According to latest report “Cable Fault Locator Market by Product (Cable Sheath Fault Locators, Cable Route Tracer, Time Domain Reflectometer, Pin Pointers, Voltage Surge Generators), Type (Portable, Handheld), Application (Telecom, Power & Energy, Electronics, Mining, Construction, Petroleum), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of cable fault locator will cross $1 billion by 2027. The aging power infrastructure and growing emphasis on stringent government guidelines for secure cabling infrastructure across various applications are supporting the market growth.
The market expansion is attributed to the increasing demand for following industrial safety standards. Workplace accidents affect productivity in various operations, and electrical and fire hazards may affect the industrial workers. The growing demand for workplace safety across various industries has propelled the demand for industrial safety protocols. The rapid growth of telecom industries, especially in emerging economies, has led to the increasing adoption of underground cables that require industrial safety mechanisms.
The cable route tracer will witness 10% growth rate through 2027 led by the increasing need to locate, trace, and measure the depth of buried power cables. These devices are specifically used for tracing the actual route of underground cables. They also indicate the depth of the cable laid underground. This equipment is used to precisely locate the route of the underground cable and prepare maps and records of the underground utility network.
The handheld segment is expected to register a significant cable fault locator market share during the forecast period due to the capability to be carried over long distances to detect faults in metallic cables. The handheld is compact and provides a tone for wire tracing and identification. The handheld cable fault locator is integrated with innovative signal processing techniques that allow devices to locate splices, short circuits, water ingress, and other mismatches.
The cable fault locator market for petroleum segment is estimated to attain a CAGR of 5% till 2027 impelled by the large-scale acceptance of electric equipment and power systems for various processes in the petroleum sector such as distillation, cracking, conversion, and treating. The large machinery deploys heavy cables for its operations. These cables majorly are underground in many cases, requiring special attention to maintain the uninterrupted operation of the refineries, driving the market progression.
Europe cable fault locator market will reach over USD 300 million by 2027 owing to the rise in the number of government investments and public-private partnerships to enhance the telecom infrastructure in the region. Several regional enterprises are focusing on innovative product development. For instance, in August 2020, Mitsubishi Electric launched the LV100-type T-series IGBT module for industrial use. The product is used for electric power applications that decrease power consumption and the size of the renewable energy power supply systems. This launch helped the company to offer a wide range of IGBT modules. Globe Newswire