Tri-Rated Cables Market Size, Share & Industry Analysis, By Diameter (Less than 4 mm, 4mm to 8 mm, Greater than 8 mm), By Application (Electrical Cabinets, Switch Control, Others) And Regional Forecast, 2024-2032

Region :Global | Report ID: FBI105752 | Status : Ongoing

KEY MARKET INSIGHTS

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

Key Players Covered:

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.

Regional Analysis:

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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Segmentation

ATTRIBUTES	DETAILS
By Diameter	Less than 4 mm 4mm to 8 mm Greater than 8 mm
By Application	Electrical Cabinets Switch Control Others
By Geography	North America (the USA and Canada) Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe) Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific) Latin America (Brazil, Mexico, and Rest of Latin America) Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)

Key Industry Developments

On 20 October 2020, RR Kabel acquired Arraystorm which is a provider of energy-efficient customized lighting solutions. This acquisition is anticipated to expand the portfolio of RR Kabel into the LED lighting sector.

On 17 October 2019, LAPP Limited supplied railway cables to ČMŽO - elektronika, s.r.o. which is a leading integrator of electric systems for railway applications. These cables were supplied for the project ALSTOM LINT.

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PUBLISHING STATUS: Ongoing
BASE YEAR: 2023
HISTORICAL DATA: 2019-2022

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