Cable Lugs Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Albany, NY -- (SBWIRE) -- 06/14/2018 -- Cable lugs are electrical supplies which is being utilized to firmly connect or terminate cables to the electrical devices, control panels, junction boxes, machineries and equipment's. These cable lugs are frequently used to join the power cables together also. Cable Lugs anticipated to guarantee the safety of both the human beings and appliances. These lugs can be exclusively engineered according to the client's requirements and preferences. The growth of cable lugs market is highly reliant on the rising demand of low voltage and medium voltage electrical system in the construction and automotive industry.
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Rise in the adoption of cable lugs in the construction industry due to its capabilities of guaranteeing a very safe and long lasting connection is acting as a major growth driver for the cable lugs market. Therefore, the growing need of adoption and integration of solid, stranded and fine stranded copper conductors in the current electrical ecosystem in the form of compression cable lugs and standard tubular cable lugs is also one of the key factor anticipated to catalyze the growing demand of cable lugs during the forecast period. In addition, adoption of heavy duty copper lugs for using with copper wires and cables for applications like medium voltage and high voltage electrical reticulation system is also anticipated to increase the demand of cable lugs in the upcoming years. In turn this is also projected to affect the cable lugs market in a positive manner during the forecast period.
In spite of many driving factors, the cable lugs market is expected to show a shrink and fluctuation in growth rate because of the requirement of diversified tabular cable lugs for various conductor classes for different manufacturer. Diamond crimp design evenly allocates the crimping pressure to fuse the terminal to the copper cable without distorting or cracking the terminals. The key disadvantage of this type of crimp is that a very small surface area of the lug is being compressed and used in restricted space connection and more commonly seen in automotive application than the critical construction application; this is also one of the major restraining factor for the global cable lugs market. The growing urbanization in BRICS nations is going to create significant opportunity for the cable lugs market as a part of construction business in the coming years.
For the purpose of doing in depth analysis, the cable lugs market has been segmented on the basis of material type, end use industry and geography. Based on the material type the cable lugs market has been segmented into five categories those are copper, aluminum, plastic, stainless steel and others. Based on the end use industry, the cable lugs market has been segmented into six segments they are construction, automotive, power & utilities, aerospace, processing & manufacturing and others. Moreover, this report also provide cross functional analysis of all the above mentioned segment across different regions such as Europe, North America, Asia Pacific, Middle East and Africa and Latin America. By end use industry, the construction segment is expected to capture largest market share in the forecast period.
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Rapid growth in the adoption of cable lugs for wiring hat is being used in electrical automation and instrumentation system is expected to create significant opportunity for cable lugs market. Geographically, the global cable lugs market is mainly driven by North America region. Renovation of the energy infrastructure being united with the heavy presence of the cable accessories vendors has been driving the market of cable lugs in North America. Development of the smart cities in China and India is also expected to add to the rising demand for the cable accessories, like cable lugs and tools in APAC region.