Cable Accessories Market

Cable Accessories Market Overview:

The global cable accessories market size reached USD 60.3 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 99.6 Billion by 2033, exhibiting a growth rate (CAGR) of 5.14% during 2025-2033. The market is propelled by the increasing adoption of smart infrastructure, which heavily depends on advanced cable systems for operation and connectivity, along with the development of smart grids and continuous technological advancements.

Cable Accessories Market Analysis:

• Major Market Drivers: The rising adoption of smart grids and continuous innovations in technology are bolstering the market growth.
• Key Market Trends: The growing trends of smart infrastructure and rising utilization of renewable energy systems are positively influencing the market.
• Geographical Trends: Asia Pacific holds the largest segment because of the rapid urbanization and several government initiatives.
• Competitive Landscape: Some of the major market players in the cable accessories industry include Nexans SA, The Prysmian Group, ABB Group, NKT A/S, Taihan Electric Wire Company Ltd., among many others.
• Challenges and Opportunities: While the market faces challenges like high cost associated with underground cables, which impacts the market, it also encounters opportunities in the quality improvement of cable accessories.
   

Cable Accessories Market Trends:

Growing trends of smart infrastructure

According to the IMARC Group’s report, the global smart infrastructure market reached US$ 149.2 Billion in 2023. Smart infrastructure development includes the deployment of advanced telecommunications networks, such as 5G, which requires extensive cabling infrastructure with high-performance cable accessories. These accessories must support higher data speeds and bandwidth, requiring precision-engineered connectors, junctions, and shielding accessories. Moreover, smart infrastructure often incorporates energy efficiency measures that rely on sensors and automated systems to control lighting, heating, and cooling based on occupancy and weather conditions. Cable accessories play a critical role in connecting and protecting these sensors and controls, ensuring they operate effectively without interruption, which is increasing the cable accessories market size.

Increasing development of smart grids

Smart grids are highly networked systems that need to coordinate real-time information exchange from several entities like households, buildings, and renewable energy sources. This connectivity requires cable accessories, such as connectors, splices and terminations, that can provide the connection needed for high speed data and power transmissions. In addition, smart grids incorporate advanced technologies that can efficiently manage electricity supply and demand. Cable accessories in these systems require features like load breaking and fault isolation, which are critical for grid stability and to prevent blackouts. In line with this, the emphasis on grid reliability and the need to minimize downtime in smart grids are strengthening the cable accessories industry. Additionally, accessories that facilitate quick and easy repair or replacement are crucial to maintaining service continuity. The IMARC Group’s report shows that the global smart grid is expected to reach US$ 253.5 Billion by 2032.

Ongoing advancements in technology

Technological improvements in the field of material sciences are ensuring that cable accessories are long lasting, dependable and efficient. The application of silicone, ethylene-propylene rubber and cross-linked polyethylene in cable insulation and sheathing improves its performance in adverse environmental conditions, thereby bolstering the cable accessories market growth. Apart from this, advancement in technology is enabling the fabrication of compact and modular cable accessories. These designs facilitate easier installation and maintenance in dense urban environments, such as in data centers or industrial machinery. Furthermore, with growing environmental consciousness, the use of eco-friendly and recycled material in cable accessories is highly desired. These innovations are enabling key players to meet these demands without compromising on performance, thus opening new markets and opportunities. For instance, in 2023, Nexans successfully achieved electrical Type Test to develop 525 kV DC SF6 gas free cable terminations with SF6-free accessories including a dry-type Gas Insulated Switchgear (GIS) cable sealing end, and g3 gas filled GIS cable sealing end and an Outdoor Composite (or Air-Insulated Switchgear – AIS) cable sealing end.

Cable Accessories Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels for 2025-2033. Our report has categorized the market based on voltage, installation, and end user.

Breakup by End User:

• Industrial
• Renewables
   

Industrial accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the end user. This includes industrial and renewables. According to the report, industrial represents the largest segment.

