The cable conduit market is expected to register a CAGR of 11.62%, over the forecast period of (2020 - 2025).
- With the rapid urbanization in developing economies leads to an increase in construction projects which further increase the demand for alterable wiring systems thus boosting the sales of cable conductive.
- Further, the wire and cable industry analysis identify the growth in renewable power generation. This is to be one of the primary factors for the growth of the electric cable and wire market which in results will help in booming the cabe conduit market.
- However, fluctuating prices of raw materials such as steel, plastic, and aluminum are one of the key factors which are hindering the growth of the global cable conduit system market.
Scope of the Report
An electrical conduit is useful for routing wires, by safely grouping them. The primary use of cable conduit is for safety. Conduit isolates wires, to avoid exposure, thereby, reducing the risk of short-circuits and electrocution or fires. The end user segment consists of manufacturing, commercial construction, IT and telecommunication, healthcare and energy. However, Asia-Pacific is expected to be the fastest growing region for cable conduit systems over the forecast period.
Key Market Trends
Commercial Buildings Offer Potential Growth
- The American Institute of Architects (AIA) semi-annual indicates the commercial construction sectors will generate much of the expected gains and the high demand for better infrastructure provides opportunities for cable conduit systems.
- Further, there is a growing demand for safer and more secure wiring systems in commercial and industrial applications. Factors such as compressive strength and resistance of conduits are of great significance, especially in industry and crafts business, whereas circuit integrity in case of fire and prevention of hazardous smoke gas are key priorities in public areas, such as airports, railway stations or hotel facilities.
- Moreover, with the advancements of technology, IoT-ready commercial building design is emerging. IoT networks often require a “backhaul” fiber network. And depending on the size of the operation and the data generated, it will require wired connections. This in result will create a huge market opportunity for the cable conduit market.
Asia-Pacific to Witness Fastest Growth
- The growth in Asia-Pacific is attributed to the rapid infrastructure building activities being undertaken in the region, mainly in China and India. In these countries, rural areas are being converted into urban areas and these countries will collectively be responsible for more than a 50% share of the growth in the construction industry by the end of 2020.
- Moreover, increasing projects in the field of electrification and power supply in these regions also provide ample opportunity for the growth of the electrical conduit pipe market.
- Additionally, in India, initiatives such as excise duty exemption for Ferro-silicon-magnesium and pig iron used for manufacturing components for wind-operated electric power generators and the target set by the Jawaharlal Nehru National Solar Mission to generate more than 1,00,000 MW of solar power by the end of 2022, will boost the demand for electrical wires and cables
- With this continuous growth in the building & construction industry, along with the increase in demand for a renewable source of energy the demand for electrical conduit pipes is expected to increase over the forecast period.
The overall electrical conduit systems market is fragmented in nature with a large number of players operating in the market globally. In addition to innovative product offerings, cable and wire manufacturers are also following strategies such as mergers and acquisitions to acquire new technologies and expand their customer reach. Companies are now adopting efficient techniques in an effort to provide consumers with innovated and cost-efficient products. Few key players are Schneider Electric, Hubbell Incorporated, ABB Group, etc among others.
- August 2018 - ABB announced its expansion of the Thomas & Betts facility on Dennis Street in Athens. The addition to the plant is expected to boost production for their 21 product lines.
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