The global cable joints market was valued at $16.1 billion in 2021 and is projected to reach $31.5 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031
According to Himanshu Jangra Lead Analyst, Semiconductor and Electronics, at Allied Market Research, the global cable joints market is expected to highlight remarkable growth during the forecast period of 2022-2031. The report contains a thorough examination of the market size, cable joints market trends, key market players, sales analysis, major driving factors, and key investment pockets. The report on the global cable joints market provides an overview of the market as well as market definition and scope. The ongoing technological advancements and surge in demand for high-speed networking and data communication solution paired with rise in demand for renewable energy solution have an impact on market growth. Furthermore, the report provides a quantitative and qualitative analysis of the cable joints market, as well as a breakdown of the pain points, value chain analysis, and key regulations.
Waterproof cable joints are intended to maintain the continuity of electrical cable over long distances by joining and thus enabling the transmission of electricity. Cable joints must fit precisely and be strong enough to withstand factors such as adverse weather conditions, current carrying capacity, connection voltage drop, and material compatibility. The growth of high and medium-voltage power cable joints in emerging economies such as China, Japan, India, South Korea, Brazil, and other, owing to rise in demand for industrialization, urbanization, and more is showing significant growth prospects for the market in the coming years.
The voltage level of the cable joint must be the same as the voltage level of the cable. Owing to the high current carrying capacity and over-voltage, if the capacity of the cable joint is less than that of the cable, it cannot work. In addition, the insulation of the cable joint must be compatible with the insulation of the cable. Cable joints can be cold or heat-shrinkable, depending on the purpose of the cable and its insulation.
The global cable joints market is expected to witness notable growth during the forecast period, owing to the rise in industrialization & urbanization in emerging economies. Moreover, the rise in government initiatives to expand or upgrade transmission & distribution systems is expected to propel the cable joints market growth during the forecast period. In addition, the rapid development and investments in the renewable energy sector are highlighting significant growth opportunities for the market during the forecast period.
However, the high failure rate of medium voltage cable accessories is one of the prime factors that is restraining the global cable joint market growth. In contrast, the increase in investments in the electrification of remote & rural areas is expected to provide lucrative opportunities for the growth of the cable joints market during the forecast period.
The outbreak of COVID-19 has moderately impacted the growth of the cable joints solution in 2020, owing to a significant impact on prime players operating in the supply chain. However, the rise in demand for renewable energy solutions across prime sectors is one of the major factors that propel the market growth during the COVID-19 pandemic.
The cable joints market is segmented into Type, Voltage, Industry Vertical, and Region.
On the basis of type, the market is divided into indoor and outdoor. In 2021, the outdoor segment dominated the market, in terms of revenue, and is expected to follow the same trend during the forecast period.
By voltage, the market is segregated into low voltage, medium voltage, and high voltage. The high voltage segment acquired the largest share in 2021 and is expected to grow at a significant CAGR from 2022 to 2031.
By industry vertical, the market is segmented into industrial, aerospace & defense, oil & gas, energy & power, IT & telecommunication, and others. The energy & power segment acquired a prime share in the cable joints market and is expected to dominate the market during the forecast period.
Region-wise, the cable joints market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific remains a significant participant in the cable joint market. Major organizations and government institutions in the country are intensely putting resources into technology to develop and deploy next-generation renewable energy solutions.
COMPETITION ANALYSIS
Competitive analysis and profiles of the major global cable joints market players that have been provided in the report include 3M International, Nexans S.A., TE Connectivity Ltd., NKT A/S., Cable Jointer Solutions, Yamuna Power & Infrastructure Ltd., Fujikura, General Cable Technologies Corporation (Prysmian Group), ABB Ltd, and Connect Cable Accessories Co., Ltd.
Country Analysis
Country-wise, the U.S. acquired a prime share in the cable joints market opportunity in the North American region and is expected to grow at a high CAGR of 5.7% during the forecast period of 2022-2031. The U.S., holds a dominant position in the cable joints market, owing to the rise in investment by prime vendors to boost smart infrastructure solutions.
In Europe, Germany, dominated the cable joints market, in terms of revenue, in 2021 and is expected to follow the same trend during the forecast period. However, France is expected to emerge as the fastest-growing country in Europe's cable joints with a CAGR of 7.3%, owing to a significant development in renewable energy and high-voltage cable solutions in the country.
In Asia-Pacific, China, holds a prime position in the cable joints market forecast, owing to the availability of advanced manufacturing solutions and digital infrastructure applications in the country. Further, India is expected to emerge as a significant market for the cable joints industry, owing to a significant rise in investment by prime players and government institutions to boost the telecommunication and renewable energy sectors.
By LAMEA region, Latin America garnered a significant cable joints market share in 2021, owing to a rise in investment in renewable energy, smart infrastructure, and digital solution by government and private players in this region. The rise in government initiatives to develop next-generation power generation plants in the Latin American region is one of the prime factors driving the growth of the cable joints market size in Latin America. Moreover, the Middle East region is expected to grow at a high CAGR of 7.0% from 2022 to 2031, owing to shifts in artificial intelligence, industry 4.0, machine vision system, and smart technological changes in recent years, which is expected to reshape the growth of cable joints market in the Middle East.
TOP IMPACTING FACTORS
Significant factors that impact the growth of the global cable joints industry include the rise in government initiatives to expand or upgrade transmission & distribution systems. Moreover, the rise in industrialization & urbanization in emerging economies and the rapid development and investments in the renewable energy sector are expected to drive market growth. However, the high failure rate of medium voltage cable accessories is acting as a prime barrier to early adoption, which hampers the growth of the market. On the contrary, during the forecast period, the market is anticipated to experience rapid growth due to the increase in investments in the electrification of remote & rural areas.