Industrial hubs require exceptionally robust, reliable, and high-efficiency cable accessories to maintain the safe and seamless flow of electricity and data. This need is driven by the support for intricate machinery, heavy-duty gear, and complex control systems, all relying on cables and their accessories for functionality and safety. In addition, the rise of industrial infrastructure and the increase in automation and smart technology adoption further heighten the need for cable accessories. As industrial sectors are expanding and advancing, the cable accessories market value is increasing significantly.

Breakup by Voltage:

• Low Voltage Cable Accessories
• Medium Voltage Cable Accessories
• High Voltage Cable Accessories
   

Low voltage cable accessories hold the largest share of the industry

A detailed breakup and analysis of the market based on the voltage have also been provided in the report. This includes low voltage cable accessories, medium voltage cable accessories, and high voltage cable accessories. According to the report, low voltage cable accessories account for the largest market share.

Low voltage cable accessories include connectors, joints, and terminations that are crucial in ensuring connection and protection of electrical installations. The increased use of low voltage electrical networks in urban infrastructural projects, attributed to trends in urbanization and infrastructural modernization around the world, further expands the cable accessories market demand. Additionally, the preference for renewable sources of energy for powering stationery and transport applications that rely on low voltage solutions is playing a significant role in the growth of this segment of the market.

Breakup by Installation:

• Overhead Cable Accessories
• Underground Cable Accessories
   

Overhead cable accessories represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the installation. This includes overhead cable accessories and underground cable accessories. According to the report, overhead cable accessories represent the largest segment.

Overhead lines are generally cheaper compared to their underground counterparts especially in areas that are less populated or sparsely developed where the costs of laying and maintaining underground solutions are prohibitively high, thereby increasing the cable accessories market revenue. Additionally, the accessibility of overhead systems makes them easier and quicker to repair, which is crucial for minimizing downtime during power outages. This logistical advantage is fueling the need for different overhead cable accessories like connectors, clamper, insulator, and protectors as well as other apparatus for constructing, operating, and maintaining this power line.

Breakup by Region:

• Asia Pacific
• Europe
• North America
• Latin America
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest cable accessories market share

The report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, Europe, North America, Latin America and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for cable accessories.

As per the website of the National Bureau of Statistics of China, in 2023, the urbanization rate of permanent residents reached 66.16 percent, 0.94% higher than that at the end of 2022. This huge shift of population from rural to urban areas in China requires the development of new urban centers, housing developments, and commercial facilities, all requires extensive electrical infrastructure. To support this growth, there is a significant demand for cable accessories. Additionally, governing agencies are introducing initiatives in the region to improve rural and urban electrical access and the modernization of aging electrical infrastructure are contributing to the growing adoption of cable accessories.

Competitive Landscape:

• The cable accessories market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the cable accessories industry include Nexans SA, The Prysmian Group, ABB Group, NKT A/S, and Taihan Electric Wire Company Ltd.

  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

• Due to technological advancements, many organizations are enhancing their R&D capacity to develop new and better cable accessories with efficiency, safety, and reliability in terms of performance. They are expanding their manufacturing capability on account of the increased need for higher efficiency of cable accessories. Key players are likely to enter into partnerships, cooperations, and joint venture systems with other firms to diversify product portfolios, gain broader access to the markets and share technological experiences. They include delivering customer services such as technical support, consultancy, and after-sales services that enable organizations to offer a competitive edge. In addition, acquisitions and mergers are common strategies for cable accessories companies looking to quickly expand their product lines or acquire new technologies. For instance, in 2024, ABB signed an agreement to acquire Siemens' Wiring Accessories business in China. The acquisition will broaden ABB’s market reach and complement its regional customer offering within smart buildings.

Cable Accessories Market News:

• May 8, 2024: ABB and Niedax Group, a leading global supplier of cable management systems, created a joint venture to meet the growing demand for cable tray systems in North America.

Cable Accessories Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, cable accessories market forecasts, and dynamics of the market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the cable accessories industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.