Underground Cable Accessories Market Size, Share, Competitive Landscape and Trend Analysis Report, by Voltage, by Installation, by End User : Global Opportunity Analysis and Industry Forecast, 2024-2032

Key Takeaways

• The underground cable accessories market studies more than 23 countries. The analysis includes a country-by-country breakdown analysis in terms of value ($Billion) available from 2023 to 2033.
• The research combined high-quality data, professional opinion, and research, with significant independent opinion. The research methodology aims to provide a balanced view of the global market, and help stakeholders make educated decisions to achieve ambitious growth objectives.
• The research reviewed more than 3, 700 product catalogs, annual reports, industry descriptions, and other comparable resources from leading industry players to gain a better understanding of the market.
• Theunderground cable accessories market share is marginally fragmented, with players such as ABB, Ltd., Dubai Cable Company, Elsewedy Electric, Furukawa Electric Co., Ltd., LS Cable & System Ltd., Nexans S.A., NKT A/S, Prysmian Group, Sumitomo Electric Industries, Ltd., and Tele-Fonika Kable. Major strategies such as product Launch, partnerships, expansion, and other strategies of players operating in the market are tracked and monitored.

Market Dynamics

The global underground cable accessories industry has experienced significant growth, primarily fueled by the increasing demand for electricity across various end-use industries such as oil & gas, construction, and manufacturing. This surge in electricity demand is driven by rapid industrialization, urbanization, and infrastructure development projects worldwide, necessitating the expansion and modernization of power transmission and distribution networks. However, despite the promising growth trajectory, the market faces challenges that could potentially impede its advancement. One such challenge is the high cost associated with underground cables, which are often preferred for their reliability and aesthetic advantages but entail substantial investment in installation and maintenance. In addition, delays in the implementation of power projects due to regulatory hurdles, environmental concerns, and funding issues pose significant barriers to Underground Cable Accessories market growth.

Moreover, technological advancement is an Underground Cable Accessories Market Opportunity. The development of smart grids, for instance, offers substantial potential for enhancing the efficiency, reliability, and sustainability of power networks. Smart grid technologies enable real-time monitoring, control, and optimization of electricity distribution, leading to improved reliability, reduced energy losses, and enhanced integration of renewable energy sources. Furthermore, continuous R&D efforts aimed at enhancing the quality, performance, and durability of cable accessories are anticipated to create lucrative opportunities for key players in the market. Innovations such as advanced materials, design optimizations, and enhanced functionality are expected to address key challenges and meet the evolving needs of end-users, thereby sustaining the market's growth momentum in the coming years.

Market Segmentation

The underground cable accessories market is segmented into voltage, installation, end user, and region. On the basis of voltage, the market is divided into low, medium, and high. By installation, the market is segregated into new installation and repair.  On the basis of end user, the market is bifurcated into industrial and renewable. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.

Regional Market Outlook

In North America, the cable accessories market holds a significant share, accounting for approximately 30% of the global market. The region's robust infrastructure development, particularly in the construction and manufacturing sectors, drives the demand for cable accessories. In addition, technological advancements in smart grid systems and renewable energy integration further bolster Underground Cable Accessories Market Growth. Key players in North America, such as 3M Company and TE Connectivity, continue to invest in research and development to meet the evolving needs of the region's end-users.

Europe commands a substantial share of approximately 25% in the global cable accessories market. The region's stringent regulatory standards for energy efficiency and safety drive the adoption of advanced cable accessories, particularly in the power utilities and renewable energy sectors. In addition, initiatives aimed at modernizing and expanding the region's aging infrastructure contribute to market growth. Major players in Europe, including Nexans and Prysmian Group, leverage their technological expertise to offer innovative solutions tailored to the region's specific requirements.

Asia-Pacific emerges as a dominant player in the global cable accessories market, capturing a significant portion of the market share. India is expected to dominate the Underground Cable Accessories Market Forecast by growing with a higher CAGR. Rapid industrialization, urbanization, and infrastructure development projects in countries such as China, India, and Japan drive the demand for electricity and, consequently, cable accessories. Moreover, government initiatives to enhance power transmission and distribution networks, coupled with investments in renewable energy, propel market growth. Leading players in Asia-Pacific, such as LS Cable & System and Taihan Electric Wire Co., Ltd., capitalize on the region's burgeoning demand by offering a diverse range of high-quality cable accessories.

Latin America and the Middle East & Africa collectively account for approximately 5% of the global cable accessories market share. Despite a smaller market size compared to other regions, these regions offer growth opportunities driven by infrastructure development initiatives and investments in the oil & gas sector. In Latin America, countries such as Brazil and Mexico witness increased demand for cable accessories in the construction and industrial sectors. Similarly, in the Middle East & Africa, countries such as Saudi Arabia and the UAE invest in power infrastructure projects, creating opportunities for market expansion. Leading players such as NKT A/S and El Sewedy Electric Company focus on tapping into these emerging markets to strengthen their global presence.

Government Policies favoring the market:

• Under section 80IA, the Indian government provides tax benefits to the businesses involved in infrastructure development, which is also a driver of the market.
• In China, Local governments issued 3.41 trillion yuan approximately ($471.262 billion) in new special bonds, supporting over 23, 800 projects. Additionally, investment in rural infrastructure and new areas like cloud computing and 5G base stations has been stepped up.

Company Landscape

The major players operating in the underground cable accessoriesmarket include ABB, Ltd., Dubai Cable Company, Elsewedy Electric, Furukawa Electric Co., Ltd., LS Cable & System Ltd., Nexans S.A., NKT A/S, Prysmian Group, Sumitomo Electric Industries, Ltd., and Tele-Fonika Kable.

Other players in the value chain of the market include Taihan Electric Wire Company Ltd., Jiangnan Group Limited, Kabelwerke Brugg AG, Southwire Company, LLC, Baosheng High Voltage Cable Co., Ltd., and others.

Recent Key strategies and Developments

• In September 2021, Nexans S.A. signed an agreement with Xignux SA of Mexico to acquire Centelsa, a premium cable maker in Latin America active in the production of cables for building and utilities applications. This has strengthened the position of the company in Latin America.
• In March 2020, Elsewedy Electric launched 3 new products named joints & terminators for cables up to 66kv, solar cables, and coaxial cables, through its factory at Ain Defla in Algeria. This has enhanced the product portfolio of the company.

Key Sources Refered

1. International Cable Accessories Association (ICAA)

2. National Electrical Manufacturers Association (NEMA)

3. International Electrotechnical Commission (IEC)

4. Institute of Electrical and Electronics Engineers (IEEE)

5. European Association of Electrical Contractors (AIE)

6. The Cable Center

7. National Electrical Contractors Association (NECA)

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the Underground Cable Accessories Market segments, current trends, estimations, and dynamics of the Underground Cable Accessories market analysis from 2022 to 2032 to identify the prevailing Underground Cable Accessories 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.
• In-depth analysis of the Underground Cable Accessories Market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global Underground Cable Accessories Market Statistics.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional and global Underground Cable Accessories market trends, key players, market segments, application areas, and market growth strategies.