MARKET OUTLOOK
The finding of an in-depth research conducted by Triton Market Research shows the market for cable glands in North America to grow progressively in terms of revenue, at a CAGR of 6.62% over the forecasting period 2019-2027.
The United States and Canada together constitute the North America cable glands market.
The Canadian market for cable glands is growing rapidly, owing to the abundant resources in the country. Canada is considered to be one of the major exporters of oil & natural gas, which is enhancing the demand for cable glands in the country. Another factor fueling the growth of Canada’s cable glands market is the United States’ dependence on the country for oil. The Canadian Association of Petroleum Producers (CAPP), in 2016, stated that over 1,500 US-based companies provided parts, equipment, and services that were used in oil sands in Alberta alone, during the industrial slowdown at the time. This makes Canada a leading destination for the sales of goods and services from the US, that cater to the needs of the industry’s nationwide supply chain. This factor is aiding the growth of the cable glands market in Canada during the forecast period.
COMPETITIVE OUTLOOK
Jacob GmbH, Hubbell, Incorporated, Thomas & Betts Corporation, Amphenol Corporation, ABB Ltd. and Cortem Group are the companies having a strong foothold in the cable glands market.