Rise in the commercialization of renewable energy, and the development of industrial verticals propel the growth of the cable management market

PORTLAND, OREGON, UNITED STATES, September 14, 2020 /EINPresswire.com/ -- Allied Market Research published an exclusive report, titled, “Cable Management Market by Type (Cable Trays, Cable Raceway, Cable Conduits, Cable Connectors &Glands, Cable Carriers, cable Lugs, Cable Junction Boxes, and Others), and End User (IT & Telecommunication, Commercial Construction, Energy, Manufacturing and Automation, Marine, Mining, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027”.

According to the report, the global cable management industry generated $18.31 billion in 2019, and is estimated to reach $35.02 billion by 2027, registering a CAGR of 7.9% from 2020 to 2027.

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The Cable management market report offers an in-depth analysis of every crucial factor that affects the market growth including recent market developments, key market players, and decisive trends.

The study begins with a detailed analysis of major determinants of the market such as drivers, challenges, restraints, and upcoming opportunities.

Prime determinants in the market-

Rise in demand due to technological advancements, commercialization of renewable energy, and development of various industrial verticals propel the growth of the global cable management market. However, lack of standardization for prices of raw material impedes the market growth. Moreover, increase in investment in Asia-Pacific region, growth of IT & telecom sector, and rapid urbanization in developing nations usher a number of opportunities in the near future.

The report offers detailed information regarding major end-users and annual forecasts from 2020 to 2027. In addition, it presents revenue forecasts for each year along with sales and sales growth of the Cable management market. The forecasts are offered by an in-depth study of the market by skilled analysts concerning the application, product type, and geography of the market. These forecasts are beneficial to gain insight on the future prospects of the market.

The cable conduits segment to dominate the market in 2019-

Based on type, the cable conduits segment held the largest share of the global cable management market in 2019, accounting for more than one-fourth of the revenue. Furthermore, the segment is estimated to maintain its dominant position during the forecast period. However, the cable lugs segment is expected to register the highest CAGR of 13.3% from 2020 to 2027. The cable lugs provide flexibility and adaptability and can be easily installed as well as removed for repair which, in turn, drives the segment growth.

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The IT and telecommunication segment would lead the trail by 2027-

Based on end user, the IT and telecommunication segment contributed to the largest revenue in 2019, holding one-fifth of the global cable management market, and is expected to maintain the highest share throughout the forecast period. Additionally, the same segment is estimated to manifest the fastest CAGR of 10.0% during the forecast period. This is due to increase in the utilization of cable connectivity in IT & telecommunication sector for exchange of information and data through high speed and cables.

The market is studied based on a variety of factors that impact the performance of the market across various regions such as North America, Europe, Asia-Pacific, and LAMEA.

North America to rule the roost throughout 2027-

Based on region, North America contributed to the highest market share, accounting for nearly one-third of the global cable management market in 2019, and will continue to lead throughout the forecast period. The demand for cable connectivity in various applications such as residential, commercial and industrial sector drives the market in this region. On the other hand, region across Asia-Pacific is expected to grow at the highest CAGR of 9.5% from 2020 to 2027. The penetration of connectivity across the Asia-Pacific due to rapid advancement of infrastructure and technology drives the market growth in this region.

Top Players and Their Strategies

The Cable management market report includes a thorough study of the top 10 market players active in the industry along with their business overview, financial analysis, business strategies, SWOT profile, and key products and services.

The key players profiled in the cable management market include Eaton, Chatsworth Products, ABB Group, Schneider Electric, Legrand, Atkore International, Leviton Manufacturing Co., Inc, Panduit, Nexans, Prysmian Group, and among others.

Moreover, it includes recent industry developments including prime market mergers & acquisitions, new product launches, partnerships and collaborations, and market expansion.

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Covid-19 scenario-

The cable management market has not been much impacted during coivd-19, due to its application in essential services such as energy, marine, and healthcare.

However, the strict regulations imposed by government bodies all around the world have decreased the demand for the cable management services to certain extent in fields such as commercial construction, manufacturing and automation, and mining.

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