Rise in demand for high-speed connectivity devices and systems and improved cable applications have propelled the growth of the global patch cable market
PORTLAND, Oregon, April 20, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Patch Cable Market by Product Type (Copper Cable and Fiber Optic), Cable Category (CAT3, CAT5, CAT5E, CAT6, CAT6A, CAT7, Multimode Optical Fiber, RG6, and Others), Application (Networking and Non-Networking), and End Use (Industrial, Enterprise, IT & Network Security, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global patch cable industry was pegged at $2.78 billion in 2019, and is projected to reach $5.76 billion by 2026, growing at a CAGR of 10.2% from 2019 to 2026.
Chief Driving Factors of the Market
Increase in demand for high-speed connectivity devices and systems and improved cable applications have boosted the growth of the global patch cable market. However, negative impact of Internet of Things hampers the market. On the contrary, surge in development of data centers and advent of 5G revolution are expected to create lucrative opportunities in the near future.
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Copper Cable Segment Dominated the Market
The copper cable segment held the largest share in 2019, accounting for more than half of the total global patch cable market. Copper is the third most conductive element after gold and silver, which makes it suitable for transmission and therefore, dominates the market. However, the fiber optic segment is projected to manifest the highest CAGR of 13.0% during the forecast period, due to growing demand for fiber optic in data centers and data communication.
Networking Segment to Manifest Highest CAGR Through 2027
The networking segment is anticipated to portray the highest CAGR of 11.2% during the study period, as patch cable is required for connecting various nodes for efficient data transfer. Moreover, the same segment held the largest share in 2019, accounting for more than two-thirds of the global patch cable market.
North America Held the Lion's Share
The market across North America held the largest share in 2019, contributing to nearly two-fifth of the market, due to the advancements in technologies, innovations, and investments in the respective industry. However, the global patch cable market across Asia-Pacific is projected to manifest the highest CAGR of 13.2% during the forecast period, owing to increasing penetration of optical fiber technologies in developing economies.
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Major Market Players
- Black Box
- General Cable
- CP Technologies
- Major Custom Cable Inc.
- Legrand North America LLC
- Quabbin Wire & Cable Corporation
- Panduit Corp
- Schneider Electric
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