The advent of fiber-optic and coaxial cables has brought in rapid digitization across the world, leading to high utilization of wiring and cables in infrastructure as well as equipment. The humongous growth of information technology and the increasing number of enterprises and institutions that employ high-performance cabling has fueled the demand for advanced cable management systems for data and communication applications, finds a new study by Transparency Market Research. As a result, manufacturers of these systems are focusing aggressively on introducing new products and systems that are capable of adapting to these varying demands.
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According to TMR, an upsurge in the adoption of
communication technology is imminent in the near future. Market participants
will need to increase research and development activities to cope up with
rapidly evolving technologies. At the forefront of this market are Schneider
Electric SE, Thomas & Betts Corp., Legrand SA, HellermannTyton Group Plc.,
Cooper Wiring Devices, and TE Connectivity Ltd.
Expansion in BRICS Construction Industry Fuels Demand for
Cable
Management Systems
Currently, BRICS countries are witnessing rapid urbanization
due to their rising economy. The construction industries in these nations are
exhibiting considerable growth, specifically in the residential and commercial
sectors. Brazil has recently allotted US$300 bn for the
modernization of its ports, power plants, and road networks while, in India, a
budget of around US$500 bn has been allocated to be spent on a
number of infrastructure projects.
All these developments are likely to increase the need for
wiring and cabling in these economies, thereby fueling the demand for cable
management systems significantly. Additionally, the growing demand for energy
and the continually increasing investments in infrastructure across the world
are projected to add significantly to cable management systems’ consumption
over the forecast period.
Most Attractive Opportunities to Arise in Asia Pacific
According to TMR, the opportunity that the global market for
cable management systems holds, is likely to grow from a value of US$19.4
bn in 2018 to US$45.6 bn by 2027,
expanding at a CAGR of 9.97% between 2019 and 2027. North
America has been a prime contributor to the revenue generated in this market
over the last few years. Experts suggest this trend will remain continuous over
the forecast period. However, in the coming years, Asia Pacific is anticipated
to offer most attractive opportunities for cable management systems
manufacturers on account of accelerating rate of urbanization in the region.
Cable trays are expected to remain the highest demanded
products in this market over the forecast period. In 2018, this
segment holds a share of approximately 14% in the overall
revenue. Metallic cable management systems, which accounted for a share of more
than 60% in the overall consumption in 2018, will continue to lead
the market with majority share during the forecast period.
The construction industry accounts for the majority of the
consumption of cable management systems across the world. The residential
segment in the construction industry is emerging as the largest consumer of
these systems due to the upswing in the demand from urban residential areas.
The study presented here is based on a report by
Transparency Market Research (TMR) titled “Cable Management System
Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast
2019–2027.”
The global market for cable management system has been
segmented as follows:
Cable Management System Market: By Product
- Cable
Tray
- Cable
Ladder
- Raceway
- Cable
Trunking
- Cable
Conduit
- Cable
Connector
- Cable
Gland
- Cable
Chain and Reel
- Cable
Lug and Tools
- Cable
Duct
- Others
(Cable Tags and Route Markers)
Cable Management System Market: By Material
- Metallic
- Non-Metallic
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Cable Management System Market: By End-use Industry
- IT
and Telecom
- Manufacturing
- Energy
and Utility
- Health
Care
- Logistics
and Transportation
- Mining
- Oil
and Gas
- Construction
- Residential
- Commercial
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