According to a new report published by Allied Market Research titled World Cable Management Market - Opportunities and Forecasts, 2015-2022, the world cable management market is expected to reach $25.1 billion by 202, with a CAGR of 12.4% from 2016 to 2022. North America is the dominant market and is expected to be the leading contributor in global revenue, owing to the high adoption of cable management solutions in various end user industries in the region. Converged infrastructure and high density servers result in abundance of power, thereby demanding higher adoption of cable management systems for efficient power and energy management. In addition, ongoing developments in commercial constructions and infrastructure in the Asia-Pacific region are likely to facilitate the growth of the market.
Technological advancements, rapid urbanization & industrialization in BRIC economies, and increasing standards of living are few of the reasons for the growth of the cable management market. This market is highly dependent on the raw material prices, which are expected to be steady in the near future.
The cable management market is segmented based on the type, end user, and geography. Among the different types of cable management products, cable conduits constituted the maximum share of global revenue in 2015, owing to their strength, wide range of varieties, and compatibility for oil & gas, paint, and other industries. Cable tray was second largest revenue generating type in 2015 and is estimated to grow at the notable rate of over 11% during the forecast period. The demand for innovative cable tray solutions has increased worldwide because of their adoption in armored, metal-clad, and other cables.
End users demand cable management solutions on account of rising demand for product safety, reliability, and ability to meet relevant standards. In addition, lower installation cost is further fueling the market growth. The end users for cable management products are IT & telecommunication, construction, manufacturing & automation, energy, marine, mining, healthcare, and others. Among all, the commercial construction sector leads by contributing nearly 19% of global revenue in 2015 and is estimated to grow at a rapid rate of over 13% during the forecast period. The key reason for this increasing growth is immense use of cable management solutions in retail stores and rapid urbanization and industrialization happening in BRIC economies, which demands safety and proper management of cables.
KEY FINDINGS OF THE STUDY
· North America was estimated to be the highest revenue-generating region in the cable management market in 2015 owing to high adoption of innovative cable management solutions on account of safety & security, cost-effectiveness, flexibility, and space-saving features
· LAMEA is expected to be the fastest growing region owing to the rising commercial construction developments, industrialization, and increasing standards of living
· Cable conduits dominated the global cable management market by contributing maximum revenue
· Commercial construction sector was the largest contributing end user for cable management market in 2015, and is likely to dominate the market during the analysis period
· Increasing number of well-established players compete in the cable management market to gain maximum market share by adopting strategies such as acquisitions & partnerships, innovative product launches, expansion in new geographic locations, and others. The key players profiled in this report are Cooper Industries (Eaton), Legrand, Prysmian S.p.A., Atkore International Holdings Inc., Leviton Manufacturing Co., Inc., Panduit, Thomas & Betts (ABB group), Chatsworth Products, Inc., Nexans, Schneider Electric SE, and HellermannTyton.
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