Portland, June 02, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global cable management market 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. The report offers an extensive analysis of changing market trends, top impacting factors, business performance, company profiles, and competitive landscape.
Increase in demand due to technological advancements, commercialization of renewable energy, and growth of various industrial verticals drive the global cable management market growth. However, lack of standardization for prices of raw material hinders the market growth. On the other hand, growing investment in Asia-Pacific region, growth of IT & telecom sector, and rapid urbanization in developing nations create new opportunities in the coming years.
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Covid-19 scenario:
- The cable management services have not been impacted during the months of coronavirus pandemic, owing to its application in essential services such as energy, marine, and healthcare.
- On the other hand, the demand for the cable management services has slightly been declined in sectors such as commercial construction, manufacturing and automation, and mining due to restrictions on its application.
The report offers a detailed segmentation of the global cable management market based on type, end user, and region.
Based on type, the cable conduits segment contributed to the largest share in 2019, accounting for more than one-fourth of the total share, and 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.
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Based on end user, the IT and telecommunication segment accounted for the largest share in 2019, holding one-fifth of the total share, and is expected to maintain the largest share throughout the forecast period. In addition, the same segment is estimated to portray the highest CAGR of 10.0% during the forecast period. Moreover, the energy segment is anticipated to register a CAGR of 9.0% during the forecast period.
Based on region, North America contributed the highest share, accounting for nearly one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 9.5% from 2020 to 2027.
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Leading market players analyzed in the research include Atkore International, Chatsworth Products, Legrand, Llc., Panduit, Prysmian Group, ABB, Eaton, Leviton Manufacturing Co., Inc., Nexan, and Schneider Electric.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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