“Global Dry Cable Termination Market to reach a market value of USD 3.38 Billion by 2031 growing at a CAGR of 7.6%”
The Global Dry Cable Termination Market size is expected to reach $3.38 billion by 2031, rising at a market growth of 7.6% CAGR during the forecast period.
The expansion of electricity networks, growing urbanization, and increasing investments in grid modernization have driven the demand for reliable and efficient cable termination solutions. Dry cable terminations are crucial in ensuring seamless power transmission and distribution, reducing energy losses, and enhancing the overall stability of electrical infrastructure. Thus, the power transmission and distribution segment witnessed 36% revenue share in the market in 2023.
The growing need for efficient power transmission and distribution systems worldwide drives the increasing demand for high-voltage cable networks. As electricity consumption rises due to urbanization and industrial expansion, power grids must be upgraded to handle higher loads while minimizing energy losses. In conclusion, the rising demand for high-voltage cable networks in power transmission and distribution drives the market's growth.
Additionally, the global shift toward renewable energy sources such as wind, solar, and hydropower has significantly increased the demand for high-quality cable infrastructure, including dry cable terminations. Renewable energy projects often require extensive power transmission systems to transport electricity from generation sites, which are typically located in remote or offshore areas, to urban centers.
However, one of the primary barriers to the widespread adoption of dry cable terminations is their high initial cost. Compared to traditional oil-filled or resin-based terminations, dry terminations require advanced materials and specialized manufacturing processes, which increase their price. This can be a significant challenge for smaller utility providers, industrial facilities, and emerging markets with limited budgets for power infrastructure upgrades. Therefore, the high initial costs and capital investment required for dry cable terminations hinder the market's growth.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Based on installation, the market is characterized into indoor and outdoor dry cable termination. The indoor dry cable terminations segment procured 39% revenue share in the market in 2023. Their adoption is fuelled by their application in industrial facilities, commercial buildings, and data centers where secure and efficient cable termination is required. These terminations are designed to provide insulation and protection against electrical faults within controlled environments, contributing to the safety and efficiency of indoor power distribution systems.
On the basis of voltage, the market is classified into low voltage, medium voltage, and high voltage. The high voltage segment acquired 42% revenue share in the market in 2023. The demand for high-voltage dry cable terminations is primarily driven by their critical role in power transmission networks, substations, and large-scale industrial applications.
By application, the market is divided into power transmission and distribution, telecommunication, renewable energy, industrial applications, oil & gas, and others. The industrial applications segment garnered 19% revenue share in the market in 2023. Manufacturing, chemical processing, and heavy engineering require robust electrical infrastructure to support their operations.
Free Valuable Insights: Global Dry Cable Termination Market size to reach USD 3.38 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment recorded 30% revenue share in the market in 2023. The region’s strong demand for advanced power transmission and distribution infrastructure, coupled with significant investments in grid modernization, has fuelled the adoption of dry cable terminations.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 1.91 Billion |
| Market size forecast in 2031 | USD 3.38 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 7.6% from 2024 to 2031 |
| Number of Pages | 248 |
| Number of Tables | 370 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Installation, Voltage, Application, Region |
| Country scope |
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| Companies Included | TE Connectivity Ltd., 3M Company, Eaton Corporation plc, Siemens AG, Hubbell Incorporated, Prysmian Group, ABB Ltd., Nexans S.A., G&W Electric and Sumitomo Electric Industries, Ltd. |
By Installation
By Voltage
By Application
By Geography
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