ALBANY, New York, May 30, 2019 /PRNewswire/ -- The global wiring duct market represents a fairly fragmented vendor landscape, says Transparency Market Research (TMR). The active participation of a large number of players in the global wiring duct market is responsible for making the competitive landscape highly fragmented. These leading players are focusing on achieving the topmost position in the market, which makes the level of competition even more intensified.
Some of the prominent companies' names in the global wiring duct market include Hager Group., OMEGA Engineering, Hua Wei Industrial Co., Phoenix Contact GmbH & Co., and Panduit Corporation. These renowned companies are taking extensive efforts to expand their product portfolios. They are acquiring several business strategies to achieve prominence in the global wiring duct market. A few of these strategies include partnerships and acquisitions with well-established vendors and end-use industries. This is how the companies in the market are targeting to expand their geographical boundaries. However, incorporation of technologies into the existing products and their developments also acts as a key strategy for the companies to expand their sense of acquisition in the global wiring duct market.
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According to TMR's experts, the growth of the global wiring duct market is set to occur at a healthy 4.6% CAGR during the assessment tenure 2019-2027. The market is anticipated to accumulate a valuation of US$ 524.3 mn by the end of the forecast period.
From the perspective of applications, the commercial segment showcases the maximum share in the global wiring duct market. This is because of the soaring demand for wiring and cabling ducts in the network cabling systems, IT hubs, telecom industry, data centers, hospitals, and office spaces. Region-wise, Asia Pacific is leading the global wiring duct market, on account of the easy availability of raw materials in this region.
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Rising Investments in Infrastructure Development Activities Fillips Market
Wiring ducts are a type of rigid trays, which are typically used as raceways for wires and cables within electrical closures. It is one of the basic components of a cable management system. Wiring duct allows routing of large-sized bundles of wires and cables and separates them from other components. Such USPs are majorly fueling growth in the global wiring duct market. Rising investments in infrastructure development activities is a major factor responsible for the steadfast growth of the global wiring duct market. Besides this, surging demand from data centers and IT facilities and rapid urbanization are also propelling expansion in the global wiring duct market.
Furthermore, soaring demand for wiring ducts in complex industrial automation processes appear as a crucial factor responsible for staggering the growth of the global wiring duct market. Along with this, solid wire duct units help in protecting sensitive cables and other electrical components from contaminants and dust. These advantages are providing major impetus to the growth of the global wiring duct market. Increasing demand for halogen-free and eco-friendly wiring ducts is believed to open doors to the new opportunities in the global wiring duct market.
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Instability in Raw Material Costs to Hamper Market's Growth
Apart from the large scale of benefits of wiring duct, some of the factors are causing challenges to the growth of the global wiring duct market. Continuous instability in raw material costs appear as an obstacle to the market, which is also hampering the growth of it. Nonetheless, persistent demands for different bandwidth requirements and growing construction industry are expected to underpin the market's growth momentum in the near future.
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The review is based on a market research report by TMR, titled, "Wiring Duct Market (Product Type - Slotted Wire Duct (Wide-slotted Wire Duct, Narrow - slotted Wire Duct, Round hole Wire Duct), Solid wall Wire Duct, Flexible Wire Duct; Application – Commercial, Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027".
The segmentation of global wiring duct market is based on:
- Slotted Wire Duct
- Wide-slotted Wire Duct
- Narrow–slotted Wire Duct
- Round-hole Wire Duct
- Solid-wall Wire Duct
- Flexible Wire Duct
- Others (Including DIN Rail Wire Duct)
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America
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