CABLE GLANDS MARKET ANALYSIS

The global cable glands market size was valued at US$ 1,648.2 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 7.8% from 2022 to 2030.  Increasing use of Internet of Things (IoT) devices and the boom in construction activities are driving the demand for Cable Glands. Moreover, research and development in the Cable Glands industry has contributed towards lowering costs and these factors are expected to drive growth of the market over the forecast period. The rising demand for parts and equipment to support the infrastructure and the advancement in technology enabling new generation Cable Glands to offer improved performance is also driving growth of the market.

Global Cable Glands Market: Regional Insights

North America among regions is projected to gain a significant share in the global cable glands market over the forecast period, owing to rise in demand for technologically advanced equipment, as the regions is a technology-based area that relies on manufacturing, construction, and oil & gas natural gas industries. Moreover, due to rise in consumer demand as well as innovation, along with presence of competing workforce and supply chain that can build, install, and offer service all energy technologies. For instance, as per the International Energy Agency, in 2019, there was total US$ 250 billion of investment in energy efficiency from the U.S.

Furthermore, Asia Pacific is also expected to witness a strong growth in the global cable glands market over the forecast period. This can be attributed to increasing large construction activities in emerging countries such as India and China. These countries are rich in refineries, chemicals, and mines. Thus, there is a large adoption of industrial equipment such as cable glands in the region, which is expected to drive growth of the market across the region. As per the National Bureau of Statistics of China, the revenue of construction industry in the country is likely to reach US$ 3,812 billion by the year 2024.

Figure 1. Global Cable Glands Market Share (%), by Region, 2021

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Global Cable Glands Market Drivers:

Need for renewal and upgrading of existing networks in developed regions to propel the market growth

There are several electrical and communication networks in developed regions that are getting old with time. As per the estimates, several communication and electrical infrastructures in the U.S. have become more than a decade old. Along with the increasing technological development, the demand for modern infrastructure has also increased. Moreover, growing consumption of energy is also creating demand for upgradation of power grids all over the world. Thus, this factor is expected to propel growth of the global cable glands market over the forecast period.

Worldwide growth of construction industry to augment the market pace

The demand for cable glands is increasing across the globe due to rise in growth of construction industry, specifically in emerging regions. The construction industry is growing with higher rate in emerging countries such as India, UAE, and China. Thus, these regions are offering several opportunities for the growth of this market. The government of India announced the 2021 budget, which proposed building a Development Financial Institution (DFI) named the National Bank for Financing Infrastructure and Development, with is likely to have a capital base of INR 200 billion, with a lending target of INR 5 trillion in three years. Thus, increasing growth of construction industry is expected to fuel growth of the global cable glands market over the forecast period.

Global Cable Glands Market Opportunities:

Growing focus of manufacturers and vendors on innovation is expected to create several growth opportunities in the global cable glands market over the forecast period. Product manufacturers and vendors are likely to bring innovations related various material science and production technology to strengthen their market share in the near future. Manufacturers are expected to rely on production innovation, while advent of alternative distribution channel will also create several opportunities in the market.

Growing technological development such as Internet of Things (IoT), and artificial intelligence (AI) leading to disruption of electronics market space is creating several opportunities for existing companies and new startups to enter new areas of application of cable glands. For instance, in May 2020, Wincomm launched a new cable gland for external input-output suits for catering the increasingly changing industrial environments with combinations of I.O. under IP66/IP69K test proof. Thus, this factor is creating various business opportunities in the global cable glands market.

Global Cable Glands Market Trends:

Growing digitalization and automation is a major trend in the market

The rise in trend of automation and digitalization is leading to proliferation of robotics in several industries. As per the International Monetary Fund, investments in robotics from Asia are important along with the production automation for the economies of this region, as more than half of the estimated industrial robot stock of the world is in use in the region. Thus, growing adoption of digitalization and automations is creating demand for cable glands in robotic applications. And this in turn is likely to boost the market growth.

Increasing smart city projects across the globe is a recent trend

The number of smart city projects is increasing all over the world, along with the construction tenders, industry 4.0, and emerging market. This in turn is creating substantial demand for cables and connectors, which in turn is boosting the adoption of cable glands. In the Industry 4.0 era, a huge data volume is transmitted at a fast speeds. A same on-going application, which was adapted a long ago in offices is now implemented in factories. Thus, cables are becoming leaner and are designed with insulation and technical tricks for helping save space and to make the devices compact. Thus, these factors are driving growth of the market across the globe.

Global Cable Glands Market Restraints:

Fragmentation in regional markets to hamper the market pace

Several companies have been manufacturing cable glands for many years; however, due to the long time they have been in operations, several regional/local players are entering the market with relative ease to provide the cable glands at much lower costs compared to the existing market players. This has aided in developing a healthy competition in terms of development of safety, ingress, and other factors; it has however created fragmentation in the market. With the emergence of new manufacturers, the standards by which the cable glands were produced by earlier manufacturers, became diluted, as they focused solely on providing low cost alternative with no emphasis on standards. This has been restraining growth of the market as consumers looked for steady nomenclature for safety, production, and compatibility. However, certification systems such as ATEX, IEC Ex, NEC, UL, ISO, and BS are expected to address this issue, which will minimize the adverse impact of fragmentation on the market.

