Cable Glands Market to Reach $4.5 Billion, Globally, by 2032 at 6.8% CAGR: Allied Market Research

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Oct 13, 2023, 10:21 ET

The growth of the global cable glands market is driven by increase in adoption of automation in industrial sector and the increase in government initiatives supporting regional connectivity.

PORTLAND, Ore., Oct. 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Cable Glands Market By Type (Industrial And Hazardous), By End User (Oil & Gas, Mining, Aerospace And Defense, Manufacturing & Processing, Chemicals And Others), By Cable Type (Armored And Unarmored), By Material (Brass, Stainless Steel, Plastic & Nylon And Others), By Sealing Technique (No Seal, Inner Seal And Outer Seal), By Region (North America, Europe, Asia-Pacific And LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global cable glands industry generated $2.4 billion in 2022, and is anticipated to generate $4.5 billion by 2032, witnessing a CAGR of 6.8% from 2023 to 2032.

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Automated technology is widely adopted in power, oil & gas, chemical, manufacturing, food processing, and automotive industries. A notable growth in the automation sector has been observed owing to growth in industrial sectors. The automation industry involves systems & solutions that ensure less manual work and increased worker safety. Automated technologies are integrated with numerous cables & cable connections and may emit electromagnetic waves, which may interfere with other electromagnetic equipment.

Prime determinants of growth

The growth of the automation sector drives the demand for cable and cable glands as safety equipment for machine and employees. On the contrary, the growing penetration of data centers facilities which consist of computers and other related equipment to facilitate data acquisition, storage, and sharing. These facilities require cables and cable glands in bulk. New data centers have been set up worldwide owing to rapid growth of the IT sector expected to offer remunerative opportunities for expansion of the cable glands market during the forecast period.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$2.4 billion
Market Size in 2032	$4.5 billion
CAGR	6.8 %
No. of Pages in Report	392
Segments covered	Type, end user, cable type, material, sealing technique, and region
Drivers	Government initiatives supporting regional connectivity
Drivers	Growth in automation sector
Opportunities	Investment in emerging markets
Opportunities	Increase in number of data centers
Restraints	Volatile nature of raw material prices

Covid-19 Scenario

Due to the COVID-19 pandemic and the subsequent global lockdowns, the location-based services market faced a downturn.
However, as the global situation started ameliorating, the demand for cable accessories solutions was restored back. This, in turn, presented various growth opportunities for companies operating in the location-based services market.

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The industrial segment maintained its leadership status throughout the forecast period.

Based on type, the industrial segment held the highest market share in 2022, accounting for nearly 90% of the global cable glands market revenue and is estimated to maintain its leadership status throughout the forecast period, as the rapid industrialization across the globe, especially in the Asia-Pacific region has led to set up of various industries such as automotive, steel, petrochemical, electronics, and aerospace. However, the hazardous segment is projected to manifest the highest CAGR of 7.0% from 2023 to 2032, as cable glands designed for hazardous locations provide mechanical retention, earth continuity, and strain relief for electrical cables at entry of equipment closures. Under IEC standards (IEC 60079-1 & IEC 60079-0), increased safety, flameproof, and flameproof compound barriers are three major types of cable glands that exist for hazardous area applications.

Oil and gas segment to maintain its leadership status throughout the forecast period.

Based on end user, oil and gas segment held the highest market share in 2022, accounting for nearly one-third of the global cable glands market revenue and is estimated to maintain its leadership status throughout the forecast period. New automations in processing and extracting of natural gas are expected in the coming years. Thus, safety has become an important aspect for oil & gas refineries survival in today's market. Thus, the use of cable glands is on rise as they have become primary means of protection from hazardous & uncertain environments, across the globe. However, the aerospace and defense segment is projected to manifest the highest CAGR of 7.4% from 2023 to 2032. Aerospace application requires lightweight, innovative, and reliable cables to be used in extreme conditions. Increase in demand for data security, information integrity, and higher bandwidth requirements are expected to drive the demand for cable glands in aerospace.

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The armored segment to maintain its lead position during the forecast period

Based on cable type, the armored segment accounted for the largest share in 2022, contributing to nearly three-fourth of the global cable glands market revenue. This segment is expected to portray a CAGR of 6.9% from 2023 to 2032, as armored cable glands are used as a sealing and damping component to ensure the enclosure in which the cable enters protects it from any explosion damage. The initiation of cable glands for armored cables in such dangerous areas is expected to fuel the growth of the global cable glands market.

North America to maintain its dominance by 2032.

Based on region, North America held the highest market share in terms of revenue in 2022, accounting near to one-third of the global cable glands market revenue, owing to rise in technological advancements and a well-established power industry. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.1% from 2023 to 2032 and is likely to dominate the market during the forecast period, as huge investment in infrastructure, energy, and technology development. Emerging economies such as China and India, offer lucrative opportunities to various industries to invest in this region.

Leading Market Players: -

3M
ABB LTD.
AMPHENOL CORPORATION
BARTEC TOP HOLDING GMBH
CMP PRODUCTS LTD
CORTEM S.P.A
EATON CORPORATION PLC
EMERSON ELECTRIC CO.
HUBBELL INCORPORATED
JACOB GMBH ELEKTROTECHNISCHE FABRIK

The report provides a detailed analysis of these key players of the global cable glands market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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