The cable glands market is anticipated to witness a steady demand growth owing to stringent government regulations, surge in the construction industry among the emerging economies such as China & India, and rise in energy demand among others.
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According to a new report published by Allied Market Research, titled, Cable Glands Market by Type, by Cable, by Material, and by End Users: Global Opportunity Analysis and Industry Forecast, 2017-2023, The global cable glands market generated revenue of $1,667 million in 2016 and is projected to reach $2,513 million by 2023, registering a CAGR of 6.1% during the forecast period, i.e. from 2017 to 2023. In 2016, the armored segment is anticipated to grow at the highest rate during the forecast period.
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A cable gland, also known as sealing glands or strain reliefs, allow the facilitation of barrier penetration while simultaneously offering sealing protection. They can be utilized with probes, wires, power, and signaling cables.
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Cable gland might be utilized on a wide range of electrical power, control, instrumentation, information, and broadcast communications links. Factors such as upgradation and renewal of existing networks, owing to government regulations, surge in the construction industry among developing countries, rise in energy demand levels globally coupled with the rise in population, and also a surge in real estates will help in the growth of the market in the near future.
The global cable glands market is segmented based on type into industrial & hazardous. The market is also divided by cable type into armored and unarmored.
The market is further categorized by different material, which includes brass, nylon/plastic, stainless steel, and others; and by end user into oil & gas, mining, aerospace, manufacturing & processing, chemical, and others; and analyzed across four geographical regions, namely, North America, Europe, Asia-Pacific and LAMEA.
In 2016, the brass cable glands segment was the leading revenue contributor to the global market. However, the plastic/nylon cable glands segment is expected to witness healthy growth rates during the forecast period.
Key Findings of the Cable Glands Market:
- In 2016, Asia-Pacific dominated the global market with approximately one-third share in terms of value.
- Asia-Pacific is estimated to witness the highest growth rate during the forecast period.
- In 2016, China was the leading revenue contributor to the Asia-Pacific cable glands market.
- The brass cable glands segment by material generated the highest revenue to the global market in 2016, and is expected to grow at a CAGR of 6.1%.
- The plastic/nylon segment is estimated to register the highest growth rate, in terms of revenue, registering a CAGR of 6.8%.
In 2016, Asia-Pacific dominated the global market, owing to rapid industrialization in India and China. North America is the second leading revenue contributor to the global market, and is expected to register a CAGR of 5.6% in terms of revenue.
The key players profiled in the report are Amphenol Industrial Products Group, Bartec Feam, CMP Products, Copper Crouse-Hinds, Cortem Group, Elsewedy Electric, Jacob Gmbh, Metal Craft Industries, Sealcon LLC, Warom Group, Wiska, Weidmller Interface GmbH & Co. KG, Agro AG, and Hummel AG.
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