Wire and Cable Management Market to be worth 25.26 Billion US$ by 2023
According to a recent report by MarketsandMarkets, the wire and cable management market is expected to grow from an estimated US$ 16.91 Billion in 2018 to US$ 25.26 Billion by 2023, at a CAGR of 8.36%, during the forecast period. The market is set to witness growth due to the rising demand from data centre and IT facilities and the growing construction sector.
Power cable segment is expected to be the largest wire and cable management market, by cable type, in 2018.
The power cable segment is expected to be the largest segment of the wire and cable management market, by cable type, in 2018. Power cables are widely used in the power distribution sector to distribute power, and can be installed overhead as well as underground in the industrial, commercial, and residential sectors. High demand for electrification of homes, increased investment in power distribution, and growth in the household sector in developing countries are the key drivers for the growth of the power cable wire and cable management market.
Conduits & trunking segment is expected to be the second largest wire and cable management market, by product, during the forecast period.
Conduits & trunking are used to protect cables from damage and can be used in almost any location including homes, commercial spaces, and industrial sectors. Rising urban population and need for advanced infrastructure in regions such as Asia Pacific and the Middle East are thrusting the deployment of conduits & trunking system.
Asia Pacific: Largest wire and cable management market during the forecast period.
In this report, the wire and cable management market has been analysed with respect to five regions, namely, Asia Pacific, North America, Europe, the Middle East & Africa, and South America. Asia Pacific is the largest wire and cable management market, by region, during the forecast period. Rising urbanisation and proliferation of electrification, demand from the construction and mining sectors, growing awareness of energy savings, and supportive government plans are expected to drive the market for wire and cable management in this region. China, India, and Japan are the leading countries among others which would contribute to the growth of the wire and cable management market in Asia Pacific.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the wire and cable management market such as Legrand (France), Eaton (Ireland), Hellermann Tyton (England), Atkore (US), Panduit (US), and Obo Bettermann (Germany).