The cable fault locator market is on the verge of considerable growth. A recent report from Future Market Insights (FMI) predicts an impressive 10.1% year-over-year growth rate through 2029, surpassing $1.5 billion in value.
The global cable fault locator market was worth roughly $715.2 million in 2021. FMI predicts that figure to increase to $784 million by the end of 2022 before entering a period of far faster growth.
Much of this expansion comes from North American and Europe, with the latter alone accounting for 20.9% of the entire market. However, East Asia will also be a lucrative market over the next few years as heavy industry activity in the region increases.
The telecommunications and electronics industries are the primary sectors driving the market for cable fault locators, accounting for more than a third of all revenue. Demand for telecommunications technology will only rise from here, too, as government agencies have saved $291 million by embracing cloud computing. As more organizations pursue these technologies to achieve similar benefits, cable fault locators will become even more important.
As far as specific technologies go, handheld fault locators are the most promising. These devices already account for most sales within the sector, and their flexibility meets modernizing businesses’ needs.
It’s important to note that this growth is lateral as well as vertical. As more companies with varying needs adopt new technological infrastructure, the devices that best suit their situation will vary. Consequently, the industry will likely see increasing diversity and specialization, as opposed to a few companies dominating the market.
Electrical contractors should take note of these trends. As the cable fault locator market matures, they may have access to a wider array of tools. That includes devices that meet more specific needs and tools with larger price ranges.
This growth also signifies a growing need for fault-finding services from contractors. In addition to growing demand in the private sector, the federal government is investing $3 billion in smart grid expansion. Electrical contractors with the tools and experience necessary to ensure that these high-tech, critical infrastructure systems work properly could have a promising market opportunity.
The world’s electrical infrastructure has come under increasing scrutiny over the past few years. As this trend continues, tools like cable fault locators that support ongoing improvements will see rising demand. Electrical contractors need to understand these shifts to adapt and meet the needs of tomorrow’s markets.