In 2018, the cord and cable reels market generated revenue of US$ 6,404.0 Mn and is expected grow at a CAGR of 5.1% over the forecast period from 2019 to 2027.
A cord and cable reel is a product used to carry various types of electrical wires. Cable reels are drum shaped and are in wood, plastic, plywood, or steel. Cable reels are suitable for use in residential, commercial, and industrial applications. Cable and cord reels keep hoses and cables organized and off the ground for safer, more efficient worksite or plant environment.
Cable reels are either spring loaded, motorized or manual. Manufacturers in the market are focused on offering cable reels for flexible installation. Custom-engineered cable reels for high speed and heavy duty applications are trending in the market. Cord and cable reels help save space, reduce maintenance cost, and enhance safety at warehouses, manufacturing facilities, and in other applications. These features are expected to drive demand for cord and cable reels over the forecast period. In residential environment, cable reels are used in home improvement applications. For instance, Schneider Electric offers small and compact cable reels for residential applications. Industrial application segment held the dominant share in the global cord and cable reels market in 2018. The industrial applications of cable and cord reels include power or fluid supply, moving equipment and tools, battery charging for electric cars, and providing workstation-level support to industry and assembly workers. Furthermore, cable reels are an ideal power delivery solution for crane and hoist applications, including overhead cranes, monorails and magnet cranes as well as marine terminal applications such as ship-to-shore cranes. Increasing demand from these applications is expected to drive growth of the industrial segment over the forecast period.
Factors Driving Growth of the Global Cord and Cable Reels Market:
Increasing demand for cord and cable reels in various industrial and commercial applications is fuelling growth of the cord and cable reels market. Rising awareness regarding safety in commercial environment is one of the key factors aiding in growth of cord and cable reels. Cable reels are used in fire safety equipment and trucks. Electric cable reels are used to keep fire apparatus batteries charged. For instance, Hannay Reels Inc. manufactures cable reels which allow continuous current during cable payout and rewind. Companies such as Brennenstuhl GmbH offer building-site cable reels which are specially certified for the requirements and use on building sites. Companies such as Hunter Spring Products offer DuraReel medical cord reels specifically for medical applications. DuraReel medical cord reels are manufactured with an antimicrobial additive to safeguard the cord reel from odor, mildew, and mold. Cavotec offers electrical power and spreader cable reels for ship-to-shore (STS) container cranes. Companies such as HWG offers hot water reels for hot water wash-down in food preparation areas.
Moreover, cord and cable reels are widely used in various industrial applications such as food and beverages, wastewater treatment, and power distribution, etc. Such diverse applications of cord and cable reels in commercial and industrial sectors is driving the market growth.
Furthermore, the National Electrical Manufacturers Association (NEMA) in U.S., the electrical safety committee, established certain standards under NEMA-3 and NEMA-4, which mandates the adoption of cable reels in industrial applications. These factors are expected to drive demand for cord and cable reels in the industrial sector over the forecast period.
Global Cord and Cable Reels Market: Regional Insights:
On the basis of region, the cord and cable reels market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Asia Pacific is expected to be the dominant region in the global cord and cable reels market over the forecast period, exhibiting a CAGR of 6.2% from 2019 to 2027. The growth of this region is attributed to increasing demand from industrial applications in countries such as China and India. Key players in the market are focused on expanding their product portfolio to meet diverse application requirements owing to significant demand from the region. The demand for cable reels is also driven by increasing investments in construction projects across the region.
Prominent players in the market include Schneider Electric SE, United Equipment Accessories, Eaton Corporation, Emerson Electric Co., Legrand North America, LLC., TE Connectivity, Cavotec SA, Reelcraft Industries, Delachaux Group (Conductix-Wampfler), DEMAC, Hubbell, SCAME PARRE S.p.A., Nederman Holding AB, and Others.
Global Cord and Cable Reels Market: Taxonomy
Global Cord and Cable Reels Market by Type:
Global Cord and Cable Reels Market by Application:
Global Cord and Cable Reels Market by Region: