According to a new report published by Allied Market Research, titled, “Cable Conduit Systems Market by Type and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global cable conduit systems market size was valued at $6.13 billion in 2020, and is projected to reach $12.24 billion by 2030, growing at a CAGR of 7.8%. Asia-Pacific is expected to be the leading contributor toward the cable conduit systems market during the forecast period, followed by LAMEA and Europe.
In recent times, manufacturing and commercial construction sectors demand for efficient wiring systems with frequently alterable properties. Better safety and security are matter of concern during installation of wiring systems. The success of cable conduit systems industry depends upon innovating products according to installation and cost convenience.
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Growth of the global cable conduit systems market is anticipated to be driven by surge in use of submersible electric conduits, liquid tight conduits, and conduits providing protection against fire. In addition, rapid urbanization in developing economies leads to increase in construction projects, which, in turn, escalates the overall market growth. However, complex installation process acts as a major restraint of the global cable conduit systems industry. On the contrary, surge in demand for cable conduit systems from renewable power generation projects is expected to create lucrative opportunities for the cable conduit systems market.
Moreover, developing nations tend to witness high penetration of cable conduit systems products, especially in healthcare and energy segments, which is anticipated to augment the market growth. Furthermore, rise in adoption of automation in the manufacturing sector accelerates the cable conduit systems market growth.
The global cable conduit systems market is segmented on the basis of type, end user, and region. By type, the market is classified into rigid cable conduit systems and flexible cable conduit systems. Depending on end user, it is categorized into manufacturing, commercial construction, IT & telecommunication, healthcare, energy, and others. The cable conduit systems market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency. Also, the report provides a detailed cable conduit systems market analysis based on competitive intensity and how the competition will take shape in coming years.
Region wise, the cable conduit systems market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed maximum revenue in 2020. However, between 2020 and 2030, the cable conduit systems market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from emerging economical countries such as India, China, Japan, Taiwan, and South Korea.
Covid-19 Impact Analysis
The outbreak of COVID-19 has significantly affected the electronics and semiconductor sector. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases, and are expected to remain closed in first quarter of 2022. Furthermore, partial or complete lockdown has disrupted global supply chain posing challenges for manufactures to reach customers.
The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the overall business globally. The crisis is creating uncertainty in the stock market and is resulting in falling business confidence, massive slowing of supply chain, and increasing panic among customers.
Asian and European countries under lockdown have suffered major loss of business and revenue, owing to shutdown of manufacturing units. Operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease, which further impacted growth of the cable conduit systems market.
In addition, the COVID-19 pandemic has impacted the electronics sector as production facilities have stalled, which, in turn, boost demand for electronics and semiconductor products in these industries. Its major impact includes a large manufacturing interruption across Europe and interruption in Chinese parts exports, which hinder the cable conduit systems market opportunity globally. It is expected that the demand for new and innovative products could surge once the economy begins to recover. Companies are looking forward to invest in next-generation products using new technologies, as it is expected to boost its goodwill, once customer demand surges.
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Key Findings Of The Study
- The rigid cable conduit systems segment is projected to be the major type, followed by flexible cable conduit systems.
- Asia-Pacific and North America collectively accounted for more than 60% of the cable conduit systems market share in 2020.
- India is anticipated to witness highest growth rate during the forecast period.
- U.S. was the major shareholder in the North America cable conduit systems market, accounting for approximately 70% share in 2020.
- Depending on end user, the IT & telecommunication segment generated the highest revenue in 2020. However, the manufacturing segment is expected to witness the highest growth rate in the future.
- Region wise, the cable conduit systems market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
The key players profiled in the report include Atkore International Group Inc., S&C Electric, Champion Fiberglass Inc., Dura-Line Holdings Inc., Eaton Corporation Plc., Hubbell Incorporated, Legrand, Schneider Electric, ABB, and Igus Inc. These players have adopted various strategies such as partnership, acquisition, and product launch to strengthen their foothold in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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