According to a recent report published by Allied Market Research, titled, Europe Cable Management Market by Product Type and End User: Europe Opportunity Analysis and Industry Forecast, 2018-2024, the Europe cable management market was valued at $3,826.6 million in 2017 and is projected to reach at $8,289.8 million by 2024, growing at a CAGR of 11.5% from 2018 to 2024.
UK led the cable management market in Europe with a revenue of $690.7 million in 2017 and is projected to reach $1,345.4 million by 2024, growing at a CAGR of 9.8% from 2018 to 2024. However, Russia is anticipated to exhibit the highest CAGR of 15.2% from 2018 to 2024.
Factors such as rise in awareness about the cable management technology and its use on a massive scale have propelled the growth of the Europe cable management market. In addition, proper cable management has ensured secure and efficient utilization of resources. Furthermore, data centers have proliferating, owing to rapid adoption of cloud technology application, process automation, other business processes management technologies, and others. These data centers require a well-managed and efficient network infrastructure to support business operations, which propels the growth of the cable management market.
Rise in internet penetration, data dependency, and modernization have led to the development of smart cities. A smart city is a highly advanced and connected city in the areas of energy, IT & telecom, ICT, transport, and others. It boosts social, urban, and cultural development through network infrastructure. European Innovation Partnership on Smart Cities and Communities (EIP-SCC) is an initiative to bring together banks, cities, small and medium enterprises, research centers, and others to build and innovate the city as per guidelines of the European Commission. This involves development of sustainable districts and an environment to reduce carbon footprint and environmental impact. This endeavor is expected to fuel the demand for cable management in the near future.
In 2017, based on product type, the distribution board segment dominated the Europe cable management market by garnering the maximum revenue. However, based on end user, the commercial construction segment led the Europe cable management market in the same year.
The report includes a micro-level study of several countries in the European region that have adopted cable management for various applications. In addition, it discusses the potential opportunities for market players to enter the market. Moreover, it provides an in-depth market analysis of cable management by outlining current trends, key driving factors, and potential areas for product investments. In addition, it includes Porters Five Forces analysis to understand the competitive scenario of the industry and the role of each stakeholder.
The report further details the strategies adopted by the key market players to maintain their foothold in the market. Cooper Industries (Eaton), Legrand, Prysmian S.p.A., Atkore International Holdings Inc., Leviton Manufacturing Co., Inc., Panduit, Thomas & Betts (ABB group), Chatsworth Products, Nexans, Schneider Electric SE, and HellermannTyton are some of the key players operating in the Europe cable management market.
Key Findings of the Europe Cable Management Market :
- In 2017, based on product type, the distribution board segment dominated the Europe cable management market, in terms of revenue. However, based on end user, the commercial construction segment has been the leading contributor to the Europe cable management market in the same year.
- In 2017, the distribution board segment has accrued the highest revenue share.
- UK is expected to hold the largest market share from 2018 to 2024.
- Russia is anticipated to exhibit the highest CAGR during the forecast period.