DUBLIN--(BUSINESS WIRE)--Apr 1, 2019--The “Global Cable Tags Market - Segmented by Product Type, End-user Industry, and Region - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The cable tag market is expected to register a CAGR of 9.5%, over the forecast period of 2018-2023.
The demand for highly resistant identification products is driving the growth of the cable tag market. In addition, the increasing adoption of automation and demand for frequently alterable wiring systems are expected to boost the growth of the cable tag market.
There is an increasing need for businesses to increase their productivity. Factors that can affect the productivity, particularly in terms of technological systems, are - massive amounts of cables, wires, and other types of harnessing. Cable tags play a significant role in labeling the machines, which can be used to increase business productivity. However, unstable raw material prices are expected to hamper the growth of the market studied, over the forecast period.
The automation market has been recording significant growth, owing to its widespread adoption in industrial and urban applications. Automation uses a considerable number of components, such as HVAC systems, switchgear, relays, human-machine interface (HMI) systems, and IT systems, which are connected through wires and cables. The cables can be small in size, ranging from 0.5 mm2 to 35 mm2. Besides, tracking the exact wire connection in an automation system can be difficult.
Thus, the use of cable tags plays a significant role, in automation. A cable tag is a label that indicates the serial number or information on a particular wire, regarding which component it is connected to. A cable tag can be inserted or pasted as a ferrule, on the cable. Cable tags find applications in industrial and home automation.
Cable tags have the ability to withstand high temperatures and harsh weather conditions, such that printing on the tag does not fade away. The cable tag companies are printing labels on stainless steel or aluminum tags, by punching the letters on tags.
Stainless steel and aluminum tags have a longer life than that of paper or plastic, thereby offering a competitive advantage. However, plastic ferrules and other plastic coated, paper wrap-around cable label tags are used commonly in the market, owing to their low cost.
By region, the North American segment accounted for the largest share in the global cable tag market, and is expected to continue its dominance, over the forecast period. The United States leads the North American segment, due to the growing adoption of automation technologies, in the country.
In addition, the countries in the region have advanced commercial and industrial sectors. Therefore, it is important for industries that deal heavily with technology, to have all the wires and cables correctly labelled. Including high-quality label tags on site can drastically increase productivity, as cable tags are durable, long lasting, and easy to read. The robust adoption of cable tags in various industries is expected to lead to the growth of the North American segment, over the forecast period.
February 2018 - Eaton launched a new series of deck hangers, to help reduce installation time and simplify electric code compliance. The new series is designed to reduce labor while meeting critical electrical code requirements, through a robust riveted assembly and identical ends that do not require the installer to identify proper side, before installation.
November 2017 - HellermannTyton launched identification tags for cable bundles, which are specifically designed for applications where metal detectable materials are required.