New York, July 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electrical Conduit Global Market Report 2022" - https://www.reportlinker.com/p06284240/?utm_source=GNW
, Schneider Electric SE, Sekisui Chemical Co, Thomas and Betts Corporation, Wienerberger AG, Zekelman Industries Inc., AFC Cable Systems, AKG Group, Anamet Electrical, Inc., Astral Poly Technik Ltd., Calpipe Industries Incorporated, D.P. Jindal Group, Eaton Corporation Plc, Electri-Flex Company, igus Inc., International Metal Hose Company, and JM Eagle.
The global electric conduit market is expected to grow from $5.76 billion in 2021 to $6.25 billion in 2022 at a compound annual growth rate (CAGR) of 8.51%. The growth is mainly due to the companies’ resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8.56 billion in 2026 at a CAGR of 8.18%.
The electrical conduit market consists of sales of electric conduits by entities (organizations, sole proprietors, and partnerships), which refer to tubes in which electrical wires are housed for a variety of building or structural applications.It protects and routes electrical wiring in a building or structure.
The use of an electrical conduit protects wires from damage from the outside environment for a long time and gives them a proper passage.
The main types of electrical conduit are rigid and flexible.Rigid electrical conduit is typically used outdoors to provide protection from damage and can provide structural support for electrical cables, panels, and other equipment.
Flexible electrical conduit has a spiral construction that makes it flexible so it can snake through walls and other structures.It is generally used in dry indoor locations, often for short runs between a wall box and a motor or fixed appliance, such as a garbage disposer.
The different electrical conduit materials include metallic and non-metallic and are used in various end-use industries such as building and construction, industrial manufacturing, IT and telecom, oil and gas, energy and utility, and others.
Asia-Pacific was the largest region in the electric conduit market in 2021.Asia-Pacific is expected to be the fastest growing market in the electric conduit market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The rise in demand for electricity or power generation is expected to drive the electric conduit market.The rise in demand for electricity generation is caused by the rapid pace of industrialization and urbanization, which creates the need for electrical conduits.
According to the new IEA (International Energy Agency) report in 2021, there is an expected rise of 5% in electricity demand.In another instance, according to Canada’s Upstream Oil & Natural Gas Industry, with the global population expected to increase by about two billion over the next two decades, it is estimated that by 2040, electricity generation is expected to increase by 49%.
Therefore, the rise in demand for electric power generation is expected to drive the growth of the electric conduit market.
Technological advancements are a key trend gaining popularity in the electric conduit market.Companies in the electric conduit market are continuously focusing on innovations for better and safer conduit systems.
For instance, in 2021, Finolex Cables, an India-based electric cable company, added conduits and fittings for its repository. The specially formulated PVC is made up of high-impact resistance materials, which makes them safe for use across diverse environmental conditions and meets the most stringent international standards.
In October 2020, Atkore International Group Inc., a USA-based cable management company, acquired the assets of Queen City Plastics, Inc. for an undisclosed amount. The acquisition is expected to strengthen Atkore’s existing product portfolio and enable it to better serve customers in the Southeast and mid-Atlantic regions of the United States. Queen City Plastics is a USA-based manufacturer of PVC conduit, elbows, and fittings for the electrical market.
The countries covered in the electrical conduit market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06284240/?utm_source=GNW
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