NEW YORK, Feb. 22, 2021 /PRNewswire/ -- Growing need for building and structure safety measures across residential, commercial, and industrial sectors is a driving factor for rising demand for the use of electrical conduit pipes. The residential and commercial sectors, especially, have witnessed significant growth in recent years, which is estimated to persevere over the coming years. Demand for plastic variants of electrical conduit pipes is surging, more so across the regions of Asia and North America.
As per Persistence Market Research analysis, the global electrical conduit pipes market is estimated to expand at a value CAGR of around 5% over the forecast period of 2021-2031.
Key Takeaways from Electrical Conduit Pipes Market Study
- Demand for PVC electrical conduit pipes has seen prominent growth in recent years, and expected to spectacle over the forecast period. These pipes are reliable and durable, with lightweight, flexibility, and flame-resistant properties.
- Demand for conduit pipes from the residential and commercial sectors is expected to surge over the coming years. Electrical conduit pipes are extensively used to protect and route electrical wiring.
- Countries in East Asia and South Asia Pacific have significant growth opportunities over the forecast period due to rapid industrialization and urbanization.
- Increasing demand for highly-insulated nonconductor and corrosion-free electrical conduit pipes is expected to push global sales.
- Demand for high standard material pipes has seen tremendous growth. Demand in applications such as electrical wire cables and IT & telecommunication has been rising steadily in recent times.
- The market in China and India is projected to expand at a healthy CAGR of around 5% through 2031.
- The electrical conduit pipes market in the U.S. is expected to surge ahead at a CAGR of more than 5% over the next ten years.
- Due to the COVID-19 pandemic, the market saw a drastic fall and witnessed a CAGR of -6.1 in 2020. Recovery will be gradual, with the growth rate pegged at -2.2% for 2021, and 4.3% for 2022.
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"Growing demand for electrical conduit pipes with low cost, heat resistance, and flexibility traits are increasing day by day, and this expected to drive the market substantially through the forecast period of 2021-2031," says a Persistence Market Research analyst.
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Market Landscape Continues to Remain Moderately Fragmented
The global electrical conduit pipes market has been identified as a significantly fragmented market space with the unorganized sector occupying a major section of the overall market. Tier-1 manufacturers account for a minimal share in the global market. Some of the leading players included in the report are Wienerberger AG, Aliaxis Group S.A., Sekisui Chemical Co., Ltd., Orbia Advance Corporation, Atkore International Group Inc., and China Lesso Group Holdings Ltd., OPW Corporation, Zekelman Industries Inc., and Nan Ya Plastics Corp. Tier-2 manufacturers such as Astral Poly Technik Ltd., National Pipe and Plastics Inc., Cantex Inc., D.P. Jindal Group, and JM Eagle, Inc., and tier-3 manufacturers such Pipelife International GmbH, International Metal Hose Company, Sanco Industries Ltd., Premier Conduit Inc., and many regional manufacturers across the globe are anticipated to create a tough competitive environment on a global level.
Global Electrical Conduit Pipes Market: Conclusion
The global electrical conduit pipes market is anticipated to progress substantially owing to growing residential and commercial sectors with rapid urbanization across the globe. Fluctuations in raw material prices are expected to have a significant impact on the market. The trend of offering electrical conduit pipes with a wide variety of materials has been adopted by manufacturers. Sales of electrical conduit pipes are estimated to rise over the forecast period, owing to increasing demand for high-resistant and flame-resistant conduit pipes over the coming years.
Want to Know More?
Persistence Market Research has published a market research report on the global electrical conduit pipes market that contains global industry analysis of 2016–2020 and opportunity assessment for 2021–2031. The report provides in-depth analysis of the market through different segments, namely, material, end-use industry, product type, application, and region. The report also provides supply and demand trends, along with an overview of the parent market.
Browse Research Release at: https://www.persistencemarketresearch.com/market-research/electrical-conduit-pipe-market.asp
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