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Electrical Conduit Market Size, Share, Growth Rate, Trends Analyais, Segmentation And Outlook By 2033
Electrical Conduit Market Analyais
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the electrical conduit industry. This report on electrical conduit market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The electrical conduit market size has grown strongly in recent years. It will grow from $6.83 billion in 2023 to $7.37 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increased building and construction activity, electrical wiring and cable installations, industrial and commercial development, increased demand for safety and protection of electrical wiring, and rapid urbanization and infrastructure development.
The electrical conduit market size is expected to see strong growth in the next few years. It will grow to $9.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to infrastructure upgrades and maintenance, expansion of renewable energy projects, increased demand for fiber optic conduits, smart grid and electrical infrastructure modernization, global market expansion and emerging market growth, and data center and its infrastructure expansion. Major trends in the forecast period include smart building integration, sustainability and eco-friendly conduits, technological advancements in conduit materials, advanced conduit material innovations, and introduction of flexible and rigid conduit solutions.
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Key Market Players:
ABB Ltd., Ali Axis Group, Atkore International Group Inc., Cantex Inc., Champion Fiberglass Inc., China Lesso Group Holdings Ltd., Dura-Line Corporation, HellermannTyton Group PLC. are prominent players in the electrical conduit industry.
Market Drivers:
According to the Electrical Conduit Market Report 2024 by The Business Research Company, The rise in demand for electricity or power generation is expected to drive the electrical conduit market. The rise in demand for electricity generation is caused by the rapid pace of industrialization and urbanization, which creates the need for electrical conduits. According to the new IEA (International Energy Agency) report, in 2021, there is an expected rise of 5% in electricity demand. In another instance, according to Canada's Upstream Oil & Natural Gas Industry, with the global population expected to increase by about two billion over the next two decades, it is estimated that by 2040, electricity generation is expected to increase by 49%. Therefore, the rise in demand for electric power generation is expected to drive the growth of the electrical conduit market.
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Market segments for electrical conduit include:
1) By Type: Rigid, Flexible
2) By Material: Metallic, Non Metallic
3) By End Use Industry: Building And Construction, Industrial Manufacturing, IT And Telecom, Oil And gas, Energy And Utility, Other End-Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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