Aug 12, 2020 (Market Insight Reports) -- Selbyville, Delaware Global Cable Glands Market Report estimates the drivers, restraints, and opportunities pertaining to the Cable Glands industry over the timeframe of 2019-2027. Delivering the key insights pertaining to this industry, the report provides an in-depth analysis of the latest trends, present and future business scenario, market size and share of Cable Glands industry over the coming five years.
Global cable glands market would display a positive market trend during the forecast years from 2019 to 2027, exhibiting a CAGR of 6.50%. Cable glands are equipment that facilitate the entry of cables into enclosures, providing them sealing and retention. These glands are developed using various types of plastic, steel, aluminum, or brass. Cable glands have found applications in several industries where they are used in conjunction with cables and wirings.
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The restoration of electrical networks in many regions, favorable regulations by the government, and the rise in the number of construction projects taking place are driving the global market for cable glands. Moreover, automation technology has been increasingly proliferating in several sectors.
Implementing automation requires abundant cables and cable connections, and these materials may release electromagnetic waves, which are likely to damage other electromagnetic equipment. This necessitates the demand for cable glands as they act as safety equipment against such hazards. Thus, the growth of the automation sector is another factor that drives the cable glands market.
Further, the emergence of developing markets serves as a potential growth opportunity for the market. In addition, the rapidly growing IT industry has led to the establishment of several data centers. Data centers require large quantities of cables and cable glands to facilitate the acquisition, storage, and sharing of data for computers and other related equipment. The surge in the number of data centers thus provides growth opportunities for the cable glands market.
The variability in the prices of raw materials, however, acts as a restraining factor for market growth. Besides, several local manufacturers are also entering the cable glands market to tap onto the increasing usage of cable glands.
These companies provide products at meager prices, as compared to the big players. However, the entry of many such small players is hampering the growth of this market, as these companies do not adhere to the set standards for manufacturing. Cable glands produced by local players differ in nomenclature, metric systems, and other factors and do not level up with the set manufacturing standards. This factor has had a negative impact on the market, as the users demand uniformity in the products across the entire cable glands industry.
The global market for cable glands spans across the regions of North America, the Asia-Pacific, Latin America, Europe and the Middle East and Africa.
The Asia-Pacific is the fastest-growing market for cable glands globally in the forecasted period. The rise in population, along with the growth in the construction sector, have led to the growth of the cable glands market in the region. The Government of India has been promoting FDI in the country; such supporting initiatives, as well as heavy investments by the government, are further pushing the market growth in India. The country plans on reducing its dependence on oil imports by 10% by 2022. This is a major opportunity for foreign companies to invest in the Indian market. These factors are thus fueling the growth of India's cable glands market, thereby leading to the growth of the Asia-Pacific market for cable glands.
The companies competing in the cable glands market are BARTEC Group, Hubbell, Incorporated, Amphenol Corporation, Eaton Corporation, Sealcon LLC, Cortem Group, CMP Products, R. STAHL AG, Jacob GmbH, ABB Ltd., Thomas & Betts Corporation and Emerson Electric Co.
Hubbell, Incorporated is engaged in the design, manufacture and sales of electrical & electronic products for several residential & non-residential construction, industrial, and utility applications. Hubbell, Raco, Victor, Kellems, GAI-Tronics, Bryant, Bell, Burndy, Wiegmann, Haefely, Killark, Gleason Reel, Wejtap, and Hawke are the various brands under which the company markets its products.
Hubbell has 61 manufacturing facilities and 16 warehouses situated in various parts of the globe, such as the US, the UK, Canada, Italy, Australia, Switzerland, China, Singapore, Mexico, Puerto Rico and Brazil. For the second quarter that ended June 2018, the company reported revenues worth US $1,166.7 million, exhibiting an increase of 17.7% over the previous quarter.