The global cable testing market size is expected to reach US$ 12.6 Billion in 2022 and US$ 15.8 Billion in 2032. It is anticipated to exhibit growth at a remarkable CAGR of 6.4% in the forecast period from 2022 to 2032. The surging demand for electricity and the rapid urbanization are likely to boost the sales of cable testing systems in the upcoming years.
| Report Attribute | Details |
| Cable Testing Market Estimated Base Year Value (2021) | US$ 11.3 Billion |
| Cable Testing Market Expected Market Value (2022) | US$ 12.6 Billion |
| Cable Testing Market Anticipated Forecast Value (2032) | US$ 15.8 Billion |
| Cable Testing Market Projected Growth Rate (2022-2032) | 6.4% CAGR |
Changing the entire cable is a very expensive process. Faults in cables, such as crushing, kinking, and bending are not always visible. These have created a high demand for cable testing systems.
Cable testing helps in checking the cable conformity, quality, and functionality. It often aids in detecting the actual issue before it causes any downtime. Signs of a faulty cable include moisture on the cable, corrosion on the copper, and cracks in the insulation.
As cable faults require the spending of huge sums for repairing, the need for cable testing is expected to surge for ensuring that the joints are in good condition. The easy availability of a wide range of innovative equipment for testing cables is a major factor that is estimated to drive the market.
The demand for cable testing is set to grow at a rapid pace in future years owing to improper system deployment, expansion of the electronics industry, poor performance of new network systems, and increasing usage of cables in emerging economies. The urgent need for innovative cable testing equipment in aerospace, railway, roadways, energy, marine, and automotive sectors is another vital factor that is set to bode well for the global market.
In addition to that, the ongoing technological advancement in the electronics industry and the rising production of renewable energy are projected to augment the growth in this market. The booming IT sector is another factor that is anticipated to drive the market.
Sometimes, conducting a few cable tests can cause harmful effects, which may hamper the sales of cable testing equipment. High testing and certification lead time is also set to hinder the growth in this market. The lack of awareness and skilled workers, especially in emerging economies are some of the other factors that can obstruct the growth.
The surging demand for high voltage cables in a wide range of industries, such as energy, offshore wind farms, and transmission and distribution utilities is expected to bolster the Asia Pacific cable testing market share in the forthcoming years. The increasing demand for consumer electronics in China and India, as well as the presence of a large number of electronics manufacturers in these countries would augur well for the regional market.
As per the India Brand Equity Foundation (IBEF), by 2025, the Indian electronics manufacturing industry is set to reach US$ 520 billion. Exports of electronic goods stood at US$ 1.17 billion and US$ 1.35 billion in September and October 2021, respectively. These numbers are projected to surge at a fast pace, thereby boosting the Asia Pacific market.
The presence of various reputed manufacturers and the increasing power crises in the U.S. and Canada are estimated to accelerate the North America cable testing market growth in the assessment period. The rising usage of cables in the automotive and construction industries across North America is another significant factor that is projected to bode well for the market.
Many people in this region are preferring cable testing as it is relatively low cost, as compared to changing the cabling. The increasing electricity generation in the U.S. is set to propel the growth. As per the U.S. Energy Information Administration (EIA), the total net electricity generation was 378,967 thousand/MWh in January 2022. This trend is likely to continue in future, thereby driving the market in North America.
Some of the renowned companies present in the global cable testing market are Building Research Establishment Ltd., Kinectrics, Eland Cables, Bureau Veritas, Eurofins Scientific, SGS SA, TÜV NORD GROUP, British Approvals Service for Cables, RN Electronics Ltd., DNV GL AS, Applus+, UL LLC, North Central Electric, Intertek Group plc, CPRI India, DEKRA, Japan Electric Cable Technology Center, CESI S.p.A., Industrial Tests, Inc., TÜV Rheinland, ALS Limited, and TÜV SÜD among others.
Leading players are aiming to invest huge sums in research and development activities to introduce state-of-the-art products. A few other key players are collaborating with domestic and international companies to co-develop new products and expand their geographic presence. Meanwhile, a handful of companies are increasingly focusing on acquisitions and contract signing to provide their in-house products to reputed players across the globe.
| Report Attribute | Details |
| Growth Rate | CAGR of 6.4% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Customization | Available Upon Request |
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The global cable testing market is expected to surpass US$ 15.8 Billion in 2032.
Asia Pacific is likely to dominate the cable testing market in the forecast period.
Building Research Establishment Ltd., Kinectrics, Eland Cables, Bureau Veritas, Eurofins Scientific, and SGS SA are some of the prominent companies in the cable testing market.
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