The global cable testing market is anticipated to be worth $12.6 billion in 2022 and $15.8 billion by 2032. It is expected to expand at a fantastic CAGR of 6.4% during the projection period of 2022 to 2032. Rising electricity demand and increased urbanisation are expected to enhance sales of cable testing devices in the future years.
Changing the entire cable is a costly process. Crushing, kinking, and bending faults in cables are not usually obvious. As a result, cable testing systems are in high demand.
Cable testing ensures cable conformance, quality, and performance. It frequently assists in finding the actual problem before it causes any downtime. Moisture on the cable, corrosion on the copper, and cracks in the insulation are all indications of a damaged cable.
Because cable defects necessitate large quantities of money to fix, the demand for cable testing is likely to increase to ensure that the joints are in good condition. The easy availability of a diverse variety of novel cable testing equipment is expected to drive the market.
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Which are Some Prominent Drivers Spearheading Cable Testing Market Growth?
The demand for cable testing is set to grow at a rapid pace in future years owing to improper system deployment, expansion of the electronics industry, poor performance of new network systems, and increasing usage of cables in emerging economies. The urgent need for innovative cable testing equipment in aerospace, railway, roadways, energy, marine, and automotive sectors is another vital factor that is set to bode well for the global market.
In addition to that, the ongoing technological advancement in the electronics industry and the rising production of renewable energy are projected to augment the growth in this market. The booming IT sector is another factor that is anticipated to drive the market.
What are the Challenges Faced by the Cable Testing Industry?
Sometimes, conducting a few cable tests can cause harmful effects, which may hamper the sales of cable testing equipment. High testing and certification lead time is also set to hinder the growth in this market. The lack of awareness and skilled workers, especially in emerging economies are some of the other factors that can obstruct the growth.
Why is Asia Pacific Emerging as an Opportunistic Cable Testing Market?
The surging demand for high voltage cables in a wide range of industries, such as energy, offshore wind farms, and transmission and distribution utilities is expected to bolster the Asia Pacific cable testing market share in the forthcoming years. The increasing demand for consumer electronics in China and India, as well as the presence of a large number of electronics manufacturers in these countries would augur well for the regional market.
As per the India Brand Equity Foundation (IBEF), by 2025, the Indian electronics manufacturing industry is set to reach US$ 520 billion. Exports of electronic goods stood at US$ 1.17 billion and US$ 1.35 billion in September and October 2021, respectively. These numbers are projected to surge at a fast pace, thereby boosting the Asia Pacific market.
How is North America Contributing to Growth of the Cable Testing Market?
The presence of various reputed manufacturers and the increasing power crises in the U.S. and Canada are estimated to accelerate the North America cable testing market growth in the assessment period. The rising usage of cables in the automotive and construction industries across North America is another significant factor that is projected to bode well for the market.
Many people in this region are preferring cable testing as it is relatively low cost, as compared to changing the cabling. The increasing electricity generation in the U.S. is set to propel the growth. As per the U.S. Energy Information Administration (EIA), the total net electricity generation was 378,967 thousand/MWh in January 2022. This trend is likely to continue in future, thereby driving the market in North America.
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Market Competition
Some of the renowned companies present in the global cable testing market are Building Research Establishment Ltd., Kinectrics, Eland Cables, Bureau Veritas, Eurofins Scientific, SGS SA, TÜV NORD GROUP, British Approvals Service for Cables, RN Electronics Ltd., DNV GL AS, Applus+, UL LLC, North Central Electric, Intertek Group plc, CPRI India, DEKRA, Japan Electric Cable Technology Center, CESI S.p.A., Industrial Tests, Inc., TÜV Rheinland, ALS Limited, and TÜV SÜD among others.
Leading players are aiming to invest huge sums in research and development activities to introduce state-of-the-art products. A few other key players are collaborating with domestic and international companies to co-develop new products and expand their geographic presence. Meanwhile, a handful of companies are increasingly focusing on acquisitions and contract signing to provide their in-house products to reputed players across the globe.
Key Segments Profiled in the Cable Testing Industry Survey
By Voltage:
- High Voltage
- Low Voltage
- Medium Voltage
By Test:
- Type
- Sample
- Routine
By End User:
- Utility Providers
- Cable Manufacturers
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
