Global Cable Glands Market to Grow at a CAGR of 6.4% by 2030.

Introduction

Cable glands are crucial when terminating cables in tough or hazardous situations, where ingress protection, sealing, and grounding are necessary to securely pass a wire, cable, or tube through an enclosure. They provide essential strain relief and are also designed to contain flames or electrical sparks that could arise in dangerous conditions.

Generally, businesses work under intense environmental conditions, exposing equipment and machinery to chemical compounds and reactions, which may cause early deterioration and mechanical failure. The machinery employed in hazardous areas is vulnerable to challenging situations, notably those used in the offshore drilling and petrochemical industries. Corrosion is a prevalent concern owing to exposure to environmental and chemical threats. This element is positioned to drive the usage of cable glands.

Market Dynamics

Surge in Construction Industry Globally to Drive the Global Cable Glands Market

The expanding construction sector, particularly in developing nations, is one of the essential drivers driving the global expansion of cable glands. The construction industry's growth rate is significantly higher in developing countries such as the UAE, China, and India; hence, these locations offer more potential opportunities for the investigated market.

In its Budget 2021, the Indian government proposed establishing the National Bank for Financing Infrastructure and Development, a Development Financial Institution (DFI) with a capital base of INR 200 billion and a lending aim of INR 5 trillion within three years. This would enable FPIs to provide debt financing for REITs, which would likely aid cash-strapped real estate sectors and stimulate construction activity. Moreover, post-recession, BRICS nations have witnessed an upsurge in building activity due to rising investments in the real estate industry, which remains robust. Due to increased demand for electric and network infrastructure, cable management systems such as cable glands are gaining popularity in the commercial sector, which is one of the fastest-growing segments of the construction industry. Thus, it is anticipated that the construction of new projects will raise the demand for cable glands.

Increasing Trends of Digitization to Provide Opportunities for the Global Cable Glands Market

Evolving technological developments, such as artificial intelligence (AI) and the Internet of Things (IoT), have impacted the market for electronics. This circumstance has allowed numerous startups and established businesses to explore new application fields. For instance, Widcomm released a new cable gland for external input-output suites in May 2020 to accommodate quickly changing industrial situations with many I/O combinations and IP66/IP69K proof. It also meets CE, FCC, VCCI, and class B requirements for the WTP-9E, WTP-8B, and WTP-8D series.

Furthermore, the increasing trend of digitization and automation has led to the spread of robotics in various industries. According to the International Monetary Fund, with more than half of the world's estimated inventory of industrial robots in use, Asia's investments in robotics are vital for the region's economies, as is the automation of production.

Thus, the development of smart cities, altering technological trends, the emergence of new markets, and Industry 4.0 are vital variables that will impact the demand for cables and connections and, consequently, the use of cable glands.

Regional Insights

By region, the global cable glands market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. 

Asia-Pacific accounted for the largest market share and is estimated to grow a CAGR of 7.9% during the forecast period. As this region is rich in mining, refineries, and chemicals, it is anticipated that large-scale construction operations, especially in growing economies such as China and India, will fuel economic growth. Consequently, industrial equipment such as cable glands is anticipated to increase substantially in this region. According to the International Renewable Energy Agency (IRENA), Thailand's total solar energy capacity in 2019 was 2,987 Megawatt. The renewable energy sector has experienced tremendous global expansion, expecting global use of renewable energy will expand. Australia, China, India, and Japan have all increased their investments in their respective renewable energy industries. In 2019, investments in renewable energy in the Asia-Pacific area totaled 48.2 billion dollars. Exxon Mobil predicts that by 2040, energy demand will exceed 316 quadrillion BTUs. It is anticipated to reach 271 quadrillion BTUs by 2025, raising the need for the investigated market.

Europe is the second largest region. It is estimated to reach an expected value of USD 555 billion by 2030, registering a CAGR of 5.4%. Europe's demand for oil and gas has increased due to the economic recovery, industrial activity, and heating demand brought on by winter cold spells. The region is one of the world's most advanced and largest crude oil refiners. According to IEA (International Energy Agency), in 2019, the oil sector would invest USD 3.8 million annually in new refining capabilities in Europe. Current low crude oil prices have significantly increased the demand for refinery expansions and the initiation of new projects. Consequently, the increasing oil and gas industry capacity in the region, the rising number of new projects, and the growing upgradation of existing oil and gas facilities are anticipated to create substantial prospects for the cable glands market.

North America is the third largest region. In North America, the demand for technologically advanced equipment is producing a considerable need for cable glands. North America is a technologically advanced region whose primary industries include building, manufacturing, and oil & natural gas. The United States is an important market for cable glands (and other cable management equipment), and its dominance is anticipated to continue. The United States is one of the most attractive markets due to increasing consumer demand and innovation, as well as a competitive labor and supply chain capable of constructing, installing, and servicing all energy systems. Due to the population's rising environmental consciousness, many people are investing in environmentally friendly resource consumption. The use of solar energy has rapidly increased in recent years. The federal government has also established financial incentives to make solar energy more widely available. Throughout the forecast period, it is anticipated that the market for cable glands will grow as solar applications demand cables with the highest level of resilience to avoid expensive outages and disruptions to the energy grid.

Key Highlights

• The global cable glands market was valued at USD 1575 million in 2021. It is estimated to reach an expected value of USD 2590 billion by 2030, registering a CAGR of 6.4% during the forecast period (2022-2030).
• By type, the global cable glands market is segmented into non-hazardous area cable glands and hazardous area cable glands. The hazardous area cable glands segment accounted for the largest market share and is estimated to grow a CAGR of 6% during the forecast period. 

• By cable type, the global cable glands market is segmented into armored cable glands and unarmored cable glands. The unarmored cable glands segment accounted for the largest market share and is estimated to grow a CAGR of 5.7% during the forecast period. 
• By material type, the global cable glands market is segmented into brass, aluminum, plastic, stainless steel, and other material types. The brass segment accounted for the largest market share and is estimated to grow a CAGR of 5% during the forecast period. 
• By end-user industry, the global cable glands market is segmented into aerospace, construction, manufacturing and processing, oil and gas, power and utilities, and other end-user industries (marine, mining, chemicals). The oil and gas segment accounted for the largest market share and is estimated to grow at a CAGR of 5.4% during the forecast period. 

Competitive Players

Competitive Landscape

The Key Players in the global cable glands market are Amphenol Corporation, Bartec Group, CMP Products Limited, Eaton Group (Cooper Crouse-Hinds Electric Company), ABB Ltd, Cortem SPA, Emerson Industrial Automation, Elsewedy Electric, Hubbell Incorporated, Jacob Gmbh, R.Stahl AG, Quanguan Electric, Warom Technology Incorporated, TE Connectivity Ltd.

 

Recent Developments

Market News

• August 2022 - Amphenol Industrial Operations has enhanced its Amphoe-PD series with two low-profile, two-way power connectors that can carry high currents. The Amphe-PD Mini 5.7mm and Gen2 5.7mm Amphe-PD can be used to transfer power from a PSU/PDU to a CPU or GPU PCB board. 

Segmentation

Global Cable Glands Market: Segmentation

By Type

• Non-hazardous Area Cable Glands
• Hazardous Area Cable Glands

By Cable Type

• Armored Cable Glands
• Unarmored Cable Glands

By Material Type

• Brass
• Aluminum
• Plastic
• Stainless Steel
• Other Material Types

By End-user Industry

• Aerospace
• Construction
• Manufacturing And Processing
• Oil and Gas
• Power and Utilities
• Other End-user Industries (Marine, Mining, Chemicals)

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa