According to TMR, the global cable conduit systems market stood at US$3.2 bn in 2014 and is forecast to reach US$7.4 bn by the end of 2022. The market will exhibit a CAGR of 11.0% between 2015 and 2022.
Albany, NY -- (SBWIRE) -- 12/09/2016 -- Global Cable Conduit Systems Market: Key Trends
The rising urbanization across BRICS nations and increasing infrastructural investment in MENA have created lucrative opportunities for the global cable conduit systems market. As per Transparency Market Research (TMR), population growth and urbanization witnessed across developing countries are compelling governments to focus on various residential and commercial projects. These developments not only aided the construction industry's robust growth, but also fuelled the deployment of advanced cable conduit systems across the world.
Despite witnessing positive growth, fluctuations in prices of raw materials such as plastic, steel, and aluminum restrict the market's expansion to an extent. The market's growth is also compromised by the intense rivalry prevailing among the leading market players. Nevertheless, the use of advanced composites such as fiberglass in the production of cable conduit systems is expected to lower their overall manufacturing cost, subsequently boosting the sales of cable conduit systems in the forthcoming years.
The global cable conduit systems market was worth US$3.2 bn in 2014, says TMR. Exhibiting a CAGR of 11%, the market is expected to reach US$7.4 bn by the end of 2022.
North America Contributes Highest Revenue to Cable Conduit Systems Market
Regionally, North America held the largest share of 35.6% in the global cable conduit market in 2014. The U.S. currently dominates the cable conduit systems market in North America and is likely to maintain its lead through the forecast period. The country has strong regulations mandating the use of conduit systems installations, particularly in the industrial manufacturing sector. This significantly fuels the demand for cable conduit systems from North America. The residential and construction projects are among the most important contributors to the North America cable conduit market.
The rising demand from the oil and gas, food and beverages, and metal and mining industries will also boost sales of cable conduit systems in the region. Due to the prevalence of such favorable factors, TMR expects North America to continue dominating the global cable conduit systems market in the long term. As per TMR, the cable conduit systems market in North America stood at US$1.14 bn in 2014. Rising at a CAGR of 14.1% from 2015 to 2022, the market is expected to reach US$2.15 bn by the end of 2022.
Besides this, the Europe market for cable conduit systems is presently marred by the challenge of producing high quality products. However, rapid expansion of the automotive sector and industrial growth are expected to fuel demand for cable conduit system from Europe in the near future. According to TMR, Asia Pacific is likely to exhibit the highest CAGR as a regional market for cable conduit systems during the forecast period. The robust infrastructural development and urbanization will boost demand from the region.
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Rising Applications across Diverse Industry to Fuel Demand for Cable Conduit Systems
Based on end-use industry, the global cable conduit systems market is segmented into IT and telecommunications, energy and utility, transportation, healthcare, industrial manufacturing, commercial construction, residential construction, and other industries. Of these, the industrial manufacturing segment emerged dominant in 2014, with a share of 28.7% in the overall revenue. It stood at US$919.4 mn in 2014, and is expected to reach US$2.02 bn by the end of 2022. The industrial manufacturing segment is expected to exhibit a CAGR of 10.2% from 2015 to 2022.
Owing to the growth reported by the oil and gas, metal and mining, and food and beverages sectors, the industrial manufacturing segment is expected to remain the market leader through the course of the forecast period. As per TMR, industrial manufacturing and healthcare are among the end-use sectors exhibiting high deployment of high-performance cable conduit systems. Furthermore, TMR expects the demand for cable conduits systems to rapidly increase in the residential construction, commercial construction, and transportation sectors.
Atkore International, Inc., Legrand S.A., Thomas & Betts Corporation, and Schneider Electric SE, are among the leading companies operating in the global cable conduit systems market.