EUROPE CABLE JOINT MARKET ANALYSIS

Europe Cable Joint MarketSize and Trends

The Europe cable joint market is expected to witness significant growth during the forecast period (2021–20278. The increasing adoption of electric vehicles in the commercial and government sectors is expected to drive the market growth during the forecast period. For instance, in 2020, in Europe, the Department of Transport allocated approximately US$ 65 million for electric bus towns. The Department of Transport predicted that 200 electric buses can save around 7,400 tons of CO2 annually and play important role in bringing down emissions. Moreover, rising urbanization and growing advanced infrastructure are also driving the market growth. In addition, increased investments in advanced technologies of power transmission and distribution systems, and the development of smart grids increases the demand for cable joints in the market. The technological advancements in smart grids generate efficient renewable power, reliable power, reduce carbon footprint by working with smart devices, and encourage the use of electric vehicles in Europe. Moreover, stringent government regulations to move towards electric vehicle have also led to the demand for cable & cable joints in Europe. For instance, in 2020, European Union set a target of net-zero greenhouse emissions by 2025.

Statistics:

Rest of Europe held dominant position in the Europe cable joint market in 2020, accounting for 51.3% share in terms of value, followed by France, Germany and Others.

 Figure 2: Europe Cable Joint Market Value (US$ Mn) Analysis and Forecast and Y-o-Y Growth (%), 2017 - 2028

The Europe cable joint market was valued at US$ 573.9 Mn in 2020 and is expected to reach US$ 801.2 Mn by 2028 at a CAGR of 4.5% between 2020 and 2028.