The advent of fiber-optic and coaxial cables has brought in rapid
digitization across the world, leading to high utilization of wiring
and cables in infrastructure as well as equipment. The humongous
growth of information technology and the increasing number of
enterprises and institutions that employ high-performance cabling has
fueled the demand for advanced cable management systems for data and
communication applications, finds a new study by Transparency Market
Research. As a result, manufacturers of these systems are focusing
aggressively on introducing new products and systems that are capable
of adapting to these varying demands.
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According to TMR, an upsurge in the adoption of communication
technology is imminent in the near future. Market participants will
need to increase research and development activities to cope up with
rapidly evolving technologies. At the forefront of this market are
Schneider Electric SE, Thomas & Betts Corp., Legrand SA,
HellermannTyton Group Plc., Cooper Wiring Devices, and TE
Connectivity Ltd.
Expansion in
BRICS Construction Industry Fuels Demand for Cable Management Systems
Currently, BRICS countries are witnessing rapid urbanization due to
their rising economy. The construction industries in these nations
are exhibiting considerable growth, specifically in the residential
and commercial sectors. Brazil has recently allotted US$300 bn for
the modernization of its ports, power plants, and road networks
while, in India, a budget of around US$500 bn has been allocated to
be spent on a number of infrastructure projects.
All these developments are likely to increase the need for wiring and
cabling in these economies, thereby fueling the demand for cable
management systems significantly. Additionally, the growing demand
for energy and the continually increasing investments in
infrastructure across the world are projected to add significantly to
cable management systems’ consumption over the forecast period.
Most Attractive
Opportunities to Arise in Asia Pacific
According to TMR, the opportunity that the global market for cable
management systems holds, is likely to grow from a value of US$14.7
bn in 2015 to US$33.9 bn by 2024, expanding at a CAGR of 9.80%
between 2016 and 2024. North America has been a prime contributor to
the revenue generated in this market over the last few years. Experts
suggest this trend will remain continuous over the forecast period.
However, in the coming years, Asia Pacific is anticipated to offer
most attractive opportunities for cable management systems
manufacturers on account of accelerating rate of urbanization in the
region.
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Cable trays are expected to remain the highest demanded products in
this market over the forecast period. In 2015, this segment holds a
share of approximately 14% in the overall revenue. Metallic cable
management systems, which accounted for a share of more than 60% in
the overall consumption in 2015, will continue to lead the market
with majority share during the forecast period.
The construction industry accounts for the majority of the
consumption of cable management systems across the world. The
residential segment in the construction industry is emerging as the
largest consumer of these systems due to the upswing in the demand
from urban residential areas.
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