Cable Cleats Market Size to Grow USD 350.1 Million by 2029 at a CAGR of 3.4% | Valuates Reports
BANGALORE, India, April 10, 2024 /PRNewswire/ -- Cable Cleats Market is Segmented by Type (Multicore Type, Single Type, Trefoil Type), by Application (Construction and Manufacturing Industry, Power & Energy, Communications, Gas & Oil Industry).
Cable Cleats Market revenue was USD 282.3 Million in 2022 and is forecast to a readjusted size of USD 350.1 Million by 2029 with a CAGR of 3.4% during the forecast period (2023-2029).
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Major Factors Driving the Growth of Cable Cleats Market:
The market for cable cleats is driven by a number of important factors, such as strict safety laws that demand secure cable management solutions, rising infrastructure development projects investments worldwide, the growing use of renewable energy sources that demand dependable cable support systems, growing telecommunications networks that demand effective cable management solutions, and technological advancements that improve the functionality and adaptability of cable cleats.
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TRENDS INFLUENCING THE GROWTH OF CABLE CLEATS MARKET:
The need for cable cleats is being driven by strict safety requirements and regulations controlling the installation and maintenance of electrical networks. Strict rules are enforced globally by authorities and regulatory agencies to guarantee the safe and dependable functioning of electrical infrastructure, especially in hazardous settings like petrochemical plants, offshore platforms, and industrial sites. By firmly securing cables, lowering the possibility of cable movement, and lowering the possibility of cable-related mishaps, electrical problems, and fire dangers, cable cleats assist companies in adhering to these rules. This improves workplace safety and regulatory compliance.
The market for cable cleats is expanding because to the growing use of renewable energy sources, such as solar and wind power. Building of wind farms, solar farms, and other renewable energy facilities is booming as the globe moves toward a more sustainable energy future. In order to ensure the safe installation and dependable operation of high-voltage cables used to transport power produced from renewable sources to the grid, cable cleats are crucial components in these projects. Cable cleats' strong construction and weatherproof nature make them ideal for use in challenging outdoor environments, which increases their demand in infrastructure projects including renewable energy sources.
The Middle East, North America, and Asia-Pacific regions are seeing an increase in oil and gas exploration and production, which is driving the growth of the cable cleat market. To secure and safeguard electrical cables in onshore and offshore facilities, such as drilling rigs, production platforms, refineries, and pipelines, oil and gas firms need reliable cable management systems. In order to ensure the integrity and dependability of electrical installations in the oil and gas industry, cable cleats are essential because they are specifically made to withstand the demanding conditions that this industry faces, such as high temperatures, corrosive environments, and mechanical stresses.
There are a lot of chances for the cable cleat market because to the rapid industrialization and urbanization of emerging economies. Reliable electrical infrastructure is becoming more and more necessary to sustain urban growth, manufacturing, and commercial operations as cities grow and industrial clusters form. In order to provide a constant power supply and reduce the possibility of electrical failures and interruptions, cable cleats are essential for securely fastening cables in structures, factories, and utilities. Cable cleats are ideally suited to meet the fluctuating infrastructure requirements and dynamic expansion of growing economies due to their scalability and versatility.
The need for cable cleats to handle the increasing complexity of data transmission and telecommunications cables is being driven by the growth of data centers and telecommunications networks. In order to maintain the dependable functioning of data centers and telecommunications infrastructure, there is an unprecedented need for strong cable management solutions due to the widespread use of mobile devices, internet access, and cloud computing services. In the face of growing data traffic and capacity needs, cable cleats assist enterprises retain high-speed connectivity, data integrity, and network performance by offering safe support and routing for fiber optic cables, coaxial cables, and other communication cables.
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CABLE CLEATS MARKET SHARE ANALYSIS
Key participants in the cable cleats market are Ellis Patents, Panduit, Prysmian Group, CMP Products, and others. Thirty percent of the market is made up of the top five Cable Cleats players.
With almost 30% of the total, North America is the largest, followed by China and Europe.
With a share of almost 50%, the trefoil type is the largest category in terms of kind.
Power and energy is the largest application category, followed by the industrial and construction industries.
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Key Players:
- IEC
- CMP Products
- Prysmian Group
- Ellis Patents
- Panduit
- Eaton
- Dutchclamp
- KOZ Products BV
- Axis Electrical Components
- Emelec
- SS Engineering India
- BICC Components
- Novoflex Marketing
- Oglaend System
- Nantong Naco Fluid Equipment
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