The global cable conduit systems market is progressing at a CAGR of 11.0% between 2015 and 2022. In 2014, the global cable conduit systems market was valued at US$3.2 bn. By the end of 2022, the global cable conduit systems market is expected to reach US$7.4bn. There are multiple factors that impart this substantial growth rate to the global cable conduit systems market, the major one among them being the currently booming global construction industry.
Rapid Growth of Construction Industry Demands Better Methods of Organization
The construction industry is in such rude health at present that some experts claim that it could drive the European economy back on track. In such a state of rapid development, one of the core requirements in all modern construction projects are cable conduit systems. The global cable conduit systems market is, therefore, set to be one of the largest beneficiaries of the rise in the construction industry. Cable conduits help maintain a structure of organization, which is extremely important in today’s world, where planning and space management is of utmost importance during construction. Apart from Europe, other regions or countries that are driving the global cable conduit systems market due to similar reasons are Brazil, South Africa, Asia Pacific, the Middle East, and Africa.
The global cable conduit systems market also benefits from the growing preference of consumers and builders who see cable conduits as sturdy protection for wires and loose cables against physical damage, harsh surroundings, extreme temperatures, and moisture conditions. The situation is not all positive for the global cable conduit systems market, however, as it still faces some problems, especially during installation. Builders and homeowners have to consider the increased investment they have to put into using conduits, especially metal ones, as their price continues to increase due to raw material scarcity. Another hindrance to the global cable conduit systems market is the complications of installing cable conduits in an existing structure. A conduit system requires some minimum amount of space in any structure, which might be difficult to attain in an older structure that has no space allotted for extra implementations.
Regardless, the construction industry continues to thrive and will continue to drive the growth of the global cable conduit systems market in the near future.