As stated in a research report released by Transparency Market Research, the competitive landscape in the global cable conduit systems market features both organized and unorganized regional presences, splitting the market into smaller fragments. The global cable conduit systems market is led by Thomas & Betts Corporation, Atkore International, Inc., and Eaton Corporation Plc. The level of competition in the market is still very high and the high quality product development for industrial manufacturing, food and beverages, oil and gas, and other heavy industries remains the surest path to growth in player revenue.
Apart from product innovation, the leading players in the global cable conduit systems market are strengthening their sales through mergers and acquisitions. Aggressive expansion is currently held as a reliable strategy by larger companies seeking a stronger and regionally diverse portfolio.
According to TMR, the global cable conduit systems market was valued at US$3.2 bn in 2014. The market is expanding at a CAGR of 11%, from 2015 to 2022, and is expected to reach US$7.4 bn by the end of 2022.
Multiple End Users Ramp Demand for Cable Conduit Systems
Among the diverse array of end users, the global cable conduit systems market is expected to witness a significant growth in demand from metal and mining, food and beverages, and oil and gas industries. Their total demand on the market is likely to propel a large number of players forward over the coming years. In 2014, industrial manufacturing was the leading end user for the global cable conduit systems market, and is likely to hold a strong share in the market over the report’s forecast period.
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Regionally speaking, North America dominated the global cable conduit systems market in 2014 with a share of 35.6% in its value. It is likely for the region to maintain a strong presence in the market over the coming years.
BRICS and MENA Infrastructure Development to Play Lead Role in Market Growth
“The rate of urbanization across BRICS nations is increasing at a blinding pace and is currently the number one reason for globally prominent players in the global cable conduit systems market to be interested in it. Additionally, the MENA region also shows a high rate of investment in infrastructure development, of which cable conduit systems form a core part. Both regions are creating extensively lucrative opportunities for the associated players in the global cable conduit systems market,” states a TMR analyst. Developments such as growing urban population and the drive for advanced infrastructure have aided the regions’ construction industries while additionally propelling the deployment of advanced cable conduit systems.
Industrial manufacturing segment is expected to remain the market leader over the coming years in this market. Healthcare is another end user showing a very high increase in demand for cable conduit systems, especially for high-performance systems. TMR analysts posit the demand for cable conduits systems to increase swiftly across the construction industry segments as well, especially in residential construction.
Advanced Composite Usage to Promote Uptake of Specialized Cable Conduit Systems
Notwithstanding positive growth shown in multiple end-user industries, the instabilities in the costs of raw materials including metals, steels, and plastics are likely to hinder the expansion potential of the global cable conduit system market. The growth of this market is additionally hampered by the excess price cuts due to the intense rivalry prevailing among the market leaders.
However, the growing use of advanced composites in the manufacture of cable conduit systems is likely to improve the demand for them over the coming years. Materials such as fiberglass and other composites are finding increasing preference by several end users of this market, thereby increasing the scope of opportunities for players in it.