The Global Cable Glands Market Market is valued at US$ 1849.60 Mn in 2020 and is expected to grow at a CAGR of 5.95% over the forecast period to reach a US$ YY Mn by 2027
Cable glands are devices designed to attach and secure the end of an electric cable to the equipment and machinery., referred to as mechanical entry devices associated with wiring and cables in instrumentation and automation systems. The primary functionality of cable glands are as a sealing and termination of device to ensure that the characteristics of the enclosure which the cable enters can be maintained adequately. The Cable Glands Market is segmented by type into industrial and hazardous cable glands.The market is segmented by cable type into armored and unarmored cable glands. The market is further categorized by raw material into stainless steel, brass, plastic, and others. By end-user, the global cable glands market is segmented into Aerospace, Manufacturing and Processing, Mining, Oil and Gas, Chemicals, and Others. The report scope covers North America, South America, Europe, Asia-Pacific, and Middle East & Africa in geographical analysis. The growth of product demand in aerospace and manufacturing sectors is poised to positively affect the market scenario, coupled with the need for upgradation of existing cable glands infrastructure. However, the volatility in raw material prices is very high, which might influence consumer decision before installation of end-products, coupled with high maintenance and associated services costs.
Market Dynamics
Drivers
- High Urbanization and Infrastructural Growth
- Upgradation and Renewal of Existing Networks in Developing Economies
Restraints
- Volatile Nature of Raw Material Prices
High Urbanization and Infrastructural Growth
High urbanization rates are responsible for the increasing demand of construction and with it, the rise in demand for cable glands. Cable glands are heavily utilized in infrastructure projects, throughout a number of industries in conjunction with cable and wiring used in electrical instrumentation and automation systems as they are employed extensively in junction boxes, electric panels, and power connectors in buildings. They also may be used on all types of electrical power, control, instrumentation, data and telecommunications cables. As large-scale upgradation and construction of oil refineries has resulted in increased demand for cable management tools across the globe. Cable glands are increasingly being deployed in the aviation sector, as they are suitable for insulating and protecting. Moreover, government investment in public infrastructure for upgradation and renewal of existing networks in developed economies is expected to further propel the market.
In the US, a $302 million infrastructure investment has been given for surface transportation under the Grow America Act to improve roads, bridges, transit systems, and railways over a four-year timeframe. Hence, infrastructural growth is likely to boost the demand for cable glands during the forecast period.
Geographical Analysis
The North America Cable Glands Market is valued at USD 478.91 Mn in 2020 and is estimated to grow at a CAGR of 5.56% over the forecast period to reach USD YY Mn by 2027. The U.S. holds 80.75% of market share in 2019, and is expected to reach 81.29% by 2027, for the Global Cable Glands market, followed by Mexico at 11.08% of North America market share.
The collective revenue of Cable Glands by North America is expected to generate USD 3851.70 Mn during 2020-2027. The North American region consists of the US, Canada and Mexico regions. The North American Cable Glands Market is anticipated to exhibit a positive growth rate in the future owing to the increasing growth of the aerospace and automotive industries in countries such as the US and Canada. In 2017, according to the International Trade Administration, Government of USA, the US aerospace industry contributed $143 billion in export sales to the U.S. economy. Its positive trade balance of nearly $85 billion in 2017 was the largest trade surplus of any manufacturing industry, supporting high-wage jobs for hundreds of thousands of American workers. At the end of 2017, inward stock of foreign direct investment (FDI) into the U.S. aerospace manufacturing industry totalled more than $21 billion. Owing to these factors, the North America cable glands market is anticipated to witness good traction in the future. The rise in sales of retail automobiles in the North American region acts as one of the primary influences on the regional market dynamics, with the increasing sales volume on an annual basis ensuring robust demand for cable glands products. According to statistics published by the International Organization of Motor Vehicle Manufacturers (OICA), the total sales of automobiles increased to 2,57,88,942 units compared to 2,55,51,912 units in 2016. The regional companies are focused on technological innovation and development of production lines in order to offer an extended product portfolio and remain competitive in an ever-evolving market.
