Global Cable Testing and Certification Market will grow at CAGR of 5.54 % to hit

Posted by swamiv on November 6th, 2019

Global cable testing and certification market By Test (Sample Test, Routine Test, Type Test), Voltage Type (High Voltage, Medium Voltage, Low Voltage), End-User (Cable Manufacturers, Utility Providers

Market Analysis: Global Cable Testing and Certification Market

Global cable testing and certification was valued at an estimated USD 11.25 billion in 2018, this market value is projected to grow with a CAGR of 5.54% in the forecast period of 2019-2026 resulting in projected value of USD 17.31 billion by 2026. This rise in market value can be attributed to growing adoption of cables and wires that has been a result of rapid urbanization & industrialization.

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Competitive Analysis: Global Cable Testing and Certification Market

Global cable testing and certification market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of cable testing and certification market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.

Market Definition: Global Cable Testing and Certification Market

cable testing and certification is the process of checking the operations and identifying the faults, if any in the cables and wires. It is done according to set standards as specified by the government of particular countries or according to the international standardizations. This process is conducted through an apparatus and specified vendors of this service. This helps in assuring the consumer of these cables and wires that the manufacturing of these particular products was done according to the utmost standards.

Market Drivers:

•          Increasing levels of urbanization and industrialization resulting in high adoption of cables & wires used in electricity generation and transferring
•          Rise in growth of the electronics and IT industry; this factor is expected to act as a driver for the market growth

Market Restraints:

•          High costing of the entire process of cable testing and certification; this factor is expected to act as a restraint to the market growth

Segmentation: Global Cable Testing and Certification Market

•          By Test

o    Sample Test

o    Routine Test

o    Type Test

•          By Voltage Type

o    High Voltage

o    Medium Voltage

o    Low Voltage

•          By End-User

o    Cable Manufacturers

o    Utility Providers

Key Developments in the Market:

•          In September 2018, TÜV Rheinland and Shenzhen No.3 Vocational School of Technology announced that they had agreed to cooperate and build Sino-German Industry 4.0 Demonstration and Training Center. This center is expected to demonstrate and teach the latest innovations and technology in smart manufacturing, this center is also expected to introduce the company’s “TÜV PersCert” certification system.

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