[January 03, 2018]

APAC to Dominate the Global Cable Glands Market | Technavio

The latest market research report by Technavio on the global cable glands market predicts a CAGR above 6% during the period 2017-2021.

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Technavio has published a new market research report on the global cable glands market from 2017-2021. (Graphic: Business Wire)

The report segments the global cable glands market by materials (metal glands and plastic/polymer glands) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global cable glands market, according to Technavio heavy industry researchers:

• Rise in global construction activities: a major market driver
• In 2016, the metal glands segment dominated the market by occupying almost 85% share
• APAC dominated the global cable glands market with 54% share in 2016
• Amphenol (News - Alert) Industrial Products, Caledonian Cables (Addison Cables), CMP Products, Cortem, and Eaton are the leading players in the market

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Rise in global construction activities: a major market driver

A major factor driving the demand for cable glands during the forecast period is the increase in global construction activities. Cable glands are used extensively in junction boxes, electrical panels, and with power connectors in buildings. Hence, the growth in new building constructions will directly increase the demand for cable glands. There has been steady growth in the global construction activities between 2010 and 2016. The global construction industry grew to USD 8.74 trillion by the end of 2016 and expected to continue the growth by the end of 2021. The rise in demand for residential housing and commercial building constructions will fuel this growth.

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APAC: largest cable glands market

APAC is the leading market for cable glands globally as it is home to some of the biggest manufacturing and export-oriented countries. Rapid economic growth, which is fueling the urbanization rate and the growth in industrial sectors is being witnessed in several countries in APAC. A leading end-user of cable glands is the automotive industry and it has witnessed tremendous growth in APAC over the past few years, driven by the exponential growth in vehicle demand from China. This demand is driving the automotive industry, and consequently the demand for automotive cable glands in the region.

According to Neelesh Prakash Singh, a lead analyst at Technavio for research on tools and components, "The construction industry in several Asian countries is growing at a rapid pace. The residential housing constructions are growing exponentially in countries such as India, Vietnam, Indonesia, and Malaysia, due to the rise in household income and shift of population from rural to urban areas. This is a major contributing factor in the growth of APAC's cable glands market."

Competitive vendor landscape

The global cable glands market is fragmented with the presence of several large regional and local vendors. Large and medium companies and most of the other vendors in the market are well established diversified business enterprises. The cable glands represent just a fraction of the overall product portfolio of these companies their annual revenue. The US and a few European countries are home to the major vendors in the global cable glands market with many smaller vendors distributed across developing countries.

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