Cable Glands MarketSize and Trends

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.

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

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.

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