Cable Fault Locator Market Dynamics 2021-2031
The cable fault locator market size is projected to reach US$ 3.09 billion by 2031 from US$ 1.45 billion in 2023. The market is expected to register a CAGR of 9.9% in 2023—2031. The market growth is fueled by factors such as rising underground power grid infrastructure, and the need for cable installation and deployment is likely to remain a key cable fault locator market trend.
Cable Fault Locator Market Analysis
Cable faults can develop for a variety of reasons, including typical service aging, overvoltages, thermal overload, corrosion, and poor workmanship during shipment and installation. Obtaining effective equipment to discover and rectify issues as soon as feasible aids in minimizing downtime and associated expenditures. Across the globe, there is a vast underground and overhead cable infrastructure to support the evolving world. These cables support the transfer of electricity and data for critical applications. A variety of factors can cause cable damage. The most typical causes of faults include the end of service life, external factors, and faulty assembly. When these sorts of cable faults occur, the defective place must be identified as soon as possible and the fault corrected to reduce the duration of the failure. This drives the demand for equipment in the cable fault locator market.
Cable Fault Locator Market Overview
Underground cables have been frequently used because of their dependability and environmental concerns. To increase distribution system dependability, reliable identification of faulted segments is essential in order to reduce interruption time during the fault, i.e., to restore services by finding the faulted segment in a timely manner. An extensive search at a larger scale distance has been undertaken in the traditional method of finding a detector. This is inefficient and time-consuming. Not only is the manpower resource not being used, but the restoration time may vary depending on the accuracy of the outage information. This has been boosting the demand for equipment in the market. Moreover, the demand for this equipment has been on the rise among customers such as manufacturers of high-voltage equipment, utility companies, maintenance & service companies, the government, and the military, among others.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Cable Fault Locator Market: Strategic Insights
Market Size Value in US$ 1.54 billion in 2022 Market Size Value by US$ 2.90 billion by 2030 Growth rate CAGR of 8.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Cable Fault Locator Market: Strategic Insights
| Market Size Value in | US$ 1.54 billion in 2022 |
| Market Size Value by | US$ 2.90 billion by 2030 |
| Growth rate | CAGR of 8.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Cable Fault Locator Market Drivers and Opportunities
Rise in Underground Power Grid Infrastructure to Favor Market
As cities throughout the world grow and expand, the need for dependable and sate electrical infrastructure has never been greater. While standard overhead electricity lines have been the norm for decades, they have some substantial problems, including their ugly appearance, susceptibility to storm and accident damage, and possible hazards to public safety. As a result, many foresighted towns are looking ahead and embracing a new approach. For example subsurface electrical infrastructure underground electrical infrastructure has been in use for decades in cities such as Tokyo, Japan, and Seoul, South Korea, and has served to support these cities' rapid expansion and development. Cities in the United States, such as Chicago and San Francisco, have recently made considerable investments in underground electrical infrastructure, realizing the benefits it may offer to their communities.
Aging Power Infrastructure.
There is a greater chance of cable faults due to aging power infrastructure, which raises the need for cable fault locators. The cable fault locator market is expected to expand as a result of investments made by utilities and other businesses in cutting-edge fault-detecting technology in an effort to maintain efficiency and dependability. Further propelling market expansion are advancements in fault detection systems that can provide more precise and effective solutions
Cable Fault Locator Market Report Segmentation Analysis
Key segments that contributed to the derivation of the cable fault locator market analysis are type, product, and industry.
- Based on type, the cable fault locator market is divided into portable and handheld. The portable segment is anticipated to grow in the forecast period.
- By product, the market is segmented into cable sheath fault locators, cable route tracers, time domain reflectometers, pinpointer, and voltage surge generators. The cable sheath fault locators segment is anticipated to grow in the forecast period.
- By industry, the market is segmented into petroleum, electrical and electronics, telecommunication, power generation, mining, construction, and others. The petroleum segment is anticipated to grow in the forecast period.
Cable Fault Locator Market Share Analysis by Geography
The geographic scope of the cable fault locator market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America has dominated the cable fault locator market. High technology adoption trends in various industries in the North American region have fuelled the growth of the cable fault locator market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North american cable fault locator market growth. The US is among the top countries at the foretront of smart grid and renewable energy infrastructure. Thus leading to the installation of underground cables.
Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of intelligent document-processing market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the cable fault locator market.
Cable Fault Locator Market Report Scope
Cable Fault Locator Market News and Recent Developments
The cable fault locator market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- In May 2022, TATA Power Distribution Limited launched the latest version of the cutting-edge mobile Underground Power Cable Fault Locator system, which will be deployed for cable testing, fault location, cable route tracing & identification activities of underground network for all critical & inaccessible underground cable sections across TPNODL with a minimum possible timeline which in turn will help in faster restoration & reliability improvement.
(Source: TATA Power Distribution Limited, Press Release, 2022)
- In August 2021, Motwane announced its recent acquisition of Telemetrics, an established market leader in highly specialized underground cable fault locating equipment. Through the acquisition, Motwane is able to expand into providing further smart test & measurement solutions to its clients, and thus strengthens its portfolio in India and abroad.
(Source: Motwane, Press Release, 2021)
Cable Fault Locator Market Report Coverage and Deliverables
The “Cable Fault Locator Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- Cable Fault LocatorMarket size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities
- Cable Fault Locator Market trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Cable Fault Locator covering key market trends, Global and regional framework, major players, regulations, and recent market developments.
- Cable Fault Locator industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Product, Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For