Cable Joints Market Expected to Reach $31.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cable Joints Market, by Type, Voltage, Industry Vertical, and Region." The cable joints market was valued at $16.1 billion in 2021 and is estimated to reach $31.5 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031.

A cable joint is a connecting solution designed to connect low, medium, and high-voltage cables in a way that reflects the cable's construction. Several types of joints are available in the market and the best one depends on the cable's size, shape, configuration, voltage rating, structure, insulation type, specific application, and the number of cores to be joined. The waterproof cable joints should provide electrical insulation and mechanical protection, as well as a barrier against water ingress. 

The growth of the global cable joints market size is majorly driven by the rise in government initiatives to expand or upgrade transmission & distribution systems paired with the surge in industrialization & urbanization in emerging economies. Further, the rapid development and investments in the renewable energy sector are anticipated to drive the growth of the cable joints market. However, the high failure rate of medium voltage cable accessories acts as a prime restraint of the cable joints market. On the contrary, the increase in investments in the electrification of remote & rural areas is anticipated to provide lucrative opportunities for the cable joints industry during the forecast period. 

According to cable joints market analysis, the high voltage segment was the highest contributor to the cable joints market share in 2021. The industrial and energy & power segments collectively accounted for around 51.9% market share in 2021. The surge in the adoption of renewable energy and power cable joints solutions has led to the growth of the industrial and energy & power segments; thereby, enhancing the cable joints market growth. 

The outbreak of COVID-19 has significantly impacted the growth of the cable joints market, owing to a significant impact on prime market players. Conversely, a rise in demand for renewable energy solutions in residential and commercial sectors is anticipated to drive the market post-pandemic.  However, the lack of availability of a professional workforce due to partial and complete lockdowns implemented by governments restrained the growth of the cable joint market. On the contrary, emerging economies significantly witnessed the need for smart infrastructure solutions that are expected to boost the cable joint market. 

Region-wise, Asia-Pacific holds a significant share of the global cable joint market owing to the presence of prime players in this region. The adoption of next-generation medium and high-voltage cable solutions across the industrial sector is expected to propel the growth of the cable joints industry in this region. Moreover, the surge in demand for smart display solutions in Asia-Pacific countries such as India, South Korea, and Japan is anticipated to drive the cable joints market trends in this region. 

KEY FINDINGS OF THE STUDY

• In 2021, the outdoor segment accounted for maximum revenue and is projected to grow at a notable CAGR of 6.8% during the forecast period.
• The industrial and energy & power segments together accounted for around 51.9% of the power cable market share in 2021.
• The high voltage segment is projected to grow at a CAGR of 6.2% during the forecast period.
• Asia-Pacific contributed the major share in the power cable market, accounting for more than 35.8% share in 2021

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. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the cable joints market.