LONDON–(BUSINESS WIRE)–The brand new cable equipment market analysis from Technavio signifies damaging development within the quick time period because the enterprise influence of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic disaster and restoration evaluation of the cable equipment market.
“One of many major development drivers for this market is the large-scale deployment of explosion-resistant cable terminations,” says a senior analyst for industrials at Technavio. The distributors ought to focus extra on the expansion prospects within the fast-growing segments whereas sustaining their positions within the slow-growing segments. Because the markets recuperate Technavio expects the cable equipment market measurement to develop by USD 6.91 billion throughout the interval 2020-2024.
Cable Equipment MarketSegment Highlights for 2020
- The cable equipment market is anticipated to publish a year-over-year development fee of -5.43%.
- Based mostly on the applying, the low voltage section noticed most development in 2019. Massive-scale deployment of explosion-resistant cable terminations has been driving the cable equipment market development.
- The expansion of the section will probably be important throughout the forecast interval.
- 49% of the expansion will originate from the APAC area.
- The rising adoption of renewable vitality expertise in main creating nations is among the prime components that can facilitate the cable equipment market development within the APAC area.
- China, India, and Japan are the important thing markets for cable equipment in APAC. Market development on this area will probably be sooner than the expansion of the market in different areas.
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- The cable equipment market measurement is anticipated to speed up at a CAGR of over 3% throughout the forecast interval.
- The cable equipment market is segmented by utility (Low voltage, Medium Voltage, and Excessive voltage) and Geography (APAC, Europe, North America, MEA, and South America).
- The market is fragmented because of the presence of many established distributors holding important market share.
- The analysis report provides info on a number of market distributors, together with 3M Co., ABB Ltd., Hubbell Inc., Kabelwerk Eupen AG, Nexans SA, Prysmian Spa, Southwire Co. LLC, Sumitomo Corp., TE Connectivity Ltd., and Trelleborg AB
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