The cable lugs market is projected to register a CAGR of 6.75% during the forecast period. Rising energy demand across regions had led to major energy transmission and distribution infrastructure, thus driving the demand for cable lugs. According to the International Energy Agency (IEA), energy demand worldwide grew by 2.3% in 2018, driven by the strong global economy and other factors.
– Cable lugs enable easy removal of terminals in case of repairs, which is the major advantage associated with their usage. They have gained significance due to an increased demand for power transmission across industries and commercial establishments. In the present day, advancements in electronics have also increased the need for providing proper safety to electrical gadgets and cable installations.
– The growth drivers in the cable lugs market include large-scale infrastructure development schemes, increased investments in power generation projects, energy infrastructure overhaul in mature markets and technological developments in cabling applications.
– Rapid urbanization and increased emphasis on renewable energy projects are expected to open up growth opportunities in the cable lugs market during the forecast period. However, fluctuating material costs and increased competition may affect suppliers and vendors.
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Scope of the Report
Cable lugs are used for connecting cables to electrical appliances, other cables, surfaces, or mechanisms. These are provided with safety covering to avoid shocks or protective covering to prevent damage to the cable lugs and connectors and prevent short-circuit. Different types of material can be used, depending upon the application of the end-user industries.
Key Market Trends
Large-Scale Infrastructure Development Projects will Drive the Market Growth
– Infrastructure development and access to basic utilities remain the core area of concern in the world. In order to address the substantial infrastructure gap, local governments have undertaken several large-scale development projects to accommodate the needs of the growing population.
– For instance, in 2018, the Beijing Municipal Commission of Development and Reform reported a total of 300 projects focusing on the improvement of people’s livelihoods, and for high-end technological industries in 2019. Such construction projects would demand more of cable lugs and other accessories for powering the projects.
– Also, a recent study revealed that more than USD 8 trillion is expected to be spent on infrastructure projects in Asia-Pacific, over the coming decade and more than two-thirds of expenditure on infrastructure development in Asia will be expended on energy and transport projects. This includes the construction of mass transit systems and power generation projects, which are expected to be needed for supporting the needs of the local population.
– The development of smart cities in India and China is also expected to contribute to the growing demand for cable accessories, such as cable lugs and tools.
– Although North America infrastructure market is vast, Asia – Pacific and Middle East & Africa are emerging to be a substantial market for cable lugs market considering the infrastructural investments.
North America to Account for the Largest Share
– The North American government has commissioned several studies to explore methods for upgrading the existing infrastructure to comply with contemporary requirements. It has become imperative for the energy board to divert its focus on renewable sources of energy, to compensate for the steady rise in demand for energy across the region.
– In the last decade, the demand for electricity in the United States has grown by more than 10%, partly due to the increased volume of home appliance systems, such as air conditioners and heaters. A recent study by an energy consultancy in the United States revealed that around USD 2 trillion needs to be spent on energy infrastructure to upgrade the system to comply with European standards.
– The United States Environmental Protection Agency (EPA) and ARPA have taken cognizance of the growing need for upgrading of energy infrastructure, to meet renewable energy targets. Some of the initiatives introduced by the government include smart wires and Green Electricity Network Integration programs, which focus on the use of advanced systems for modernizing the existing infrastructure.
– In the last three years, more than 15 projects have been undertaken by ARPA to revamp the power distribution systems on a war footing. Owing to these steps, the North American region witnessed an increased demand for electrical products and cable lugs.
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The cable lugs market is fragmented. Many players are catering the cable lugs to large industrial and commercial need. Moreover, with major players, many local manufacturers are also competing in price which makes the market competitive and fragmented. Some of the key players include Schneider Electric SE, Legrand SEICO, ABB Ltd., Chatsworth Products, Inc., Helukabel, 3M Corporation, Amphenol Corporation, Klauke (Emerson), Hubbel Incorporated, Cooper Industries (Eaton Corporation), among others.
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