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Substantial Growth and Continued Expansion Forecasted for the Electrical Conduit Market, with Projections Indicating a Rise to $9.83 Billion by 2028
Electrical Conduit Market
The electrical conduit market has demonstrated substantial growth, advancing from $6.83 billion in 2023 to $7.37 billion in 2024, reflecting a noteworthy Compound Annual Growth Rate (CAGR) of 7.9%. Forecasts indicate continued vigor, with the market poised to reach $9.83 billion by 2028, sustaining a robust CAGR of 7.5%.
Driving Forces for Market Growth:
1. Surging Demand for Electricity Generation:
The escalating need for electricity or power generation stands out as a primary driver for the electrical conduit market. Fueled by rapid industrialization and urbanization, the demand for electricity conduits has surged. Reports from the International Energy Agency (IEA) anticipate a 5% increase in electricity demand in 2021. Furthermore, with the global population set to grow by two billion in the next two decades, electricity generation is expected to rise by 49% by 2040, as per Canada's Upstream Oil & Natural Gas Industry. This heightened demand for power generation is anticipated to propel the growth of the electrical conduit market.
2. Surging Oil and Gas Production:
The increasing production in the oil and gas sector is poised to contribute significantly to the growth of the electrical conduit market. In oil and gas production facilities, electrical conduits play a crucial role in ensuring the safe and reliable operation of electrical systems. The rise in U.S. crude oil output and record-high natural gas consumption in the U.S. further underlines the growing importance of electrical conduits in the oil and gas sector.
Explore the Global Electrical Conduit Market with a Detailed Sample Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=5889&type=smp
Key Market Players:
Major companies driving the dynamics of the electrical conduit market include ABB Ltd., Atkore International Group Inc., Schneider Electric SE, and Dura-Line Corporation. These key players play pivotal roles in shaping market trends through strategic initiatives.
Technological Advancements and Safety Innovations:
1. Technological Advancements Driving Innovation:
The electrical conduit market is witnessing a surge in technological advancements, with companies focusing on innovations for enhanced and safer conduit systems. Finolex Cables, for instance, has introduced specially formulated PVC conduits and fittings that meet stringent international standards, providing safety across diverse environmental conditions.
2. Focus on Product Innovations:
Major market players concentrate on product innovations to drive revenues. Franklin Electric Co. Inc., a U.S.-based company, launched the Cable Tight System, a waterproof electrical conduit system designed for challenging subterranean environments. This system, made of HDPE conduit with press-fit fittings, ensures quick, precise, and leak-proof installations, contributing to the longevity and reliability of electrical systems.
Regional Dynamics and Market Segmentation:
Asia-Pacific dominated the electrical conduit market in 2023 and is expected to be the fastest-growing region during the forecast period.
The electrical conduit market covered in this report is segmented -
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
Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/electrical-conduit-global-market-report
Electrical Conduit Global Market Report 2024 from TBRC covers the following information:
Market size date for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Electrical Conduit Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on electrical conduit market size, electrical conduit market drivers and trends, electrical conduit market major players, competitors' revenues, market positioning, and electrical conduit market growth across geographies. The electrical conduit market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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