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Tri-rated cables which are also known as switchgear cables or control panel wires are high temperature, flame retardant, and flexible cables. These cables are commonly used in electrical cabinets, rectifier equipment, motor starters, switch control, and relay and instrumentation panels of power switchgear. Tri-rated cables meet the three separate standards: Canadian Standards Association (CSA), Underwriters Laboratories (UL) Appliance Wiring Materials (AWM), and British Standards Institute (BSi) which enables their use in Europe and North America.
Based on the diameter, the market is segmented into less than 4 mm, 4mm to 8 mm, and greater than 8 mm. Tri-rated cables of diameter more than 8 mm segment is anticipated to be the fastest-growing segment due to installation of high power capacity equipment. The high power equipment requires tri-rated cables of larger diameter which can sustain high temperatures and voltages.
Based on the application, the market is segmented into electrical cabinets, switch controls, and others. The electrical cabinets application segment is anticipated to dominate the market due to growing industrial and power electric infrastructure. Also, numerous manufacturers in North America and Europe are now implementing safety standards for electric equipment which is anticipated to drive the demand for tri-rated cables in the electrical cabinets.
According to U.S. Energy Information Administration (EIA), energy usage in the world is anticipated to increase by 50% by 2050. Adoption of tri-rated cables in the new electric infrastructure is anticipated to grow soon as these cables also fulfill the safety standards in North America and Europe.
The cost of manufacturing tri-rated cables is comparatively high as compared to other cables available in the market. Cost is high mainly due to these cables have to comply with the Canadian Standards Association (CSA), Underwriters Laboratories (UL) Appliance Wiring Materials (AWM), and British Standards Institute (BSi), which also results in the added cost of testing and regularization to meet the above-mentioned standards.
Key Market Driver -
Rising energy consumption coupled with growing adoption of safety standards for electric equipment and infrastructure
Key Market Restraint -
The high cost associated with manufacturing and testing
Some of the major companies that are present in the global tri-rated cables market are Eland Cables, UK Cables Ltd, RR Kabel Limited, Byson Limited, Clynder Cables Ltd, RS Components, LAPP Group, Premier Farnell Limited, Doncaster Cables, BATT Cables Plc, and Cleveland Cable Company.
The tri-rated cables market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominated the market in terms of revenue due to stringent regulations pertaining to the safety of personnel operating the electric equipment. Also, tri-rated cables find a wide application in the renewable energy industry in the U.S. and Canada.
The European market is comparatively more mature as compared to Latin America and Middle East & Africa markets. The presence of key manufacturers such as Premier Farnell Limited, Eland Cables, UK Cables Ltd, and Cables RCT has impacted positively on the tri-rated cables market in Europe.
The Asia Pacific is expected to be the fastest-growing market in terms of demand for tri-rated cables due to increasing industrial activities in power generation and construction activities such as smart cities especially in developing economies such as India, Vietnam, Bangladesh, and Myanmar.
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