According to TMR, the opportunity that the global market for cable management systems holds, is likely to grow from a value of US$14.7 bn in 2015 to US$33.9 bn by 2024, expanding at a CAGR of 9.80% between 2016 and 2024.
Albany, NY -- (SBWIRE) -- 05/04/2017 -- The global market for cable management systems is likely to report a remarkable growth in the coming years. The opportunity that this market holds is expected to expand at CAGR of 9.80% during the period from 2016 to 2024 and rise from US$14.7 bn in 2015 to a value of US$33.9 bn by the end of 2024.
The world is undergoing a period of rapid digitization, thanks to the emergence of fiber-optic and coaxial cables. The rise in wiring and cabling in devices as well as infrastructure is leading to increased incidence of cable spaghetti (a situation where cables are badly entangled), thereby accelerating the need for cable management systems across the world.
Presently, information technology is witnessing a remarkable upsurge. A number of enterprises and institutions are increasingly becoming dependent of it that has required them to install high-performance cabling. This factor has fueled the demand for advanced cable management systems for data and communication applications remarkably across the world. In addition to this, an upswing in the application of communication technology is anticipated to increase the demand for these systems in the coming years.
Cable Trays Find High Demand in Oil and Gas Sector
Major products available in the worldwide cable management system market are cable tray, raceway, cable ladder, cable trunking, cable connector, cable conduit, cable gland, cable lug and tools, cable chain and reel, and cable duct. Cable trays report the highest demand among all the cable system management products, accounting for a share of approximately 18% in the overall demand and a share of 14% in terms of revenue generated.
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The safety features, high-weight-holding capacity, compactness, cost-efficient design criteria, and maintenance-free deployment has increased the popularity of cable trays substantially, leading to their accelerated application in the oil and gas sector. The segment is expected to retain its dominance in the coming years.
Promising Opportunities to Emerge in Asia Pacific
The worldwide market for cable management systems is spread across Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Presently, the highest consumption of these systems is being reported in North America. In 2015, the region registered an opportunity worth US$4.34 bn in this market, which is likely to increase to US$10.22 bn by the end of 2024.
Although North America will remain the leading regional market for cable management systems, Asia Pacific is projected to offer most attractive opportunities for market players over the next few years. The rapid urbanization in Asia Pacific and the Middle East and Africa is likely to propel construction activities, specifically in BRICS nations, attracting a significant demand for these systems in the near future.