Cable management accessories play a vital role in organizing and managing multitude of cables used across residential, commercial and industrial applications. These accessories include cable ties, clips, straps, cable trays, raceways, cable conduits and others that not only organize cable bundles but also provide abrasion and moisture protection. Cable management accessories find widespread application in industries such as manufacturing, oil & gas, energy & power, healthcare, automotive and construction sector for wiring applications. In the manufacturing sector, cable management accessories are used across assembly lines, machinery and heavy industrial equipment for networking and power supply. The growing adoption of industrial automation and implementation of Industry 4.0 initiatives are augmenting cable requirements across factories, thereby spurring demand for cable management accessories.
The global Cable Management Accessories Market is estimated to be valued at US$ 12.5 billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing industrial automation is one of the major drivers propelling growth of the cable management accessories market. Automation enables companies to maximize productivity while improving quality and minimizing production costs. Advancing interconnectivity and use of industrial Internet of Things (IIoT) has increased complexity of plant wiring which requires effective cable management. Additionally, growing demand for cleanroom applications across industries such as pharmaceuticals and semiconductors has augmented usage of cable trays and conduits in controlled environments. Raceways are increasingly being adopted in manufacturing facilities, data centers and commercial spaces to provide abrasion resistance, enhance appearance and enable easy cable installation and tracing. Rising construction activities around the world has further bolstered demand for cable accessories for power and data distribution applications.
Segment Analysis
The global cable management accessories market is segmented into cable ties, clips, clips, protective caps, strain reliefs, and others. The cable ties sub-segment dominates the market and accounts for over 30% share due to its low cost and high reliability in restricting and organizing cable bundles together.
PEST Analysis
Political: There are no significant political risks affecting the growth of the cable management accessories market globally.
Economic: The strong economic growth across regions such as Asia Pacific and Latin America will support infrastructure modernization programs that will drive the demand for cabling systems and cable management accessories.
Social: Increased construction activities and growing automation and digitization trends across industries are triggering higher installation of wires and cables, propelling market growth.
Technological: Launch of technologically advanced and easy-to-use cable management accessories by vendors is making cable routing systems more efficient. Innovation in material science is also helping develop lightweight accessories.
Key Takeaways
The Global Cable Management Accessories Market Size is expected to witness high growth.
Regional analysis: The Asia Pacific region accounted for over 35% of the global cable management accessories market share in 2021. Rapid industrialization and infrastructure development across China, India, Japan, South Korea, and other Asian countries are driving cable installation rates. Governments are implementing smart city initiatives that require extensive cabling for connectivity, which bodes well for market growth.
Key players operating in the cable management accessories market are Legrand SA, Eaton Corporation, ABB, Schneider Electric, HellermannTyton, Chatsworth Products, Thomas & Betts, Oglaend System Group,TE Connectivity.