Cable Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Cable Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Cable Management Market was valued at USD 12.06 billion in 2020, and it is estimated to be worth USD 21.13 billion by 2026, registering a CAGR of approximately 10.76% during the forecast period (2021-2026). The COVID-19 pandemic has resulted in various supply chain challenges for manufacturers across the world and had a similar impact on the cable management market.

Vendors operating in the market were faced with shortages and price fluctuations in terms of raw material supply along with shortage of investments from end users and venture capitalists. For instance, according to the United Nations Conference on Trade and Development (UNCTAD) estimations, the pandemic caused a global FDI shrinking by 5-15%, owing to the downfall in manufacturing, coupled with factory shutdowns.

Key Highlights

• While installing a new system or outfitting, there are two main cable management options: the traditional conduit system and an open cable tray system. Choosing a wire mesh cable tray over a conduit system offers many performance advantages, such as easier installation, simpler maintenance, and perhaps the most important factor, increased food safety.
• Therefore, increased food safety and other legislations implemented by various regulatory bodies, globally, such as Health Canada, CFIA, Environment Canada, and CCOHS, are driving the adoption of cable management solutions across the food and beverage industry.
• The emphasis on safety, coupled with the rise in the food and drink industry, which is the EU's largest manufacturing sector in terms of value added, bolstered the market growth. The industry is also an asset in trade with non-EU countries. The European Union boasts of a significant trade surplus in the trade of food products, and EU food specialties are well appreciated overseas.
• Other key trends driving the demand for cable management products include explosive growth of the information technology sector and the increased reliance of institutions and businesses on high-performance data and communication cabling. Many leading manufacturers report that majority of their markets for raceways and other systems are for data and communication applications. As a result, manufacturers are developing newer products and system improvements that are taking these systems well beyond their humble origins.

Key Market TrendsEnergy Sector Offers Potential Growth

• The electricity transmission market is currently undergoing a major change with countries in pursuit of better efficiencies and more suitability for wheeling renewable energy. Increasing renewable power capacity has also increased the need for countries to interconnect their transmission systems in order to balance generation and demand through export and import of electricity.
• This, in turn, has pushed the construction of higher capacity interconnection lines which requires proper cable management to function smoothly.
• According to OMICS International, less than 0.02% of available solar energy resources are sufficient to entirely replace fossil fuels and nuclear power as an energy source. Thus, solar PV uses and applications have been justified and strongly recommended for grid electrification which in return creates a market for cable management market.
• Moreover, in the developing nations like, India which receives twice as much sunshine as compared to European countries, solar power is used as an effective renewable energy generation source. Thus, the Government of India has set a goal to raise solar power generation to 100 GW by 2022. All these initiatives will help solar energy to increase which in return will help the cable management market to flourish because it will ensure that space is utilized while wiring and maintains proper network performance of those wires with proper industry standards.

Asia Pacific to Witness Fastest Growth

• Owing to huge investments in infrastructure, telecommunications, energy, and technology development by emerging nations like India and China, it is creating huge opportunities for the cable management market.
• Moreover, according to NITI Aayog, India is home to 18% of the world’s population but uses only 6% of the world’s primary energy. India’s energy consumption has almost doubled since 2000 and the potential for further rapid growth is enormous. Urbanization will be a key diver of this trend which in result will create a positive outlook for the cable management market.
• Further, Japan is hosting Summer Olympics 2020 which will ensue in infrastructural development, which is anticipated to propel the growth of cable management market during the forecasted period
• Therefore, all the above factors combined will fuel the cable management market in the Asia-Pacific region during the forecasted period.

Competitive Landscape

The cable management market is competitive and fragmented in nature. Some of the prominent players in the market are Thomas & Betts Corporation (ABB group), Schneider Electric SE, Cooper Industries (Eaton), Chatsworth Products Inc., HellermannTyton, etc. These leading manufacturers have identified potential markets in underdeveloped countries and they have started entering in those regions.

• December 2020 - ABB formed a strategic partnership with AFC Energy , based in Cranleigh, Surrey, United Kingdom to create the next generation of high power sustainable electric vehicle (EV) charging solutions for grid constrained locations. The cable management system would in addition support a clean and organized charging station wires and the charging stations are expected to adopt such cable management solutions.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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