The global Cable Glands Market is estimated to account for US$ 1,648.2 Mn in terms of value by the end of 2021. Cable glands are mechanical fittings used to secure cables and electrical equipment. They come in a wide variety of sizes, materials, and applications. There are many different types of cable glands. Generally, there are two primary cable gland styles: single compression and double compression. While all cable glands perform similar functions, there are some differences between them. These include material, pressure ratings, and more. It's also important to take the size of the cable into account when selecting a gland.
Global Cable Glands Market: Drivers
Growing requirement for better use of resources and materials and minimization of maintenance costs is expected to augment growth of the global cable glands market over the forecast period. Along with this, requirement for protection from moisture and dust present in space vehicles to enhance the performance, and need for safety systems are driving the use of cable glands, which in turn is driving growth of the global cable glands market over the forecast period. Cable glands offer better sealing protection for applications configured to function with any particular range and size of cable parameters. Thus, demand for cable glands is increasing with the aforementioned factors, which is driving growth of the global cable glands market.
Global Cable Glands Market: Opportunities
Rise in use of cables glands in oil & gas industries is creating several opportunities in the global cable glands market. Moreover, growing use in telecommunication sector and increasing initiatives from government for up-gradation of preexisting networks is also expected to offer business opportunities in the market. For instance, the government of India plans to grow its capacity of oil refining capacity to 400 MMTPA and aims to become a global hub by 2025. Moreover, as per the OPEC data, Venezuela accounts for the largest share of 25.5% in crude oil reserves, which is the largest share among countries in the Middle East followed by Saudi Arabia with 22.4% and IR Iran with 13.1%.
Global Cable Glands Market: Restraints
High cost required for R&D proficiencies and high time needed for installing cable glands is expected to obstruct growth of the global cable glands market over the forecast period. Along with this, stringent regulatory standards in emerging countries as well as design complexities of cable glands are also expected to impede growth of the market. Along with the R&D cost, the cost of operations for cable glands is high, which can impact small and middle-scale applications of cable glands. This in turn is likely to restrain growth of the market in the near future.
Global Cable Glands Market - Impact of Coronavirus (Covid-19) Pandemic:
The Covid-19 outbreak severely impacted various industries around the globe. The virus outbreak spread across several countries around the world, following which many countries imposed countrywide lockdown. During this period, production and demand was disrupted in several industries and the market being discussed. As end user industries were impacted by the pandemic, the demand for cable glands also declined significantly during the Covid-19 pandemic. This in turn negatively impacted growth of the cable glands market. However, the pandemic situation returning normal across several regions is likely to support the market growth.
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Key Takeaways:
The global cable glands market was valued at US$ 1,648.2 Mn in 2021 and is forecast to reach a value of US$ 3,187.0 Mn by 2030 at a CAGR of 7.8% between 2022 and 2030.
Unarmored Cables segment held dominant position in the global cable glands market in 2021, accounting for 7.1% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Cable Glands Market Trends:
Aerospace sector is gaining traction in the cable glands market, which is expected to propel growth of the market during the forecast period. Cable glands are utilized in several applications in space vehicles and aircraft, including military applications. Cable glands are used in several electrical equipment in aircraft for defence services, as they can withstand explosion, fire propagation, and protect against the entry of water, oil, or any other type of liquids into the panel compartment. Thus, high demand for cable glands in aerospace industry expected to support growth of the market in the near future.
Brass segment among cable materials is high in demand, which is expected to fuel growth of the global cable glands market over the forecast period. Cable glands are made from brass plated with nickel and are largely utilized in oil & gas and petrochemical industries as they offer greater protection against factors such as corrosion and contamination in hostile conditions. The use of stainless steel and aluminum is also increasing in cable glands production, which is also supporting growth of the market.
Global Cable Glands Market: Competitive Landscape
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
Global Cable Glands Market: Recent Developments
In February 2020, Jacob GMBH announced the launch of novel PERFECT AirVent cable gland that offers protection hermetically sealed electro-technical as well as electronic enclosures from condensation.
