The global cable clamps market size is poised to grow by USD 6.49 billion during 2020-2024, progressing at a CAGR of almost 7% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Cable Clamps Market 2020-2024 (Graphic: Business Wire).
The growth of the global real estate and construction industry has increased the number of office spaces, commercial complexes, and residential buildings. Rapid urbanization and significant investments in infrastructure development are driving the growth of the construction industry in developing countries. In addition, the growth of the global population is increasing the demand for residencies and associated infrastructure. This will lead to an increase in the use of cables and wires in residencies and commercial and industrial facilities to supply and distribute power and to facilitate networks and communications.
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The major cable clamps market growth came from the residential application segment. Cable clamps are widely used in various residential applications to bundle and protect wires and cables. The growing urbanization is driving the demand for new residential units, especially in the urban areas of APAC, MEA, and South America. Moreover, changes in the population density, majorly because of the migration from rural to urban areas, are anticipated to attract investments in new residential units. This will subsequently drive the demand