Japan, Japan, Mon, 11 Apr 2022 02:27:52 / Comserve Inc. / — The global electrical conduit market is estimated to be worth USD 6.5 billion in 2021 and is expected to reach USD 9.1 billion by 2026, at a CAGR of 6.9% from 2022 to 2031.
The driving factors of electrical conduit market is the rapid pace of industrialization and urbanization, and the increasing demand for electricity or power generation across the world. The growth of the electrical conduit market is supported by increased awareness of public safety and the implementation of safety regulations by governments.
“Flexible electrical conduit is expected to be the fastest growing type in the electrical conduit market over the forecast period.”
The flexible segment is expected to be the fastest growing segment in the electrical conduit market. This electrical conduit is lightweight, generally less expensive than other options, versatile, and easy to install. Flexible electrical conduit is much easier to use than rigid metal or plastic conduit. This is because there is no bending involved. However, flexible electrical conduit will not provide as much protection as rigid electrical conduit. It is flexible and can squeeze through walls and other structures. This electrical conduit is used because of its benefits such as lightweight conduit, generally less expensive than other options, and versatile and easy to install.
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“Nonmetal segment is expected to grow at a higher CAGR in the electrical conduit market during the forecast period.”
Non-metallic conduit is common in both rigid and flexible conduit. These ducts are easy to install, lightweight and bendable by hand. In addition, non-metallic conduits also provide corrosion resistance and good protection against moisture ingress. Non-metallic materials used for electrical conduit include PVC, PP, HDPE, and other materials. For above ground use, non-metallic conduit should be flame retardant, strong, and resistant to heat, sunlight, and the effects of low temperatures.
“The building and construction segment accounted for the largest in the electrical conduit market during the forecast period.”
The building and construction segment accounted for the largest share of 54.6% of the overall electrical conduit market in 2020. Building and construction is the dominant end-use industry in the electrical conduit market. The building and construction industry can be divided into residential and commercial segments. Commercial buildings include stores, malls, restaurants, banks, hotels, warehouses, offices, etc. According to the National Fire Protection Association, “Power outages were considered the second leading cause of fires, and approximately 13% of American homes caught fire due to equipment and cables being left unattended. In addition, 18% of civilians fatalities with about 20% of property damage are due to power failures.”
Wiring systems in buildings can be subject to frequent changes. Frequent wiring changes are made simpler and safer with the use of electrical conduit, as existing conductors can be removed and new conductors installed, with little disruption along the conduit route. Additionally, electrical conduit is used to protect and route electrical wiring within a building or structure. For workshops and public buildings, conduit wiring is the best and most desirable wiring system and also provides fire protection and safety.
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“APAC is the largest electrical conduit market”
APAC leads the global electrical conduit market, accounting for 37.8% share in 2020. APAC is segmented into China, Japan, India, South Korea, and Rest of APAC . Factors such as the ready availability of raw materials and labor, as well as sophisticated technologies and innovations, have boosted economic growth in the APAC region. According to the World Bank, the two economic giants of the APAC region, China and Japan, were the world’s second and third largest economies in 2020.
APAC was the largest electrical conduit market, by value, in 2020. Emerging economies in APAC are expected to have significant demand for electrical conduit owing to growth in the construction industry led by the rapid economic development and government initiatives in infrastructure development. . In addition, the growing population of these countries represents a solid clientele.
APAC is expected to be the fastest growing global electrical conduit market over the forecast period. A large consumer base, growing urban population, low labor costs and easy availability of raw materials are prompting international companies to move their production facilities to the region, thus creating a high demand for electrical conduits in these industries. The rise in demand for electrical conduit can be largely attributed to the growth of infrastructure and building and construction industries. The demand for electrical conduit is increasing rapidly in the region owing to the high demand from the infrastructure sector.
This study has been validated by primaries conducted with various industry experts around the world. These primary sources have been divided into 3 categories, namely by company, by designation and by region.
• By department – Sales/Export/Marketing – 53.5%, Production – 23.3%, CXO – 23.3%
• By Designation – Managers – 60.5%, CXO – 23.3%, Executives – 16.3%
• By region – North America – 33.0%, Europe – 27%, Asia-Pacific – 25%, Middle East – 10% and South America – 5%
The electrical conduit market includes major solution providers, Atkore International Group Inc. (US), Hubbell Incorporated (US), Legrand SA (France), Schneider Electric SE (France) and Sekisui Chemical Co., Ltd. . (Japan) among others. . The study includes an in-depth competitive analysis of these key Electrical Conduit Market players, along with their company profiles and key market strategies.
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