Cable Joints Market Surges: Projected to Hit $31.5 Billion by 2031 with a Strong 6.9% CAGR

Cable Joints Market: Global Opportunity Analysis and Industry Forecast, 2021-2031

WILMINGTON, DELAWARE, UNITED STATES, July 12, 2024 /EINPresswire.com/ -- Cable Joints Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Indoor, Outdoor), by Voltage (Low Voltage, Medium Voltage, High Voltage), by Industry Vertical (Industrial, Aerospace and defense, Oil and gas, Energy and Power, IT and Telecommunication, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

The global cable joints market was valued at $16.1 billion in 2021 and is projected to reach $31.5 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031

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A cable joint is a connecting solution designed to connect low, medium, and high-voltage cables in a way that reflects the cable's construction. Several types of joints are available in the market and the best one depends on the cable's size, shape, configuration, voltage rating, structure, insulation type, specific application, and the number of cores to be joined. The waterproof cable joints should provide electrical insulation and mechanical protection, and a barrier against water ingress.

The growth of the global cable joints market size is majorly driven by the rise in government initiatives to expand or upgrade transmission & distribution systems paired with the surge in industrialization & urbanization in emerging economies. Further, the rapid development and investments in the renewable energy sector are anticipated to drive the growth of the cable joints market. However, the high failure rate of medium voltage cable accessories acts as a prime restraint of the cable joints market. On the contrary, the increase in investments in the electrification of remote & rural areas is anticipated to provide lucrative opportunities for the cable joints industry during the forecast period.

The outbreak of COVID-19 has significantly impacted the growth of the cable joints market, owing to a significant impact on prime market players. Conversely, a rise in demand for renewable energy solutions in residential and commercial sectors is anticipated to drive the market post-pandemic. However, the lack of availability of a professional workforce due to partial and complete lockdowns implemented by governments restrained the growth of the cable joint market. On the contrary, emerging economies significantly witnessed the need for smart infrastructure solutions that are expected to boost the cable joint market.

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Competitive Analysis:
The cable joints industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players of the cable joints market include,

● Nexans S.A.,
● Fujikura,
● 3M,
● ABB Ltd,
● TE Connectivity Ltd.,
● Yamuna Power & Infrastructure Ltd,
● Connect Cable Accessories Co., Ltd.,
● Cable Jointer Solutions,
● Prysmian Group (General Cable),
● NKT (NKT A/S)

Top Impacting Factors:
Significant factors that impact the growth of the global cable joints industry include the rise in government initiatives to expand or upgrade transmission & distribution systems. Moreover, the rise in industrialization & urbanization in emerging economies and the rapid development and investments in the renewable energy sector are expected to drive market growth. However, the high failure rate of medium voltage cable accessories is acting as a prime barrier to early adoption, which hampers the growth of the market. On the contrary, during the forecast period, the market is anticipated to experience rapid growth due to the increase in investments in the electrification of remote & rural areas.

Research Methodology:
The research uses both primary and secondary research to assemble data on the various facets of the international security screening market. Using interviews or surveys, primary market research has been used to collect highly authenticated data from direct sources, such as consumers in a particular market. Secondary market research is a method for gathering information from previously released data produced by international organizations, business groups, government and research institutions, and so on.

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Key Benefits for Stakeholders:

● This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cable joints market analysis from 2021 to 2031 to identify the prevailing cable joints market opportunities.
● Market research is offered along with information related to key drivers, restraints, and opportunities.
● Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
● An in-depth analysis of the cable joints market segmentation assists to determine the prevailing market opportunities.
● Major countries in each region are mapped according to their revenue contribution to the global market.
● Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
● The report includes an analysis of the regional as well as global cable joints market trends, key players, market segments, application areas, and market growth strategies.

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