Global Market Insights, Inc. has launched a report on Electrical Conduit Market that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.
Electrical Conduit Market in 2017 surpassed USD 5 billion and is projected to grow by 8% by 2024. Increasing measures to curb health hazards, electrical supply faults, fire, & other operational malfunctioning along with standardized industrial protocols will drive the industry dynamics. Growing research and development fund flow from leading players to enhance their product portfolios with an aim to integrate a versatile technological platform will institute a favorable business scenario.
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1 ¼ to 3 trade size conduits, in the recent years, have gained an upsurge on account of large-scale commercial development and retrofitting of small-scale industries across developing nations. Furthermore, increasing suburban migration in developing economies has further led to the growth of large multi-storey building, residential apartments and complexes, driving the global electrical conduit market share.
Electricity supply across manufacturing facilities and large-scale industries have been critical applications, which demand for reliability and safety of the entire power network. Thereby, rising measures to incorporate a safe operational environment in line with aesthetic proximities will augment the > 3 marked global electrical conduit market. In addition, growing metal extraction activities along with rapid development of railway infrastructure involve large scale electric network development which in turn will strengthen the industry scenario.
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Expansion of electric distribution network across large metal and mining industries in line with high dependency on railway electric infrastructure will escalate the overall metal electrical conduit market growth. Although the integration of effective non – metallic and flexible conduit technologies have hindered the business growth, however, standardized product configurations favored by high replacement cost across the large-scale industry applications will endure the overall business landscape.
Rising electricity demand from various industries including the shipbuilding industry coupled with large-scale manufacturing plants have infused significant business potential. Precise industrial applications together with enhancing product specifications will complement the overall electrical conduit market share. In addition, increasing aesthetic proximity along with positive inclination towards flexible wire and cable management systems will further boost the industry dynamics.
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Increasing emphasis towards the incorporation of diversified frequency distribution networks coupled with rising concerns for energy-efficient product operations will augment the global industrial electrical conduit market share. Rising demand for ultra-high voltage networks coupled with increasing fund allocation by private and administrative organizations will further enhance the industry growth.
Asia Pacific electrical conduit market will witness significant upsurge subject to the increasing demand for electricity from emerging regions. India and other developing nations are considered as prominent areas as they continue to improve the existing power networks to meet the steady electricity demand. In 2016, renewable energy attracted investments worth USD 241.6 billion globally with a total of 138.5 GW capacity addition, out of which 47% were in Asia Pacific countries.
Eminent electrical conduit market players comprise of: Aliaxis, ABB, Astral, Atkore, ANAMET, Champion Fiberglass, Cantex, Hubbell, Schneider, Legrand, Hellermann Tyton, Mexichem, Wienerberger, Electri-Flex, and Zekelman.