Cable Glands Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Cable Glands market in 2021?

The global cable glands market had a market size of USD 1.5 billion in 2021. The compound annual growth rate (CAGR) of the cable glands market from 2021 to 2028 is projected to be 5.2%. This growth is primarily driven by the increasing demand for cable glands across various industries such as power generation, oil & gas, and manufacturing.

COVID-19 Impact on the Cable Glands Market

The COVID-19 pandemic had a significant impact on the cable glands market. Due to lockdowns and restrictions imposed in many countries, there was a slowdown in manufacturing activities, leading to a temporary decline in the demand for cable glands. However, with the gradual reopening of economies and the resumption of industrial activities, the market has started to recover.

Cable Glands Dynamics

The cable glands market is driven by factors such as increasing investments in infrastructure development, growing demand for energy-efficient solutions, and the expansion of the industrial sector. Additionally, the rising adoption of cable glands in hazardous environments and the need for reliable cable management systems contribute to the market's growth.

Segments and Related Analysis

The cable glands market is segmented based on types such as armored cable glands, explosion-proof cable glands, and plastic cable glands. The armored cable glands segment is expected to witness significant growth due to their high durability and resistance to harsh environmental conditions.

By Region Analysis

In terms of regional analysis, Asia Pacific is anticipated to dominate the cable glands market due to rapid industrialization, urbanization, and infrastructural developments in countries like China and India. North America and Europe are also expected to witness substantial growth in the market.

Key Market Players and Competitive Landscape

Some of the key players in the cable glands market include ABB Ltd., Eaton Corporation, Prysmian Group, Thomas & Betts Corporation, and Hubbell Incorporated. These companies are focusing on product innovations, strategic partnerships, and mergers & acquisitions to strengthen their market presence.

Recent Happenings in the Cable Glands Market

- In April 2021, ABB launched a new range of cable glands with enhanced safety features for industrial applications.

- In June 2021, Eaton Corporation introduced a series of explosion-proof cable glands designed for hazardous environments.

- In September 2021, Prysmian Group announced a strategic partnership with a leading oil & gas company to supply custom cable glands for offshore projects.

These developments reflect the dynamic nature of the cable glands market and the efforts of key players to meet the evolving needs of various industries.