Unpredictability of raw material prices to impede the market pace

Cable glands are made from materials such as stainless steel, aluminum, nickel, brass, plastics, and others depending on the type of application. The cost of raw materials utilized in production of cable glands is significantly volatile, due to the cost of these materials depends heavily on the market scenario. In recent times, markets for materials such as aluminum and brass that are largely used raw materials in cable gland production, have witnessed fluctuation in their costs. Thus, changing cost of raw materials affect the production cost of cable glands, which in turn impacts adoption of these materials. This factor is therefore anticipated to restrain growth of the market in the coming future.

Figure 2. Global Cable Glands Market Value (US$ Mn), 2021-2030

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Global Cable Glands Market Segmentation:

The global cable glands market report is segmented into Type, Cable Type, Material Type, End User Industry, and Region

Based on Type, the market is segmented into Non-hazardous Area Cable Glands, Hazardous Area Cable Glands. Out of which, Non-hazardous Area Cable Glands is expected to dominate the global market over the forecast period and this is attributed to the high demand from industrial sector. Due to regulatory requirements, creating a safe working environment, and rise in investments for expansion and development, the industrial sector is likely to be the major contributor to the growth of the market.

Hazardous Area Cable Glands segment is also expected to witness significant growth in the near future and this is owing to the mandatory use of hazardous area cable glands. Due to the high risk of catching flame, fire, and explosion during operations in hazardous regions, the use of these cable glands with ex ratings is mandatory. These ex cable glands are rated on the performance and type of the component, are explosion-proof, and comply with standard need for the user industry.

Based on Cable Type, the market is segmented into Armored Cable Glands, Unarmored Cable Glands. Out of which, Armored Cable Glands is expected to dominate the global market over the forecast period and this is attributed to the high demand for armored cable glands across several applications. Cable glands for armored cables have single outer seal, and these are used largely for cables having non inner covering or bedding under the armor. Thus, high demand for armored cable glands is driving the growth of this segment.

Unarmored Cable Glands segment is also expected to witness significant growth in the near future and this is owing to the rise in use of unarmored cable glands. These cable glands need an additional outer sheath seal in the gland to provide ingress protection and a degree of retention. A specific standards is required to use the products in various applications. Thus, growing use of unarmored cable glands in different applications is supporting growth of the segment.

Based on Material Type, the market is segmented into Brass, Aluminum, Plastic, Stainless Steel, and Other Material Types. Out of which, Brass is expected to dominate the global market over the forecast period and this is attributed to the widespread use of brass in cable glands. Cable glands made from brass plated with nickel are utilized widely in the oil & gas and petrochemical industries, as they offer greater protection against corrosion and contamination in hostile environments.

Plastic segment is also expected to witness significant growth in the near future and this is owing to the growing use of cable glands made from plastic in general applications. Plastic glands made for general use, such as different mechanical and electrical equipment, manufacturing devices, and controlling and automation. The increasing use of plastic glands is driving growth of this segment in the cable glands market.

Based on End User Industry, the market is segmented into Aerospace, Construction, Manufacturing and Processing, Oil and Gas, Power and Utilities, and Other End user Industries (Marine, Mining, Chemicals). Out of which, Aerospace is expected to dominate the global market over the forecast period and this is attributed to the substantial use of cable glands in the aerospace industry. Cable glands are widely used in aerospace equipment for ground support applications and communications systems for sealing the valves, as it provides more significant benefit over electrical sensing devices. Thus, increasing demand for cable glands in this industry is supporting growth of the segment.

Construction segment is also expected to witness significant growth in the near future and this is owing to the growing trend of smart cities, leading to high demand for cable glands in the construction industry. The need for additional security and safety to cable connection is increasing along with the growing trend of smart cities, as it has become mandatory to provide protection to appliances from fire, excessive heating, and industrial wire termination failures.

Global Cable Glands Market: Key Developments

In January 2021, CMP Products Limited invested its new Europe Warehouse in Germany to strengthen its distribution network across Europe. This is likely to serve as a central hub for product distribution all over the region, which will improve accessibility and lead times.

In May 2020, Cortem SPA (Cortem Group), announced the expansion of its range of cable glands and introduced the new barrier version for armored cables NEVB series and also for non-armed cables NAVB series.

In February 2020, Jacob Gmbh, announced the launch of novel PERFECT AirVent cable gland that offers protection to hermetically sealed electro-technical and electronic enclosures from condensation.

In February 2021, CMP Products Limited received approval from South African National Standard (SANS) 60097, for its hazardous area cable glands as well as accessories. With this approval, the growth of the company in South Africa and the wider African continent will increase, which will offer choice and access for products directly from Johannesburg.

Global Cable Glands Market: Key Companies Insights

The global cable glands market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.

Some of the key players in the global cable glands market are TE Connectivity, Amphenol Corporation, Warom Technology Incorporated, Bartec Group, Quanguan Electric, CMP Products Limited, R.Stahl Ag, Eaton Group - (Cooper Crouse-Hinds Electric Company), Jacob Gmbh, ABB Ltd., Hubbell Incorporated, Cortem SpA, Elsewedy Electric, and Emerson Industrial Automation.

*Definition:

Cable Glands are an important part of electrical systems. They offer sealing protection to cables and wires. They are used in various applications including power connectors in buildings, junction boxes, and signaling cables. These glands are manufactured from brass or plastic. Some are also used in the oil and gas industry.