The global cable conduit market is predicted to rise at a CAGR of 10% during 2022-2032. The cable conduit market is estimated to reach US$ 19.5 Bn by 2032 from US$ 19.5 Bn in 2021.
The sales of cable conduit systems are on the rise due to the surge in demand for highly secure and safe wiring systems, as well as an increase in commercial construction activities and regular wiring system adjustments. These key trends in cable conduit systems are anticipated to boost the global cable conduit market forward. Furthermore, rising urbanisation in developing economies leads to an increase in construction projects, which is fuelling the demand for cable conduit systems.
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Key Takeaways:
- North America is estimated to dominate the market, with sales in the U.S. increasing at 6.6% CAGR during the forecast period.
- China cable conduit market is expected to grow at a CAGR of 10.4% between 2022 and 2032.
- Sales of cable conduit in Japan are expected to surge at over 9.9% CAGR during the projection period
- Based on type, sales of rigid cable conduit are anticipated to increase at 8.7% CAGR until 2032.
- In terms of end user, industrial manufacturing segment is projected to exhibit growth at 8.7% CAGR during the forecast period.
Competitive landscape:
The cable conduit market is fragmented, with a significant number of players operating globally. Cable and wire producers are pursuing methods such as mergers and acquisitions to acquire new technologies and grow their client base, in addition to innovative product offerings. In order to supply consumers with innovative and cost-effective items, businesses are now implementing efficient strategies to retain their position in global cable conduit market.
Recent Developments in the Cable Conduit Market:
- FRE Composites Group, a major provider of fibreglass conduit solutions for the electrical, transportation, telecommunications, and infrastructure applications, was bought by Atkore International Group Inc. in February 2021. Atkore’s conduit product portfolio was expanded as a result of this acquisition.
- Queen City Plastics, Inc., a manufacturer of PVC conduit, elbows, and fittings for the electrical market, was bought by Atkore International Group Inc. in October 2020. Atkore’s existing product line was strengthened as a result of this acquisition, and the company was able to serve consumers in the Southeast and Mid-Atlantic areas of the United States.
- Rocky Mountain Colby Pipe Company, a leader in PVC conduit and duct products, was bought by Atkore International Group Inc. in August 2019. By increasing its product offering and enhancing geographic coverage, the acquisition helps the company focus on strategic growth.
Key Companies Profiled by Fact.MR
- Schneider Electric SE
- Legrand S.A.
- Aliaxis SA/NV
- Atkore International Inc.
- Thomas & Betts Corporation
Growth Drivers:
- Growing construction activities in commercial and residential sectors is improving the need for safe and secure wiring systems, propelling the growth in the market.
- Increasing use of smart gadgets is boosting the demand for safe and stronger networks, creating lucrative opportunities for the market in the coming years.
Restraints:
- High cost of installation and requirement of more material compared to other wiring systems is projected to hinder the growth.
- Lack of skilled professionals in developing countries is estimated to restrain the growth in the market.
Key Segments:
· By Type:
- Rigid
- Flexible
· By End User:
- Energy & Utility
- Healthcare
- IT & Telecom
- Industrial Manufacturing
- Residential Construction
- Commercial Construction
- Transportation
- Other Industries
· By Region:
- North America
- Europe
- APAC
- Middle East and Africa (MEA)
- Latin America
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Key Questions Covered in the Cable Conduit Market Report
- What is the projected value of the cable conduit market in 2022?
- At what rate will the global cable conduit market grow until 2032?
- Which are the factors hampering the growth in the cable conduit market?
- Which region is expected to lead in the global cable conduit market during 2022-2032?
- Which are the factors driving the cable conduit market during the forecast period?
- What is the expected market value of the cable conduit market during the forecast period?
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