The global electrical conduit market size is projected to reach USD 9.1 billion by 2026, at a CAGR of 6.9% from 2021 to 2026. The driving factors for the electrical conduit market are the rapid pace of industrialization and urbanization, and rise in demand for electricity or power generation across the globe. The growth of the electrical conduit market is supported by increasing awareness regarding public safety and the implementation of safety regulations by governments.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=116259711
Electrical conduit manufacturers are the most important players in the value chain as they produce and provide various types of electrical conduits based on their use in the end use industry. An efficient supply chain helps manufacturers achieve sustainability by boosting collaborative relationships with suppliers and developing innovative measures in operational improvements, distribution management, and timely delivery of products to multiple customers and end users. The end-users of electrical conduit are building & construction, industrial manufacturing, oil & gas, energy & utility, IT & telecommunication and others. This provides additional value to the chain.
The building & construction segment accounted for the largest share of 54.6% of the overall electrical conduit market in 2020. Building & construction is the dominant end-use industry in the electrical conduit market. The building & construction industry can be divided into residential and commercial segments. Commercial buildings include shops, shopping malls, restaurants, banks, hotels, warehouses, offices, and so on. According to the National Fire Protection Association, “Electrical failures were considered to be the second-leading cause for fires, and it resulted in around 13% of the US homes catching fire due to unattended equipment and wires. Also, 18% of the civilian deaths with around 20% of property damage are due to electrical failures.
Wiring systems in buildings may be subject to frequent alterations. Frequent wiring changes are made simpler and safer through the use of electrical conduit, as existing conductors can be withdrawn and new conductors installed, with little disruption along the path of the conduit. Furthermore, an electrical conduit is used to protect and route electrical wiring in a building or structure. For workshops and public buildings, conduit wiring is the best and most desirable system of wiring and also provides protection and safety against fire. Growing construction activities in emerging countries significantly contribute to the growth of the electrical conduit market.
Inquire Now: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=116259711
APAC led the global electrical conduit market with a 37.8% share in 2020, driven by factors such as the availability of raw materials and manpower, along with advanced technologies. China and Japan, the second and third-largest economies globally, contribute significantly to this growth. The region’s emerging economies are expected to see high demand for electrical conduits due to rapid economic development, government infrastructure initiatives, and a growing construction industry. APAC is projected to be the fastest-growing market for electrical conduits, attracting international companies due to its significant consumer base, rising urban population, low labor costs, and easy availability of raw materials.
Read Our Trending Press Release Below:
