ALBANY, New York, December 3, 2018 /PRNewswire/ --
A fresh report published by Transparency Market Research (TMR) states that the global cable management system market is fragmented. This is due to the presence of several large and small regional and international players in the market. They are highly focused on research and development activities to come up with better technologies. Product innovation is key tool they are banking upon to improve their share in the global cable management system market.
Some of the prominent players operating in the global market for cable management system market are Cooper Wiring Devices, Schneider Electric SE, HellermannTyton Group Plc. and Legrand SA. These manufacturers are mainly focused on North America cable management system market owing the huge opportunity it holds out.
The revenue in the global market for cable management system market stood at US$14.7 bn and is anticipated to register worth US$33.9 bn by 2024 end. The global cable management system market is likely to expand at 9.80% CAGR throughout the forecast period.
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Cable Trays of Product Type Dominate Global Cable Management System Market in Terms of Adoption
On the basis of product type, the cable trays account for highest market share of 14% in the global cable management system market. The cable trays will continue to remain as the leading revenue contributor in the overall market. In addition, high weight holding capacity, maintenance free and cost effective products is likely to increase popularity of cable management system market in near future. Consequently leading to its high application in oil and gas industry. Geographically, North America expected to remain the leading region in terms of consumption of these system in construction sector. In 2015, the North America region stood at US$4.34 bn and anticipated to register growth of US$10.22 bn by 2024 end.
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Advancement in Technology to Boost Growth of Cable Management System Market
Advancement is technology and digitalization likely to increase adoption of coaxial cables and fiber-optic in coming years. Also, rising demand for wiring and cable in devices likely to boost growth of this market. Also, growing infrastructure development is another factor contributing to the increasing situation were cables are entangled. This is another factor leading to increase demand for this market.
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Currently, the information technology is registering significant growth. This led the individual operators to adopt this process which offers high performance cable facility. These are some of the factors fueling growth of this market in coming years. Also, growing urbanization can be another factor responsible for the growth in commercial and industrial sector. This is likely to influence growth of this market in near future. Nevertheless, growing investment in infrastructure development and rising demand for energy are some of the factor fueling market growth. The global market for cable management expected to witness rapid growth on account of growing construction industry across the globe.
This review is based on the findings of a TMR report titled "Cable Management System Market (Product Type - Cable Tray, Cable Ladder, Raceway, Cable Trunking, Cable Conduit, Cable Connector, Cable Gland, Cable Chain and Reel, Cable Lug and Tools, Cable Duct; Material type - Metallic, Non-Metallic) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
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The global market for cable management system has been segmented as follows.
Cable Management System Market: By Product
- Cable Tray
- Cable Ladder
- Cable Trunking
- Cable Conduit
- Cable Connector
- Cable Gland
- Cable Chain and Reel
- Cable Lug and Tools
- Cable Duct
- Others (Cable Tags and Route Markers)
Cable Management System Market: By Material
Cable Management System Market: By End-use Industry
- IT and Telecom
- Energy and Utility
- Health Care
- Logistics and Transportation
- Oil and Gas
Cable Management System Market: By Region
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Asia
- Rest of APAC
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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