The Asia Pacific Cable Conduit Systems Market would witness market growth of 7.5% CAGR during the forecast period (2021-2027).
The manufacturing and commercial building industries have recently demanded efficient wiring systems with easily adjustable features. During the installation of electrical systems, improved safety and security are a priority. The success of the cable conduit systems sector is dependent on product innovation in terms of ease of installation and cost.
Also, developing countries have a significant adoption of cable conduit systems products, particularly in the healthcare and energy sectors. Moreover, the growth of the cable conduit systems market is accelerated by the increased usage of automation in the manufacturing sector. Wires can be safely grouped and routed using an electrical conduit. Cable conduit is mostly used for safety reasons. In addition, conduit protects wires from exposure, minimizes the occurrence of short circuits, electrocution, and fires.
In the regional market, rapid infrastructure development efforts being performed in China and India are the key trends. In addition, the rural regions are being transformed into urban areas in these countries, and by the end of 2020, these countries will have accounted for more than half of the increase in the construction industry. In recent years, there have been a growing number of electrification and power supply projects in the region.
Global electricity demand in 2021 has climbed by 4.5 percent, or over 1000 TWh, according to the International Energy Agency. Emerging market and developing nations are expected to account for about 80% of demand growth in 2021, with the People's Republic of China (China) alone accounting for half of the global growth. Non-OECD nations, particularly India and China, would account for more than half of global energy consumption during this period, accounting for more than half of world energy consumption.
The China market dominated the Asia Pacific Cable Conduit Systems Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $769.3 million by 2027. The Japan market is anticipated to grow at a CAGR of 6.8% during (2021 - 2027). Additionally, The India market would experience a CAGR of 8.2% during (2021 - 2027).
Based on Type, the market is segmented into Rigid and Flexible. Based on End User, the market is segmented into IT & Telecommunication, Energy, Healthcare, Manufacturing, Commercial Construction and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Cable Conduit Systems Market is Projected to reach USD 9.1 Billion by 2027, at a CAGR of 6.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Eaton Corporation PLC, Hubbell Incorporated, Legrand S.A., Schneider Electric SE, ABB Group, Atkore, Inc., Igus GmbH, S&C Electric Company, Champion Fiberglass, Inc., and Dura Line ltd. (Orbia Advance Corporation, S.A.B. de C.V.)
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Companies Profiled
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