Manhole Covers Market to Surpass Value of US$ 5 Bn by 2031

The global manhole covers market is prognosticated to reach a value of more than US$ 5 Bn by the end of 2031, as per a research report by Transparency Market Research (TMR). In addition, the study finds that the market for manhole covers is expected to grow at a CAGR of 3% during the forecast period, 2021-2031.

The demand for manhole and manhole covers is being rising in the recent years owing to many factors such as the ability of manhole covers to provide easy access and safety passage to carry out regular maintenance and servicing of respective utility services. This factor, in turn, is expected to boost the growth prospects for manhole covers market during the forecast period.

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A surge in the number of sewer and wastewater systems owing to swift industrialization has resulted into increased need for manhole and manhole covers globally. This aside, the importance of manholes is being rising in the recent years owing to their ability to play important role while aligning a sewer system and changing the direction of these systems. Such factors are prognosticated to drive sales prospects in the manhole covers market in the near future. Besides, a rise in the number of municipal projects and surge in the demand for manhole covers for public utilities are anticipated to fuel the growth opportunities in the market, state analysts at TMR.

Manhole Covers Market: Key Findings

Manhole covers are being utilized in a wide range of applications such as commercial, industrial, and municipal facilities. In the municipal facilities, manhole covers are bring used in sewer systems, storm water systems, and wastewater collection systems. In addition, these products are being applied in varied facility services including docks, gas stations, airports, and numerous other commercial facilities. Hence, rising product demand from different end-users is expected to create profitable prospects in the manhole covers market during the forecast period.
The manhole covers used at service and fuel stations have to undertake heavy loads. Hence, the demand for long-lasting manhole covers is being increasing from these stations in order to avoid frequent replacements. Thus, players in the manhole covers market are strengthening their production capabilities in these products in order to fulfil the current market demands, state analysts at TMR.

Over the period of past few years, there has been rise in the number of utility pits in order to cover telecommunication lines, electric utility lines, and other underground utilities at power stations as well as sub-stations. The manufacturers of manhole covers are focusing on offering the products with high level of strength and electric and thermic non-conductivity in order to avoid accident situations. Such factors, in turn, are likely to help in the expansion of the global manhole covers market size during the forecast period.
Manhole Covers Market: Growth Boosters

Surge in the number of construction activities across many developed and developing nations globally is expected to drive the growth opportunities in manhole covers market
Increase in the utilization of manholes in industrial and mining sectors is prognosticated to create profitable prospects in the global market for manhole covers

Manhole Covers Market: Key Players

Some of the key players profiled in the report are:

Eagle Manufacturing Group
EJ Group Inc.
Crescent Foundry
Fibrelite Composites Inc.
Polieco Group
Saint-Gobain
Terra Firma Industries
Ducast Factory LLC
Prime Composites Australia Ply Ltd.
Hygrade Products Ltd.
Manhole Covers Limited
MC Pipes

Manhole Covers Market Segmentation

Product

Metal Covers
Cast Iron
Ductile Iron
Steel
Concrete Covers
Composite Covers

Application

Municipal
Industrial Facilities
Commercial Facilities
Residential
Utility Pits
Others (Parking Lots, Footways, Gardens, Stadiums, and Other Leisure Areas)

Region

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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This release was published on openPR.