The global cable glands market register $1.808 billion revenue in 2017 and is projected to register $2.725 billion by 2023 at 6.7% CAGR. Among all the material types, the Brass material is dominating the global market that registered $975.8 million in 2017 and expected to reach $1.527 billion by 2023 at 7.3% CAGR.
Asia-pacific continues to lead the market share and growth during 2018-2023.
Asia-pacific is dominating the Cable Glands market with a major share of $598.1 million revenue in 2017 and is projected register highest growth rate of 8.2% CAGR to reach $978.33 million by 2023. Asia-Pacific, due to its sheer size with a wide range of operating industry verticals, occupied the dominant position in the global cable glands market, followed by the Americas and Europe respectively. The emerging trend of rapid industrialization will make Asia-Pacific significant in terms of average growth rate as well. The APAC region is projected to witness an upsurge in the cable glands market with a CAGR of 8.2%, while Europe, due to its economic uncertainty, will observe the lowest CAGR of nearly 4.8% in the forecast period.
Selected / Sample Analysis done in the full Report:
Cable Glands are common commodities with considerable price variations, depending upon manufacturer, material, size of cable glands, bulk purchasing, end-use applications, competition at local levels and several others.
The trade for cable glands is executed both in terms of weight and units. This also contributes to price variations.
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Excerpts on Market Growth Factors Mentioned in the Full Report:
1. Power generation and Utilities segment in the cable glands market is projected to grow rapidly due to the expansion in deals, across the globe.
2. The swift adoption of Automation in Industrial operations will offer sharp growth avenues for advanced automated machineries and operating conditions. Hence, the consumption of power will remain the core of all the automated equipment, thereby providing a boost to the cable glands market further.
3. Rising demand for cable glands from various end-user industries such as Oil & Gas, Mining, Aerospace, Marine, Chemicals, Manufacturing and Processing, has propelled the cable glands market growth.
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Key Players of the Cable Glands Market:
Cooper Crouse-Hinds and Appleton emerged to be the dominant players in the Cable Glands Market in 2015. Both the players also led the hazardous location cable glands market with high shares, respectively. This was followed by CMP Products, which exclusively offers cable glands as their key product.
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