The global cable conduit market is poised to reach a market valuation of US$ 7.5 Bn by 2022. With sales increasing at a CAGR of 10%, the global cable conduit market is estimated to reach US$ 19.5 Bn by 2032.
Increasing number of renovation and construction activities in residential and commercial sector is projected to propel the demand for safe and secure wiring systems. This is anticipated to spur the sales in cable conduit market over the coming years.
Besides this, adoption of smart city and fiber-optic projects in developing economies such as India is increasing the need for higher bandwidth to handle data-sense services. This is accelerating the demand for cable conduit.
Also, demand for lightweight, cost effective, long lasting, and easy to install cables in industrial and commercial sectors is surging. This is expected to improve the adoption of flexible cable conduits.
Additionally, growing environmental concerns is boosting the adoption of renewable energy sources. As a result, demand for electric cable and wiring systems is rising, boosting the market. Further, attributes of conduit cable such as resistance and compressive strength is likely to increase its application in craft and manufacturing industries.
With increasing application in industrial sector, need for high-performance conduit systems is burgeoning. Hence, to avoid wear and tear or any short circuit, adoption of flexible cable conduit systems is surging.
However, there are several stringent regulatory standards such as FDA CFR-21 in food & beverage industry on the use cable conduit systems. Hence, key players are manufacturing these systems with material that comply with FDA CFR-21.
On account of these aforementioned factors, the cable conduit market is likely to witness impressive growth over the assessment period.
- 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.
- 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.
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 manufacturers operating in cable conduit market are developing innovative and cost-effective cable conduits to increase their revenue and gain a strong foothold in the market. Some of the players are focusing on establishing manufacturing facilities to expand their business across the globe.
- August 2019: Atkore International Group Inc. acquired Rocky Mountain Colby Pipe Company to expand its business across the globe.
- February 2021: Atkore International Group Inc. acquired FRE Composites Group, which a fiberglass conduit solutions provider. This acquisition is projected to help Atkore upgrade its conduit product portfolio.