Global heat shrink tubing market is likely to be encouraged by the growing investment in the development and upgradation of electrical networks. Increased demand for electricity all over the world and its growing utilization in the automobile sector for insulation of the engine compartment are fuelling the market. In addition, a rise in the adoption of renewable sources of energy all over the world are also expected to spearhead growth of the global heat shrink tubing market over the tenure of assessment, from 2019 to 2027.
Some of the well-known companies in the global heat shrink tubing market are Changchun Heat Shrinkable Materials Co., Ltd., Thermosleeve USA, TE Connectivity Ltd, Dasheng Heat Shrinkable Material Co., Ltd, Hellermann Tyton, and Alpha Wire.
Experts at Transparency Market Research (TMR) through utilization of extensive research methods prepared a report on the global heat shrink tubing market. TMR analysts prophesized that the market would grow at a rate of 6 % CAGR over the forecast period, 2019 to 2027.
Europe to Emerge as one of the Prominent Regions due to Increased Electricity Consumption
Asia Pacific, Middle East and Africa, Latin America, North America, and Europe are the major regions of the global heat shrink tubing market. The region-based market classifications offer information on each of the geographies and the factors that could shape the future of the market in each of these regions in years to come.
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From the geographical viewpoint, North America is likely to witness substantial growth over the period of assessment. Such growth of the market is attributed to the high consumption of electrical insulation materials in the U.S. Europe is another prominent region in the global heat shrink tubing market due to increased consumption of electricity. According to Eurostat, the consumption of electricity by the household sector in Europe increased by 0.1% in a period of 10 years, from 2007 to 2017.
The high growth rate of the Asia Pacific heat shrink tubing market is mainly owing to augmented investment in the development of electric grid. Furthermore, increasing dependence on renewable sources of energy is anticipated to encourage growth of the market over the forecast tenure. In countries like Philippines, Vietnam, and Indonesia the process of electrification of remote corners of the country is generating ample scope for the market in the region.