April 28, 2021
According to the research report titled ‘Global Cable Glands Market 2019-2027’, available with Market Study Report LLC, global cable glands market is anticipated to record a compound annual growth rate of 6.50% through 2027.
Favorable government policies, refurbishment of electrical networks, and increasing construction projects are the primary drivers for the growth of global cable glands market. Additionally, proliferation of automation technology in various sectors requiring numerous cables and cable connections boost the demand for cable glands, as they act as safety barrier against electromagnetic emissions.
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For the record, cable glands are used to facilitate the entry of cables into enclosures, providing retention and sealing. They are made using different types of steel, plastic, brass or aluminum. Cable glands are used in combination with wirings and cables in many industries.
Furthermore, fast-growing IT vertical that has led to setting up of many data centers to store and share data for computers and other equipment, hence requiring abundant cables and cable glands, which in turn is stimulating global cable glands industry outlook.
However, inconsistency in the worth of raw materials hampers the growth of the market. Besides, availability of cheap products by local manufacturers, in consort with reluctance of small manufacturers to follow the defined standards are acting as major bottlenecks for the industry.
Based on type, global cable glands market is divided into industrial, and hazardous (EMS cable glands, flame-proof, increased safety, others). Speaking of cable type, the industry is classified into armored, and unarmored. While the material type ranges from brass, stainless steel, and plastic/nylon among others.
As per application spectrum, the marketplace is categorized into oil & gas, mining, aerospace, manufacturing & processing, chemical, and others.
Moving on regional outlook, North America, Asia-Pacific, Europe, Middle East & Africa, and Latin America are significant contributors towards worldwide cable glands market remuneration.
The report cites that Asia-Pacific is poised to hold significant market share by the year 2027, owing to increasing population, along with expansion of the construction sector. Moreover, to induce market growth, Government of India is promoting FDI, and is planning to reduce its dependency on the oil imports, thereby creating opportunities for foreign investors to capitalize in the country. Such factors are positively swaying the business dynamics in Asia-Pacific.
Key contenders in global cable glands industry include Amphenol Corporation, ABB Ltd., Eaton Corporation plc, Emerson Electric Co., Hubbell Incorporated, BARTEC Top Holding GmbH, Cortem S.p.A., CMP Products, Thomas & Betts, Sealcon LLC, R. Stahl, and Jacob GmbH.