According to a recent report published by Allied Market Research, titled, “Cable Management Market by Type and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global cable management industry size was valued at $18.31 billion in 2019, and is projected to reach $35.02 billion by 2027, registering a CAGR of 7.9% from 2020 to 2027.
The global cable management market is in its growing phase, having presence in almost all the geographic regions. Technological advancements and rise in economies boost the prospects in the cable management market. In the prevailing business scenario, the demand for innovative and quality cable management products is witnessing significant growth amongst the various end users. Adoption of technology and rise in living standards in the BRIC countries has shown increased use of cable management solutions. On the other hand, intense competition among the regional market players and fluctuations in raw material prices hinder the market pace.
In the current business scenario, North America leads the global cable management market, while LAMEA is the fastest growing market on account of increased adoption of cable management products. Asia-Pacific is expected to experience growth due to heavy investments in various sectors including IT & telecommunication, automation & manufacturing, healthcare, infrastructure, transportation, and others.
On the basis of cable management market analysis, North America is one of the leading regions in the aerospace and space programs including NASA and USSR. Spiral wrap, lacing tapes, heat shrink tubes, cable tie wraps are few of the important products used in the aerospace industry. In submarine, High Voltage Direct Current (HVDC), Heat, Ventilation and Air conditioning (HVDC), Medium Voltage (MV) and other cable systems, provide efficient power transfer among networks, with a large area coverage. The lifestyle and standards of living is also advanced in North America leading to surge in demand for a proper cable management in the residential & commercial sectors as well as corporate offices enabling safety and low maintenance. The minimal GDP growth rate of the region hinders fast adoption of the cable management products.
By type, it is divided into cable trays, cable raceways, cable glands, conduits, cable connectors and glands, cable carriers, cable lugs, junction box, and others. End users prioritize cable management to have secure cabling structure and ease of maintenance. Companies operating in this market are strengthening their R&D to provide customized and innovative cable management solution to create maximum cable management market share. Cable trays & cable conduits are gaining popularity in America, Europe, and Asia. Developing global economies have also contributed toward the cable management market growth by their huge investments in various industries and changes in standards of living.
Key Findings Of The Study
By type, the cable conduits segment was the highest contributor to the market, with $5,203.0 million in 2019
By end user, the IT and telecommunication segment was the highest contributor to the market, with $3,609.3 million in 2019.
By region, North America was the highest revenue contributor, accounting for $5,444.2 million in 2019.
The key players profiled in the cable management market include Eaton, Chatsworth Products, ABB Group, Schneider Electric, Legrand, Atkore International, Leviton Manufacturing Co., Inc., Panduit, Nexans, Prysmian S.P., and others. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to enhance their market penetration.