The global flexible electrical conduits market is experiencing growth due to growth of renewable energy sector, rise in industrialization, and development in the construction industry.
PORTLAND, Ore., July 25, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Flexible Electrical Conduit Market by Material Type (Metallic, Non-Metallic), by Type (Flexible Metallic Conduit (FMC), Liquid Tight Flexible Metal Conduit (LFMC), Flexible Metallic Tubing (FMT), Liquid Tight Flexible Non-Metallic Conduit (LFNC)), by Application (Rail Infrastructure, Manufacturing Facilities, Shipbuilding and Offshore Facilities, Process Plants, Energy, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report. The Flexible Electrical Conduit Market was valued for $1.5 billion in 2022 and is estimated to reach $3.4 billion by 2032, exhibiting a CAGR of 8.6% from 2023 to 2032.
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Prime determinants of growth
The growth in the renewable energy sector, growth in the construction sector, and increase in industrialization are some prime determinants that drive the growth of the global flexible electrical conduits market. However, the competition from alternative wiring solutions and high installation and maintenance costs restricts market growth. Moreover, retrofitting and upgradation projects and technological advancements present new opportunities in the coming years.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $1.5 billion |
Market Size in 2032 | $3.4 Billion |
CAGR | 8.6 % |
No. of Pages in Report | 288 |
Segments Covered | Material Type, Type, Application, and Region. |
Drivers | Growth in the renewable energy sector |
Growth in the construction industry and increase in industrialization | |
Opportunities | Retrofitting and upgradation projects |
Technological advancements | |
Restraints | Competition from alternative wiring solutions |
High installation and maintenance costs |
Impact Scenario
The Russia-Ukraine war had significant consequences for various sectors, including flexible electrical conduits.
- The presence of disruptions in the supply chain of flexible electrical conduits as both Russia and Ukraine play significant roles in the manufacturing and distribution of industrial products, and any disruptions in their trade relationship affect the availability and cost of materials needed for producing flexible electrical conduits.
- Moreover, the conflict created market uncertainty, leading to a slowdown in the construction and infrastructure sectors, which are major consumers of flexible electrical conduits.
- In addition, there were shifts in regional demand for flexible electrical conduits.
- However, broader economic instability in the region resulting from the conflict led to a decrease in the overall demand for flexible electrical conduits.
- Furthermore, the geopolitical considerations started from the Russia-Ukraine conflict influenced government policies and regulations, indirectly affecting the flexible electrical conduit market.
- Changes in import/export regulations, tariffs, or trade barriers impacted the competitiveness of manufacturers and alter market dynamics.
An economic recession has various impacts on the flexible electrical conduits market.
- During an economic crisis, the flexible electrical conduit market experienced a decrease in demand.
- Moreover, pricing pressure made in the flexible electrical conduit market during an economic crisis.
- Supply chain disruption was another consequence of economic crises that impacted the flexible electrical conduit market. In addition, an economic crisis accelerated market consolidation within the flexible electrical conduit industry.
The metallic segment to maintain its leadership status throughout the forecast period
Based on material type, the metallic segment held the highest market share in 2022, accounting for nearly four-fifths of the global flexible electrical conduits market revenue, and is estimated to maintain its leadership status throughout the forecast period. Rapid expansion of industrial and commercial sectors, which includes manufacturing plants, data centers, and warehouses, creates a substantial demand for metallic flexible electrical conduits.
However, the non-metallic segment is projected to manifest a CAGR of 9.5% from 2023 to 2032, as this type of electrical conduit are cost-effective and has high safety factors compared to metallic conduits.
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The flexible metal tubing segment to maintain its leadership status throughout the forecast period
Based on type, the flexible metal tubing segment held the highest market share in 2022, accounting for more than one-fourth of the global flexible electrical conduits market revenue, and is estimated to maintain its leadership status throughout the forecast period. It offers excellent resistance to mechanical stress, vibrations, and harsh environments, making it suitable for industrial applications.
However, the liquid-tight flexible non-metallic conduit segment is projected to manifest a CAGR of 8.8% from 2023 to 2032, owing to technological properties and low cost of this type of electrical conduits that have led to a significant positive impact on the market.
The shipbuilding and offshore facilities segment to maintain its leadership status throughout the forecast period
Based on the application, the shipbuilding and offshore facilities segment held the highest market share in 2022, accounting for nearly one-third of the global flexible electrical conduits market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is mainly due to the increase in the construction of offshore power generation facilities such as offshore wind farms.
However, the others segment such as mining and extractive industries, and water and wastewater treatment facilities are projected to manifest a CAGR of 9.0% from 2023 to 2032, owing to the stringent regulations and safety standards imposed on these industries. Furthermore, these projects require robust electrical systems and flexible conduits to provide the necessary protection and flexibility for wiring in these demanding environments.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global flexible electrical conduits market revenue, and is likely to dominate the market during the forecast period. Furthermore, the same region is expected to witness the fastest CAGR of 9.0% from 2023 to 2032. The Asia-Pacific region presents significant growth potential in flexible electrical conduits. Emerging markets, such as India, China, and Southeast Asian countries, have witnessed rapid industrial growth and urbanization, leading to increased demand for flexible electrical conduits. The increase in investment toward renewable energy sources is a factor that is anticipated to offer new growth opportunities for flexible electrical conduits in Asia-Pacific during the forecast period.
Leading Market Players: -
- Abb Ltd.
- Hubbell Incorporated
- Schneider electric.
- Legrand
- Southwire Company, LLC
- Atkore international group inc.
- Parker Hannifin Corporation
- Saint-Gobain
- Newage Industries, Inc.
- Flex tubes
The report provides a detailed analysis of these key players in the global flexible electrical conduits market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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