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Metal Cord Grips Market Size
- Report ID: GMI9887
- Published Date: Jun 2024
- Report Format: PDF
Metal Cord Grips Market Size
Metal Cord Grips Market was valued at USD 1.68 billion in 2023 and is anticipated to register a CAGR of 5.2% from 2024 to 2032. Global expenditures in infrastructure projects, such as transportation, utilities, and urban development, are driving the demand for metal cord grips to support large electrical and communication networks. The expansion of telecommunications infrastructure, notably the introduction of 5G networks, has created a demand for secure & efficient cable management solutions such as metal cord grips. Continuous advances in metal cord grip designs, such as enhanced sealing mechanisms and ease of installation, are making these devices more user-friendly and dependable, thereby boosting market expansion.
With tighter regulations and standards for electrical installations and equipment, there is an increasing emphasis on ensuring safety and compliance. Cable glands that meet or exceed these standards, such as IP ratings, are in higher demand. The spread of industrial automation and the Internet of Things (IoT) is increasing the demand for cable glands that can safely and reliably manage cables in complex & interconnected systems. This includes electromagnetic compatibility (EMC) shielded seals to prevent interference in sensitive electronic environments.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Metal Cord Grips Market Size in 2023: | USD 1.68 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 5.2% |
| 2032 Value Projection: | USD 2.64 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 370 |
| Tables, Charts & Figures: | 247 |
| Segments covered: | Material, size, shape, cord holding type, end use, distribution channel, and region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Furthermore, the metal cord grips market is facing intense competition, not only from established players but also from new entrants and alternative products. As of 2023, the top five companies in this sector collectively held only 35% of the market share, indicating a fragmented landscape with numerous small and medium-sized enterprises (SME) vying for market share. This competition has led to price wars, with average prices of standard metal cord grips dropping by 7% between 2020 and 2023. Adding to this pressure is the growing popularity of alternative materials like high-performance plastics and composites. These materials offer benefits such as lighter weight, corrosion resistance, and in some cases, lower costs. In 2023, plastic cable glands captured 18% of the overall cable management market, up from 13% in 2020, directly impacting the metal cord grips segment.
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Metal Cord Grips Market Scope
