Underground Cable Accessories Market By Voltage (Low, Medium, High) , By Installation (New Installation, Repair) By End User (Industrial, Renewable) : Global Opportunity Analysis and Industry Forecast, 2024-2032
Underground Cable Accessories Market
The underground cable accessories market was valued at $18.4 billion in 2023 and is projected to reach $35.4 billion by 2032, growing at a CAGR of 7.5% from 2024 to 2032.
Underground cable accessories comprise of materials required to install, connect, and safeguard the cables. Some of the key accessories include joints, splices, sealing end caps, underground enclosures, and cable terminations. The accessories are developed from high-end materials to withstand extreme environments such as high temperature & humidity, pollutants, and chemicals. The heat-shrinkable properties of accessories offer diverse insulation levels to the cables and safeguard them.
Rapid surge in industrialization and urbanization is a key driver of the underground cable accessories market due to increase in construction projects and rise in government initiatives to expand the transmission & distribution infrastructure. In addition, upsurge in the adoption of smart grids is boosting the demand for underground cable accessories to prevent blackouts and ensure grid stability. The digitalization of accessories is an emerging trend anticipated to transform the landscape of the market. The assimilation of sensors and smart monitoring systems within accessories is enhancing the reliability of electrical systems through predictive maintenance and concurrent monitoring. The integration of smart systems is poised to reduce the downtime of electrical systems and extend their utility.
However, volatility in the prices of raw materials impacts the development of the underground cable accessories market. Furthermore, the initiation of power projects is subject to several regulatory compliances associated with the funding and environmental concerns, which restrains the growth of the market. On the contrary, the provision of funds by governments is expected to present lucrative opportunities for the market. For instance, in China, the local governments allocated an estimated amount of $471.262 billion to facilitate around 23,800 projects associated with the advancement of the rural infrastructure. Moreover, the Government of India offers tax profits to businesses associated with infrastructure development.
Segment ReviewThe underground cable accessories market is segmented into voltage, installation, end user, and region. On the basis of voltage, it is divided into low, medium, and high. As per installation, it is bifurcated into new installation and repair. Depending on end user, it is classified into industrial and renewable. Region wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Key FindingsOn the basis of voltage, the high segment held the highest market share in 2023.
As per installation, the new installation segment dominated the market in 2023.
Depending on end user, the renewable segment acquired a high stake in the market in 2023.
Region wise, Asia-Pacific was the highest revenue generator in 2023.
Competition AnalysisThe leading players operating in the global underground cable accessories market include ABB, Ltd., Dubai Cable Company Private Limited, Elsewedy Electric S.A.E., Furukawa Electric Co., Ltd., LS Cable & System Ltd., Nexans S.A., NKT A/S, Prysmian Group, Sumitomo Electric Industries, Ltd., and Tele-Fonika Kable S.A. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy VoltageLow
Medium
High
By InstallationNew Installation
Repair
By End UserIndustrial
Renewable
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Colombia
Argentina
Rest of Latin America
Middle East and Africa
South Africa
Saudi Arabia
UAE
Rest of Middle East and Africa
Key Market Players
ABB, Ltd.
Dubai Cable Company Private Limited
Elsewedy Electric S.A.E.
Furukawa Electric Co., Ltd.
LS Cable & System Ltd.
Nexans S.A.
NKT A/S
Prysmian Group
Sumitomo Electric Industries, Ltd.
Tele-Fonika Kable S.A.