Market Trends of Cable Conduit Industry
This section covers the major market trends shaping the Cable Conduit Market according to our research experts:
Commercial Buildings Offer Potential Growth
- The American Institute of Architects (AIA) semi-annual report indicates that the commercial construction sectors will generate much of the expected gains and the high demand for better infrastructure provides opportunities for cable conduit systems.
- Further, there is a growing demand for safer and more secure wiring systems in commercial and industrial applications. The factors, such as compressive strength and resistance of conduits, are of great significance, especially in industry and crafts business. Circuit integrity in case of fire and the prevention of hazardous smoke or gas are the key priorities in public areas, such as airports, railway stations or hotel facilities.
- Moreover, with the advancements in technology, IoT-ready commercial building design is emerging. IoT networks often require a “backhaul” fiber network. Depending on the size of the operation and the data generated, it will require wired connections. This is expected to create a huge market opportunity for the cable conduit market.
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Asia-Pacific to Witness Fastest Growth
- The growth in Asia-Pacific is attributed to the rapid infrastructure building activities being undertaken in the region, mainly in China and India. In these countries, rural areas are being converted into urban areas and these countries will collectively be responsible for more than a 50% share of the growth in the construction industry by the end of 2020.
- Moreover, the increasing projects in the field of electrification and power supply in these regions also provide ample opportunity for the growth of the electrical conduit pipe market.
- Additionally, in India, the initiatives (such as excise duty exemption for Ferro-silicon-magnesium and pig iron used for manufacturing components for wind-operated electric power generators as well as the target set by the Jawaharlal Nehru National Solar Mission to generate more than 1,00,000 MW of solar power by the end of 2022) are expected to boost the demand for electrical wires and cables.
- With this continuous growth in the building and construction industry, along with the increase in demand for renewable sources of energy, the demand for electrical conduit pipes is expected to increase over the forecast period.
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