the electrical equipment in aircraft for defense services. Cable glands withstand fire propagation, explosion, and protect against the entry of water, oil, or any other kind of liquids into the panel compartment. In aerospace equipment, these are majorly used for ground support applications, as well as communication systems, to seal the valves, thus providing an added advantage over electrical sensing devices.
- For instance, the Ventilation Cable Gland DAK 284, by STEGO Elektrotechnik GmbH, is used to lead cables and wires into cabinets and enclosures, and it allows for pressure compensation within the enclosure, thereby minimizing a separate work step to install pressure compensation devices.
- Factors such as minimization of maintenance costs, increasing need for better utilization of resources and materials, protection from dust and moisture present in space vehicles, enhancing the performance as well as safety systems are majorly driving the growth in adoption of cable glands in this sector.
- Further, cable glands provide better sealing protection for those that are configured to operate with any specific size and range of cable parameters. For instance, Eaton's aerospace business recorded revenue growth of 1%, with the help of its new technological development across the fuel pump for the GE9X engine, designed to meet the growing fuel efficiency needs of the new Boeing 777X platform.
North America to Dominate the Market
- North America is expected to hold a prominent share in the cable glands market. The United States remains to be the largest markets for cable glands, and it is expected to continue its dominance.
- In 2017, according to the US Energy Information Administration, the amount of energy produced in the United States was 87.5 quadrillion Btu, equal to about 89.6% of the US energy consumption. According to the International Energy Agency, in 2016, the US energy sector has experienced a total investment of USD 276 million (the second-largest in the world).
- With the rising environmental concerns among the population, many individuals are investing in eco-friendly resource consumption. The adoption of solar power has seen a high growth rate over the last few years. The US government has also set financial incentives to make solar more accessible. As solar applications demand cables with maximum reliability to prevent costly downtime and disruption to the energy grid, the demand for cable glands is expected to rise over the forecast period.
- The US construction industry is one among the largest, across the world. The construction industry in Canada is also expected to improve over the forecast period, thus arising the demand for cabling infrastructure in the region. This, in turn, is expected to add to the growth of the cable glands market.
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Competitive Landscape
The competitive landscape of cable glands market is fragmented due to the presence of many vendors across the globe. The vendors have well-diversified businesses and several major vendors operate in the US and European countries, whereas, the small vendors are scattered across the globe. With the increasing competition, companies are involved in introducing new products to leverage the increasing demand for cable glands market. Companies are also involved in strategic mergers and acquisitions, to gain a competitive edge.
- November 2018: Amphenol Corporation announced that it has entered into a definitive agreement to acquire SSI Controls Technologies (“SSI”), the sensor manufacturing division of SSI Technologies Inc., for approximately USD 400 million plus a performance-related contingent payment. The transaction is subject to certain regulatory approvals and also other customary closing conditions, and is expected to close by early 2019.
- February 2019: Klein Tools acquired the Wattmaster and Alco brands, based in Australia. Alco was the first in the market to offer metal cable glands designed in Australia, to meet Australian and international standards.
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Organization: Orbis Research
Website: https://www.orbisresearch.com/reports/index/cable-glands-market-growth-trends-and-forecast-2019-2024
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