Government initiatives supporting regional connectivity and rise in automation sector drive the growth of the global cable glands market
PORTLAND, Oregon, July 3, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Cable Glands Market by Type (Industrial and Hazardous), Cable Type (Armored and Unarmored), Material (Brass, Stainless Steel, Plastic/Nylon, and Others), and End Users (Oil & Gas, Mining, Aerospace, Manufacturing & Processing, Chemical, and Others): Global Opportunity Analysis and Industry Forecast, 2018 – 2025." The report provides an in-depth analysis of drivers & opportunities, changing market trends, competitive market landscape, and market size & estimates. As per the report, the global cable glands market was estimated at $1.76 billion in 2017 and is expected to hit $2.84 billion by 2025, registering a CAGR of 6.1% during the study period.
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Government initiatives supporting regional connectivity and increase in automation sector fuel the growth of the global cable glands market. On the other hand, volatile nature of raw material prices checks the growth to some extent. Nevertheless, investment in emerging markets and rise in number of data centers are expected to create a number of opportunities for the key players in the industry.
The armored segment to lead the trail till 2025-
Based on cable type, the armored segment accounted for nearly three-fourths of the total market share in 2017 and is expected to maintain its dominance throughout 2018–2025. This is attributed to the increased used in onshore plant applications. The same segment is also projected to grow at the fastest CAGR of 6.2% during the forecast period.
The industrial to dominate during the estimated period-
Based on type, the industrial segment generated the highest revenue in 2017, contributing to more than four-fifths of the total market share. The rapid industrialization across the globe has led to rise in demand for industrial grade cable glands for proper transmission of power, earthing, bonding, insulation, and cable guarding. The Hazardous segment, on the other hand, is anticipated to cite the fastest CAGR of 6.3% through 2018–2025.
North America to maintain its top status during the study period-
Based on geography, North America contributed to nearly one-third of the total market share in 2017 and is predicted to rule the roost till 2025. This is due to increase in demand for technologically advanced equipment in the region. Simultaneously, the Asia-Pacific region would grow at the fastest CAGR of 7.0% throughout 2018–2025. The fact that the region is rich in mines, refineries, and chemicals has augmented the adoption of industrial equipment such as cable glands in the province.
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Frontrunners in the industry-
The key market players analyzed in the report include Emerson Electric Co., 3M Inc., Konica Minolta, ROQ International, Kornit Digital, Mimaki, Eaton Corporation PLC, Jacob GmbH, CMP Products Limited, ABB Ltd., Cortem Group, Bartec Group, and Amphenol Corporation. Incorporating several high-end strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others, these market players have become able to maintain their stand in the industry.
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SOURCE Allied Market Research