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Technavio, an international market research institution, recently released a report that from 2020 to 2024, the global cable accessories market is expected to grow by $6.
91 billion, and the growth momentum of the market will accelerate
at a compound annual growth rate of 3.
47%.
The report believes that the increase in electricity demand, especially the increase in renewable energy, is promoting the increase in demand in the cable market, thereby stimulating the demand growth
of cable accessories.
On the other hand, the large-scale deployment of explosion-proof cable terminations has been driving the growth of the
cable accessories market.
To ensure longer cable life, suppliers are developing cable accessories, such as renewable cable protection systems, that enhance cable durability
.
At the same time, with the growing need to become fossil-free producers, countries around the world are committing to renewable energy generation
.
These factors will drive the adoption of renewable cable protection systems, which will be one of
the key cable accessories market trends.
49% of the market growth during the forecast period will come from the Asia-Pacific region
.
China, India and Japan are the major markets
for cable accessories in the Asia-Pacific region.
The market growth in this region will be faster than that in other regions
.
Among major developing countries, the growing adoption of renewable energy technologies is one of the major factors that will boost the growth of
the cable accessories market in Asia Pacific during the forecast period.
In terms of application areas, the low-voltage segment of the transmission and distribution network will witness the largest application
of cable accessories.
Electricity consumption has been increasing, especially in developing regions like the Asia-Pacific region, especially from China, India and other rapidly growing Southeast Asian countries
.
These countries are experiencing massive urbanization and industrial growth, which is driving the demand for electricity, which in turn has greatly contributed to the growth of
the cable accessories market in the low-voltage sector.
Technavio, an international market research institution, recently released a report that from 2020 to 2024, the global cable accessories market is expected to grow by $6.
91 billion, and the growth momentum of the market will accelerate
at a compound annual growth rate of 3.
47%.
The report believes that the increase in electricity demand, especially the increase in renewable energy, is promoting the increase in demand in the cable market, thereby stimulating the demand growth
of cable accessories.
On the other hand, the large-scale deployment of explosion-proof cable terminations has been driving the growth of the
cable accessories market.
To ensure longer cable life, suppliers are developing cable accessories, such as renewable cable protection systems, that enhance cable durability
.
At the same time, with the growing need to become fossil-free producers, countries around the world are committing to renewable energy generation
.
These factors will drive the adoption of renewable cable protection systems, which will be one of
the key cable accessories market trends.
49% of the market growth during the forecast period will come from the Asia-Pacific region
.
China, India and Japan are the major markets
for cable accessories in the Asia-Pacific region.
The market growth in this region will be faster than that in other regions
.
Among major developing countries, the growing adoption of renewable energy technologies is one of the major factors that will boost the growth of
the cable accessories market in Asia Pacific during the forecast period.
In terms of application areas, the low-voltage segment of the transmission and distribution network will witness the largest application
of cable accessories.
Electricity consumption has been increasing, especially in developing regions like the Asia-Pacific region, especially from China, India and other rapidly growing Southeast Asian countries
.
These countries are experiencing massive urbanization and industrial growth, which is driving the demand for electricity, which in turn has greatly contributed to the growth of
the cable accessories market in the low-voltage sector.