HISTORICAL DATA & INFORMATION
The global cable joints market outlook is highly competitive, owing to the strong presence of existing vendors. Vendors of cable joints with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to worsen as technological innovations, product extensions, and different strategies adopted by key vendors increase.
KEY DEVELOPMENTS/ STRATEGIES
Companies such as 3M International, ABB Ltd, TE Connectivity, NKT A/S, and Nexans S.A. are the top 5 players holding a prime share in the cable joints market. Top market players have adopted various strategies, such as product launch, branding, innovation, and acquisition, to expand their foothold in the cable joints market.
In October 2021, NKT A/S announced the launch of their new compact cold-shrink joint JC-CC, we are complementing the portfolio of our cold-shrink joints for medium voltage cables. This new cold shrink joint is suitable for voltage classes up to 42 kV and cable cross sections up to 1200mm².
In January 2019, 3M, the science-based technology company, announced the launch of the new Scotchcast Epoxy Resin 4GS to combine innovative new features for premium protection of cables. The easy-to-use two-part encapsulating resin features unique color-changing properties, for the safe and easy installation and protection of electrical cables and enhanced humidity resistance for electrical cable protection even in high-moisture environments.
In June 2021, TE Connectivity, a world leader in connectivity and sensors, is launching the Dynamic D-1000 Slim wire-to-wire connector, which is ideal for narrow spaces in small industrial equipment and machinery applications. Its reliable keying and locking feature reduces unexpected unmuting and lever breakage in narrow spaces.
In November 2020, NKT announced o win a contract to supply and install our remolded straight-through transition joints SMPGB in the Republic of Kazakhstan.
In September 2022, NKT entered into an agreement to use low-carbon copper for the 320 kV HVDC cables, which NKT delivered to the Dogger Bank C in the North Sea, which is developed by SSE Renewables, Equinor, and Eni Plenitude. The use of low-carbon copper reduced the carbon footprint of the HV power cable system by more than 23,000 metric tons.
In April 2022, Nexans announced the successful completion of the acquisition of Centelsa, a premium cable manufacturer in Latin America that specialized in building and utility applications. This transaction completed an additional milestone of Nexans’ strategy to become a Pure Electrification Player focusing on the overall value chain originating in a generation, and flowing through transmission, distribution, and usage of sustainable energy.
In 2021, Nexans announced the opening of the U.S.-based subsea high voltage cable facility in Charleston, From the Charleston facility, Nexans started delivering subsea cables up to 525kV HVDC and 400kV HVAC, covering the full range of needed products for export cables for offshore wind and subsea interconnections.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cable joints market analysis from 2021 to 2031 to identify the prevailing cable joints market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the cable joints market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global cable joints market trends, key players, market segments, application areas, and market growth strategies.
Cable Joints Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 31.5 billion |
 Growth Rate | CAGR of 6.9% |
 Forecast period | 2021 - 2031 |
 Report Pages | 225 |
 By Type |
|
 By Voltage |
|
 By Industry Vertical |
|
 By Region |
|
 Key Market Players | TE Connectivity Ltd., Connect Cable Accessories Co., Ltd., Yamuna Power & Infrastructure Ltd, Prysmian Group (General Cable), 3M, Nexans S.A., Cable Jointer Solutions, Fujikura, NKT (NKT A/S), ABB Ltd |
Analyst Review
Cable joint technology has witnessed a significant rise in energy & power and industrial applications in emerging economies. Cable joints are used to connect low, medium, and high-voltage cables. The cable joints protection and cover used over the conductors must be compatible with the cable materials and may include heat or cold-shrinkable protections, formed types, or exceptional tapes. In addition, the rise in demand for smart infrastructure and renewable energy solutions is anticipated to drive the growth of the cable joints market in the coming years.
The global cable joints market is highly competitive owing to the strong presence of existing vendors. Cable joints vendors, who have access to extensive technical and financial resources are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with an increase in technological innovations, product extensions, and different strategies adopted by key vendors.
The rise in demand for renewable energy solutions globally drives the need to enhance cable joints solutions such as in-home systems and mobile systems. Moreover, prime economies, such as the U.S., China, South Korea, and Japan plans to develop and deploy next-generation medium and high-voltage cable solutions across various sectors, which is anticipated to provide lucrative opportunities for market growth.
Among the analyzed regions, Asia-Pacific exhibits the highest adoption rate of cable joints and has experienced massive expansion of the market. On the other hand, North America is expected to grow at a faster pace, due to emerging countries, such as U.S., Canada, and Mexico, investing in these technologies. Regions, such as the Middle East and Latin America, are expected to offer new opportunities in the cable joints market.
The key players profiled in the report include 3M International, Nexans S.A., TE Connectivity Ltd., NKT A/S., Cable Jointer Solutions, Yamuna Power & Infrastructure Ltd., Fujikura, General Cable Technologies Corporation (Prysmian Group), ABB Ltd, and Connect Cable Accessories Co., Ltd.
Asia-Pacific remains a significant participant in the cable joint market. Major organizations and government institutions in the country are intensely putting resources into technology to develop and deploy next-generation renewable energy solutions.
The rise in industrialization & urbanization in emerging economies and the rapid development and investments in the renewable energy sector are expected to drive market growth.
Companies such as 3M International, ABB Ltd, TE Connectivity, NKT A/S, and Nexans S.A. are the top 5 players holding a prime share in the cable joints market.
The energy & power segment acquired a prime share in the cable joints market and is expected to dominate the market during the forecast period.
The global cable joints market was valued at $16.07 billion in 2021 and is projected to reach $31.53 million by 2031, registering a CAGR of 6.9% from 2022 to 2031.
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