A variety of factors, including the increased need for power and expanding investments in renewable energy sources, are propelling the global market for cable cleats. The demand for renewable energy has been developing significantly over the past few years due to growing environmental concerns. The market for cable cleats is anticipated to rise as a result of the increase in investment in this industry. During the projected period, the market is anticipated to benefit from rising building activity and increasing investments in infrastructure development.
Cable cleats are required due to the rising need for energy and power, particularly from emerging economies. Insulated wires are connected securely to busbars, switchgear, and other equipment using cable cleats. This is crucial for ensuring a constant supply of electricity, therefore the rising need for power is anticipated to propel expansion in the cable cleats market.
Compared to conventional techniques of cable termination and electrical connection, cable cleats have a number of benefits. They have increased system performance, are simple to install, and offer a secure mechanical termination. Additionally, they lessen the chance of fire as a result of any system flaws. These elements are anticipated to fuel the market for cable cleats' expansion.
Cable cleats are mechanical components used in electrical and communication systems to secure and support cables. They offer a superior electrical connection of insulated wires to busbars, switchgear, or other equipment in addition to a secure mechanical termination.
The market for cable cleats is anticipated to rise at a CAGR of 5.8% over the course of the forecast period, reaching a value of USD 2.5 billion by 2031.
In electrical and communication systems, cables are fixed and supported by cable cleats. They offer insulated cables a safe mechanical termination and electrical connection to busbars, switchgear, or other machinery. The rising demand from the power & energy, building & manufacturing, gas & oil industries, and other end-users is responsible for the expansion of the cable cleats market.
The necessity for technical know-how to maintain cable cleats and the high initial installation cost are two of the main reasons preventing the market from expanding throughout the forecast period. Furthermore, specific government laws governing electrical systems can further prevent this sector from expanding.
ABB Ltd., 3M Company, CMP Products Ltd., HellermannTyton Group plc, nVent Electric Plc, Rittal GmbH & Co. Kg, Leoni AG, Harger Lightning & Grounding Solutions Inc., and Telect Inc. are a few of the major companies in the global cable cleats market. These businesses specialize in the design and production of cable cleats and are introducing cutting-edge products to capture a larger market share.
The Power & Energy and Communication segment to form major portion of the market
Due to its expanding applications in the power & energy and communication sectors, the multicore type segment in the cable cleats market is anticipated to experience the highest growth over the course of the research period. Additionally, it offers numerous benefits like flexibility for length extension and multiple cable termination, which is further fostering growth in this market.
Power & Energy application segment segment to be on top of the market
Due to the widespread use of cable cleats in electric motors and generators, the power & energy application category is anticipated to hold the highest share in the cable cleats market. Additionally, it is projected that growing need for reliable energy supply from emerging economies around the world will aid in the expansion of this market.
Asia Pacific to dominate the market
Due to rising demand from the power & energy and communication sectors, the cable cleats market is anticipated to expand at the fastest rate in Asia Pacific over the forecast period. Additionally, this region's rapid industrialization and urbanization together with its growing population are all contributing to its rise. The region's growth is anticipated to be mostly driven by China and India.
Covid-19 Impact & Market Status
Due to disruptions in the supply chain and production activities, the COVID-19 pandemic has had a severe detrimental impact on the world market for cable cleats. Government-imposed shutdown limitations have also led to a global decline in demand from the industrial and commercial sectors. However, the market is anticipated to rise in the near future due to increased expenditures in infrastructure for renewable energy and increased maintenance of current infrastructure.
Latest Innovations in the Global Cable Cleats Market: A Snapshot
By purchasing Ceradyne, 3M will be able to increase its presence in the aerospace and defence industries, while Leoni AG can increase its influence in the automotive sector by purchasing Cohu.
Cable Cleats Market Scope
|Revenue forecast in 2031
|USD 2.5 billion
|CAGR of 5.8% during 2021-2031
|Type, Application, By End-User, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|ABB Ltd., 3M Company, CMP Products Ltd., HellermannTyton Group plc, nVent Electric Plc, Rittal GmbH & Co. Kg, Leoni AG, Harger Lightning & Grounding Solutions Inc., and Telect Inc.
Key Segment of Global Cable Cleats Market
By Type Overview 2021-2031, (USD Billion)
• Single Type
• Multicore Type
• Trefoil Type
By Application Overview 2021-2031, (USD Billion)
• Power & Energy
• Construction and Manufacturing Industr
• Gas & Oil Industry
By End-User Overview 2021-2031, (USD Billion)
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa