Business

Bridge Cable Sockets Market – Surging Construction Industry Worldwide Driving Revenue Growth: Global Industry Analysis and Opportunity Assessment, 2013 – 2028

Introduction

Bridge cable sockets play an important role in the bridge structures by providing connectivity between the cables and structure. These sockets are used in various bridge types such as Cable-stayed bridges, Suspension Bridges, Pedestrian Bridges and others. Based on type of bridge and capacity of bridge, different types of sockets such as Open Strand Sockets, Closed Strand Sockets, Open Wire Rope Spelter Sockets, Closed Wire Rope Spelter Sockets etc. are used

The sockets possess various advantages to the bridges such as high strength, stiffness, durability and ease in replacement. In addition, the application of bridge cable sockets at the connecting points makes the structure non-permanent in which any one socket is replaced in case of damage and not whole of the structure.

Bridge cable socket market with such a moderate growth, a few segments are likely to lose share, whereas certain market segments will gain demand pie. In product type, various segments are considered amongst which open wire rope spelter sockets held majority of the market share in 2018 owing to high adoption of socket in cable-stayed and suspension bridges.

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Market Value Forecast

The global Bridge cable sockets Market revenue is anticipated to increase at a CAGR of lower single digit during the forecast period. Growing construction industry, demand of strong structures in bridges coupled with cost effectiveness of sockets, high durability and increasing product offerings by the key players are some of the primary factors driving the market growth over the forecast period. Also, smart city initiatives and increasing urbanization are some of the bright opportunities for the market. The bridge cable sockets are a crucial component of the bridge structure as they are the important connectivity link between the cables and structures. Large number of bridges in construction across the globe are leveraging huge adoption opportunities for the sockets thereby driving the market growth till 2028.

Market Segmentation

On the basis of Product type, the global Bridge cable sockets Market is segmented into Open Strand Sockets, Closed Strand Sockets, Open Wire Rope Spelter Sockets, Closed Wire Rope Spelter Sockets, Closed Bridge Sockets, Open Bridge Sockets, Anchor Sockets, Bridge Clamps and Prolite Sockets. Among these Open Wire Rope Spelter Sockets segment dominated the market in terms of value in 2018 and is expected to retain its dominance over the forecast period. Wide product offerings by the key players along with easy replacement and durability are some of the factors driving the Open Wire Rope Spelter Sockets market. Closed Bridge Sockets segment is expected to show lucrative growth during the forecast period.

On the basis of material type, the global Bridge cable sockets Market is segmented into wrought iron and steel. Wrought iron segment is the largest segment in the market in terms of value and is projected to retain its dominance over the forecast period. Also, the wrought iron segment is anticipated to expand at the highest CAGR in terms of value over the forecast period.

On the basis of application, the global Bridge cable sockets Market is segmented into Pipeline Bridges, Cable-stayed bridges, Suspension Bridges, Pedestrian Bridges, Highway/railroad bridges and Other Applications. Cable-stayed bridges is the largest segment in the market in terms of value and is projected to retain its dominance over the forecast period. The Suspension Bridges segment is anticipated to expand at the highest CAGR in terms of value over the forecast period.

On the basis of sales channel, the global Bridge cable sockets Market is segmented into New Sales and Replacement. Of them, New Sales segment is the largest segment in the market in terms of value and is projected to retain its dominance over the forecast period.

On the basis of geography, the global Bridge cable sockets market is segmented into four major regions that are Americas, Europe, Asia-Pacific and Middle East & Africa (MEA); among these, Asia Pacific has dominated the market and is expected to witness favorable growth in terms of CAGR over the forecast period. North America is expected to follow Asia Pacific in terms of growth rates till 2028.

Key Players

The global bridge cable sockets market is dominated by some of the key players that include WireCo WorldGroup, Lexco Cable, ESCO Corporation, Bridon-Bekaert The Ropes Group, Auzac Co. Ltd., Muncy Industries and others. While, some other market players are CBSI, PWB Anchor and Ben-Mor. These companies rely on various strategic moves such as merger & acquisition, partnership, product launch, expansion, investments etc. to strengthen their market hold. However, acquisitions and expansions are the primary strategies followed by the company for increasing their share in global bridge cable sockets market.

About the author

Mohit Loshali

Mohit Loshali, an experienced campaigner, writes about the latest evolutions and trends in the automotive and allied domains. He has helped clients from across the globe with his thought-provoking research and analysis.

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