Comprehensive Report on Global Control Cable Market by Knowledge Sourcing Intelligence
INTRODUCTION
Global control
cable market is estimated to reach US$19.502 billion by 2023, increasing from
US$13.120 billion in 2018, growing at a CAGR of 8.25% over the forecast period.
The instrumentation cables which send signals that have low voltage in order to
regulate the functioning of a device are called control cables.
Geographically, Asia
Pacific holds a significant market share in 2017. Rising
infrastructure spending and increasing the sale of the automobile will drive
the demand for control cables in this region. Moreover, regular
car maintenance and service in developed countries will add to the demand
control cables due to necessary replacement caused by wear and tear or any
damages, during the forecast period. Market Research is done by
the knowledge sourcing industry due to the huge scope with the respective
industry.
Sample
view of global control cable market share
COMPETITIVE RIVALRY IN THE INDUSTRY
The market
for control cable is highly competitive owing to the presence
of well-diversified multinationals, regional and local players. Due to
a huge number of market players and low cost of production, the barriers
to exit are low. Existing companies are investing in research and development
to explore new applications of control cables. The products offered
by companies differ as per the technical requirement of the client or its
specific applications. In this highly competitive market, companies are
involved in the process of mergers, acquisitions, and collaboration to boost
their market presence and market share.
In September
2016, Suprajit Engineering Limited, an auto component manufacturer, completed
the acquisition of Wescon Controls, a manufacturer of control cables for
non-automotive outdoor applications. The acquisition was made to capture a
greater market share in North America.
GLOBAL CONTROL CABLES
MARKET BY TYPE
By
type, the global control cable market is segmented as screened flexible,
shielded flex cables and unshielded. Screened flexible control cables are
interconnecting cables used in conveyors, computer units, and in control
equipment for assembly and production lines. Shielded flex control cables are insulated
control cables and are used in the machine tool industry where extra protection is
required. Unshielded control cables are flexible and used in the construction,
transport and automation industry. Shielded flex cables hold a significant
market share in 2017 and are expected to grow at a considerable rate in
2017.
Sample
view of global control cable market share
SHIELDED FLEX CABLES
Shielded flex
cables are also known as SY cables. These cables provide improved
electrical performance, high reliability, and mechanical protection. These
cables have can be used for a number of applications such as air conditioning
installations, plant engineering, and construction and
industrial machinery among others. These cables can be used for outdoor
installations only when protected against direct sunlight. The demand for
shielded flex cables is expected to grow in the Asia Pacific region due to
industrial growth, increasing infrastructure spending and a rise in automobile
sales.
The market for
control cable is majorly driven by rapidly expanding various end-user sectors,
like automotive, rail & transportation and building & construction,
owing to fast-paced industrialization and urbanization. Moreover, increasing
applications of control cables are further contributing to the market growth
significantly. The government spending on infrastructure development,
especially in developing countries, and continuous product innovation is
expected to create ample opportunities for the vendors of these cables over the
projected period.
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