Supportive government initiatives for regional connectivity and the emergence of applications in the automation sector facilitate the growth in the market. Based on regions, Asia-Pacific is expected to witness the fastest growth rate with a CAGR of 7.0% from 2018 to 2025, owing to the vast availability of mines, chemicals, and refineries along with rising in the adoption of industrial equipment.
According to the report published by Allied Market Research, the global cable glands market is expected to reach $2.84 billion by 2025, from $1.76 billion in 2017, registering a CAGR of 6.1% from 2018 to 2025. The report offers a detailed analysis of drivers & opportunities, major segments, market size & estimations, key winning strategies, and competitive landscape.
On the basis of end-user, the oil & gas segment accounted for nearly one-third of the total market share in 2017 and will maintain its lead throughout the forecast period. This is due to utilization for heavy refinery developments such as intricate refining up-gradation, a surge in conversion capacity, complex residue hydrocracking construction, and development of regasification plants.
Based on material, the brass segment held the major share, contributing for nearly three-fifths of the total share in 2017. This segment is expected to maintain its dominating position throughout the forecast period. This is due to its wide application in petrochemical and oil & gas industries for its superior protection against corrosion and contamination. On the other hand, the plastic/nylon segment would grow at the highest CAGR of 6.8% from 2018 to 2025, owing to growth in outdoor usage for its lightweight and less expensive nature and excellent resistance to moisture and corrosion.
Asia-Pacific is expected to witness the fastest growth rate with a CAGR of 7.0% from 2018 to 2025, owing to the vast availability of mines, chemicals, and refineries along with rising in adoption of industrial equipment. However, North America held the major market share in 2017 and is expected to maintain its leadership status by 2025. This is due to a surge in demand for technologically advanced equipment in various sectors such as construction, manufacturing, and mining.
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