Research and Markets, an international market research firm, recently released a report stating that the global cable accessory market reached $44 billion in 2016 and is expected to increase to $62 billion by 2022, with a compound annual growth rate of nearly 6% during this period.

The report believes that the increase in energy and communication demand is the main reason for the stable growth of cable accessory demand.

By 2022, the transition of the global energy structure towards renewable energy will drive an increase in demand for a series of weather resistant and durable cable accessories. At the same time, in order to achieve grid connected renewable energy generation, high-voltage direct current transmission and other methods will become increasingly popular, and the expansion and renovation of existing power grid infrastructure will further promote the growth of demand for cable accessories.

By 2022, the rapid development of the Internet will promote the rapid growth of the demand for bandwidth, especially the demand for high-capacity optical fiber networks, thus stimulating the growth of the demand for cable accessories.

The report also indicates that factors such as difficulties in financing, fluctuations in raw material prices, delays in planning, and difficulties in approval will also constrain the development of this market.

From the perspective of enterprises, Prysmian, Nexen ABB、 Ankaite, General Cable, Sumitomo Electric, LS Cable, and others will become the world's leading suppliers of cable accessories.