Wilmington, Delaware, United States, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global manhole covers market is prognosticated to reach a value of more than US$ 5 Bn by the end of 2031, as per a research report by Transparency Market Research (TMR). In addition, the study finds that the market for manhole covers is expected to grow at a CAGR of 3% during the forecast period, 2021-2031.
The demand for manhole and manhole covers is being rising in the recent years owing to many factors such as the ability of manhole covers to provide easy access and safety passage to carry out regular maintenance and servicing of respective utility services. This factor, in turn, is expected to boost the growth prospects for manhole covers market during the forecast period.
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A surge in the number of sewer and wastewater systems owing to swift industrialization has resulted into increased need for manhole and manhole covers globally. This aside, the importance of manholes is being rising in the recent years owing to their ability to play important role while aligning a sewer system and changing the direction of these systems. Such factors are prognosticated to drive sales prospects in the manhole covers market in the near future. Besides, a rise in the number of municipal projects and surge in the demand for manhole covers for public utilities are anticipated to fuel the growth opportunities in the market, state analysts at TMR.
Manhole Covers Market: Key Findings
- Manhole covers are being utilized in a wide range of applications such as commercial, industrial, and municipal facilities. In the municipal facilities, manhole covers are bring used in sewer systems, storm water systems, and wastewater collection systems. In addition, these products are being applied in varied facility services including docks, gas stations, airports, and numerous other commercial facilities. Hence, rising product demand from different end-users is expected to create profitable prospects in the manhole covers market during the forecast period.
- The manhole covers used at service and fuel stations have to undertake heavy loads. Hence, the demand for long-lasting manhole covers is being increasing from these stations in order to avoid frequent replacements. Thus, players in the manhole covers market are strengthening their production capabilities in these products in order to fulfil the current market demands, state analysts at TMR.
- Over the period of past few years, there has been rise in the number of utility pits in order to cover telecommunication lines, electric utility lines, and other underground utilities at power stations as well as sub-stations. The manufacturers of manhole covers are focusing on offering the products with high level of strength and electric and thermic non-conductivity in order to avoid accident situations. Such factors, in turn, are likely to help in the expansion of the global manhole covers market size during the forecast period.
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Manhole Covers Market: Growth Boosters
- Surge in the number of construction activities across many developed and developing nations globally is expected to drive the growth opportunities in manhole covers market
- Increase in the utilization of manholes in industrial and mining sectors is prognosticated to create profitable prospects in the global market for manhole covers
Manhole Covers Market: Key Players
Some of the key players profiled in the report are:
- Eagle Manufacturing Group
- EJ Group Inc.
- Crescent Foundry
- Fibrelite Composites Inc.
- Polieco Group
- Saint-Gobain
- Terra Firma Industries
- Ducast Factory LLC
- Prime Composites Australia Ply Ltd.
- Hygrade Products Ltd.
- Manhole Covers Limited
- MC Pipes
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Manhole Covers Market Segmentation
Product
- Metal Covers
- Cast Iron
- Ductile Iron
- Steel
- Concrete Covers
- Composite Covers
Application
- Municipal
- Industrial Facilities
- Commercial Facilities
- Residential
- Utility Pits
- Others (Parking Lots, Footways, Gardens, Stadiums, and Other Leisure Areas)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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