The Europe cable joint market was valued at US$ 573.9 Million in 2020 and is expected to surpass US$ 801.2 Million by 2028, registering a CAGR of 4.5% during the forecast period (2021-2028), according to the Europe Cable Joint Market Report, By Type (Indoor and Outdoor), by Application (Power, Communication and Others), and by Country (U.K., Germany, Spain, Italy, France, Russia and Rest of Europe), published by Coherent Market Insights.
Increasing demand for high-speed internet connectivity, increasing fiber to home (FTTH) subscriber base, and growing investment in the telecommunication infrastructure sector, these are factors driving the market growth. This is attributed to the growing deployment of fiber optic cables for long-range communication and digital transformation in the telecom industry. The increasing data traffic in e-commerce, multimedia (voice, video, and data), and computer networks has led to increasing need for transmission medium that is capable of handling higher bandwidth of the information. This has created a lucrative opportunity for fiber optic cables in the market and in turn, increasing the demand for cable joints in Europe. Furthermore, increasing government rules & regulations, and investments to promote digitization and full connectivity in Europe is driving the cable joint market growth.
For instance, in June 2018, the European Parliament finalized the new telecom regulatory framework of the European Electronic Communications Code (EECC) in order to improve the broadband coverage of all the European Union countries and emphasized Very High Capacity Networks (VHCNs) such as full-fiber network, fiber-to-the-distribution-point, and 5G networks. Moreover, the federal government in Germany also promoted the deployment of VHCN networks in the country. For instance, in 2017, the German government launched a gigabit initiative to build a gigabit network covering the whole country by 2025. Furthermore, in 2018, the United Kingdom government launched the Future Telecoms Infrastructure Review in order to provide fiber access for 15 million homes by 2025 and cover entire population with 5G networks by 2027. Thus, governments in European countries are focusing on developing a high connectivity network in Europe, which is expected to increase the demand for cable joints in the market.
Europe Cable Joint Market - Impact of Coronavirus (Covid-19) Pandemic
In Europe, most of the countries are affected by COVID-19 and most of the countries have announced lockdown. Due to COVID-19 pandemic, many industries witnessed significant shift in their business. The ongoing COVID-19 outbreak has adversely affected the consumer electronics industry, as manufacturing operations temporarily suspended across major manufacturing hubs, leading to a substantial slowdown in the manufacturing production. Many manufacturing companies suspended their operations in European countries. As, cable joints are used in electronics industry to connect low voltage, medium voltage and high voltage cables. Additionally, due to this pandemic, the demand for cable joints is exacerbated by lockdown imposed in several countries.
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Key Trends and Analysis of the Europe Cable Joint Market:
- Among end-use vertical, power segment held a dominant position in the market in 2019 and is expected to retain its dominance during the forecast period. 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.
- Major players operating in the Europe cable joint market include Prysmian Group, General Cable Technologies Corporation (Prysmian Group), Nexans S.A., NKT A/S, ABB Ltd., 3M, Cable Jointing Solutions, Fujikura, Yamuna Power, Cellpack Electrical Products, Connect Cable Accessories Co., Ltd., Consumers Electric Corporation (Pvt) Ltd., IES Components Limited
