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Cable Conduit Systems Market Forecast: Size, Share Insights, and Industry Outlook
Cable Conduit Systems Global Market Report 2024
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According to The Business Research Company's, The cable conduit systems market size has grown strongly in recent years. It will grow from $6.87 billion in 2023 to $7.44 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to rapid urbanization, inflating income levels, increasing the number of data centers, rising investments in infrastructure development, and growing emphasis on workplace safety.
The cable conduit systems market size is expected to see strong growth in the next few years. It will grow to $10.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to focus on energy-efficient cabling, rise of electric vehicles, growth in industrial automation, rising fire safety concerns, and expansion of commercial real estate. Major trends in the forecast period include creating advanced materials, smart conduit systems, installation-friendly designs, integration of smart home technologies, and adoption of digital technologies.
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Market Drivers and Trends:
The increase in the number of housing projects is expected to propel the growth of the cable conduit systems market going forward. Housing projects refer to constructing new residential buildings, including houses and apartments. Housing projects are attributed to population growth, urbanization, and increased demand for residential spaces. Cable conduit systems benefit housing projects by protecting electrical wiring from damage and ensuring compliance with safety codes. They also facilitate easier maintenance and upgrades while improving overall aesthetics. For instance, in July 2023, according to the Australian Bureau of Statistics, an Australia-based government administration, in the March quarter of 2023, 240,813 dwellings were under construction, up from 240,065 in March 2022. Moreover, new houses accounted for 103,778 of these in 2023, compared to 101,240 in 2022. Therefore, the increase in the number of housing projects is driving the growth of the cable conduit systems market.
Major companies operating in the cable conduit systems market are developing innovative products, such as electrical conduit solutions, to enhance safety, durability, and ease of installation. Electrical conduit solutions help cable conduit systems by providing enhanced protection, organization, and routing of electrical wiring, ensuring safety and compliance with industry standards while reducing the risk of damage and hazards. For instance, in July 2023, Franklin Electric, a US-based manufacturing company, launched CableTight System. It is a new watertight electrical conduit solution designed for use in harsh underground environments. This system features continuous runs of high-density polyethylene (HDPE) conduit equipped with press-fit connectors, facilitating fast and accurate installation while ensuring a watertight seal. The CableTight System is constructed from flexible HDPE, making it resistant to cracking or kinking during cold-weather installations. It is designed to withstand impacts, ensuring reliability in busy job sites.
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Major Key Players of the Market:
Panasonic Corporation, ABB Ltd., Southwire Company LLC, Legrand S.A., Aliaxis Group SA/NV, Atkore International Group Inc., Schneider Electric SE, nVent Electric plc., Franklin Electric Co. Inc., Lapp Tannehill Inc., Supreme Industries Limited, IPEX USA LLC., Cantex Inc., NSI Industries LLC, Electri-Flex Company, Kaiphone Technology Co. Ltd., Flexa GmbH & Co Produktion & Vertrieb KG, AKG Group, Niedax India Cable Management Systems Pvt. Ltd., BEC Conduits Pvt. Ltd., Zhejiang Flexible Technology Co. Ltd., Anamet Electrical Inc.
Cable Conduit Systems Market 2024 Key Insights:
• The cable conduit systems market size is expected to see strong growth in the next few years. It will grow to $10.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Increase in Housing Projects Driving Growth in Cable Conduit Systems Market
• Franklin Electric Debuts CableTight System for Advanced Electrical Conduit Solutions
• North America was the largest region in the cable conduit systems market in 2023
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