PORTLAND, Ore., Aug. 24, 2020
Rise in demand due to technological advancements, commercialization of renewable energy, and development of various industrial verticals propel the growth of global cable management market
PORTLAND, Ore., Aug. 24, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Cable Management Market by Type (Cable Trays, Cable Raceway, Cable Conduits, Cable Connectors &Glands, Cable Carriers, cable Lugs, Cable Junction Boxes, and Others), and End User (IT & Telecommunication, Commercial Construction, Energy, Manufacturing and Automation, Marine, Mining, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027."According to the report published by Allied Market Research, the global cable management market generated $18.31 billion in 2019, and is estimated to reach $35.02 billion by 2027, registering a CAGR of 7.9% from 2020 to 2027.
Prime determinants in the market-
Rise in demand due to technological advancements, commercialization of renewable energy, and development of various industrial verticals propel the growth of the global cable management market. However, lack of standardization for prices of raw material impedes the market growth. Moreover, increase in investment in Asia-Pacific region, growth of IT & telecom sector, and rapid urbanization in developing nations usher a number of opportunities in the near future.
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The cable conduits segment to dominate the market in 2019-
Based on type, the cable conduits segment held the largest share of the global cable management market in 2019, accounting for more than one-fourth of the revenue. Furthermore, the segment is estimated to maintain its dominant position during the forecast period. However, the cable lugs segment is expected to register the highest CAGR of 13.3% from 2020 to 2027. The cable lugs provide flexibility and adaptability and can be easily installed as well as removed for repair which, in turn, drives the segment growth.
The IT and telecommunication segment would lead the trail by 2027-
Based on end user, the IT and telecommunication segment contributed to the largest revenue in 2019, holding one-fifth of the global cable management market, and is expected to maintain the highest share throughout the forecast period. Additionally, the same segment is estimated to manifest the fastest CAGR of 10.0% during the forecast period. This is due to increase in the utilization of cable connectivity in IT & telecommunication sector for exchange of information and data through high speed and cables.
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North America to rule the roost throughout 2027-
Based on region, North America contributed to the highest market share, accounting for nearly one-third of the global cable management market in 2019, and will continue to lead throughout the forecast period. The demand for cable connectivity in various applications such as residential, commercial and industrial sector drives the market in this region. On the other hand, region across Asia-Pacific is expected to grow at the highest CAGR of 9.5% from 2020 to 2027. The penetration of connectivity across the Asia-Pacific due to rapid advancement of infrastructure and technology drives the market growth in this region.
Leading market players-
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