Global Cable Lugs Market Expected to Reach XX Million by 2025
According to a new report published by Reports Monitor titled, “Cable Lugs Market By Material Type & Applications: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the cable lugs market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. North American region is anticipated to dominate the cable lugs market, in terms of value, and is expected to maintain this trend throughout the forecast period.
Cable lugs are connectors use to join two or more electric circuits together which is called as electrical connectors. They use to set up temporary as well as permanent connections. These connectors are important part of modernized devices such as, speakers as they are often used to decrease the diameter of thick cables. Essentially, cable lugs are used to securely connect or terminate cables to electrical devices, power or control panels, junction boxes, equipment and machineries. Cable lugs are specially design to make cable termination and removal of cables for maintenance or repair purpose. Moreover, cable lugs use in manufacturing of tires for vehicles, drums and many others applications.
The major driver for cable lugs market could be increasing adoption of cable lugs in construction industries on account of capabilities similar to safety and long lasting connections. The need of solid, stranded and fine stranded copper conductors in the current electrical ecosystem in the form of compression cable lugs and standard tubular cable lugs can also be the key factor for motivating cable lugs market. Additionally, heavy duty copper lugs using with copper wires and cables for high voltage electrical reticulation system applications expected to increase demand of this market. However, fluctuating material costs and increased competition may affect the market growth of cable lugs.
Rapid urbanization and increased emphasis on renewable energy projects are expected to open up lucrative growth opportunities in the cable lugs market during the forecast period.
North American region will be leading the highest market share in cenospheres market across the globe followed by Europe and Asia-Pacific region. Renovation of the energy infrastructure being united with heavy presence of cable accessory vendors has been driving the market of cable lugs in North America. Moreover, evolution of the smart cities in China and India is also expected to add to the rising demand for cable accessories such as, cable lugs and tools in APAC region. Renewable energy projects initiated by government in the Middle East & Africa are expected to propel growth in these regions.
Key Question Answered: • What will be the market size in 2025 and at what rate it will grow? • What trends, barriers, challenges are influencing its growth? • Who are the major key players in global cable lugs market and what are their strategies? • Which vertical industry is expected to show major growth? • What segment and region will lead the market and why?
The major companies profiled in the report include: Schneider Electric SE, Helukabel, Thomas & Betts Corporation, Eaton Corporation, Chatsworth Products Inc., TE Connectivity, 3M Corporation, Amphenol Corporation, Klauke, Weidmullel Ltd., Legrand SA, and Cembre SPA.
We at Garner Insights.com provide a comprehensive analysis by providing in-depth reports of the various market verticals. Our Mission is to provide a detailed analysis of the vast markets worldwide backed by rich data. Decision makers can now rely on our well-defined data gathering methods to get the correct and accurate market forecasting along with detailed analysis.