Austin, Nov. 05, 2024 (GLOBE NEWSWIRE) -- According to the SNS Insider report, The Electrical Conduit Market Size was valued at USD 8.713 billion in 2023 and is expected to reach USD 16.27 billion by 2032 and grow at a CAGR of 7.19 % over the forecast period 2024-2032.
Growth of the Electric Conduit Market: Fuelled by Urbanization and Smart City Initiatives
The electric conduit market is experiencing significant growth due to rapid urbanization and the development of smart cities, which are driving increased investments in infrastructure globally. This surge in infrastructure projects has created a heightened demand for reliable electrical systems, including conduits essential for powering urban infrastructure like transportation and telecommunications. As the International Energy Agency predicts a substantial rise in electric vehicles and electrified fleet applications, government initiatives, such as the U.S. Department of Energy's USD 35 billion investment to strengthen the electric grid, further emphasize the need for upgraded electrical systems. Innovations in materials like PVC and fiberglass are enhancing the reliability and resilience of electrical installations, positioning the market for continued growth.
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Key Players
Some of the major key players in the Electric Conduit Market with products:
- Atkore International (Electrical Metallic Tubing, Flexible Conduit)
- ABB Ltd. (Rigid Conduit, Cable Protection Systems)
- Schneider Electric SE (PVC Conduits, Wiring Ducts)
- Eaton Corporation (Flexible Metal Conduit, Liquidtight Conduit)
- Thomas & Betts Corporation (Rigid PVC Conduit, Fittings)
- Legrand S.A. (Metallic and Non-Metallic Conduits, Cable Management)
- Aliaxis Group S.A. (PVC Conduits, Polyethylene Conduits)
- HellermannTyton Group PLC (Wire and Cable Protection, Non-Metallic Conduit)
- Champion Fiberglass, Inc. (Fiberglass Conduits)
- Dura-Line Corporation (HDPE Conduits, MicroDucts)
- Niedax Group (Cable Tray Systems, Conduit Systems)
- Calpipe Industries, Inc. (Stainless Steel Conduits, Aluminum Conduits)
- JM Eagle, Inc. (PVC and CPVC Conduits)
- Panasonic Corporation (Flexible Conduit, Wiring Duct)
- Prime Conduit, Inc. (High-Density Polyethylene (HDPE) Conduits)
- SEPCO Industries (Liquidtight Flexible Metal Conduit)
- Robroy Industries, Inc. (Corrosion-Resistant Conduits, PVC-Coated Conduits)
- Pipelife International GmbH (Electrical PVC Conduits)
- King Innovation (Non-Metallic Conduit, Fittings)
- Electric-Flex Company (Flexible Electrical Conduit, Shielded Conduits)
Driving Expansion in the Electric Conduit Market via Renewable Energy and EV Integration
The electric conduit market is experiencing robust growth fueled by the rising adoption of renewable energy sources like solar and wind power. With global renewable capacity reaching 3,064 gigawatts (GW) in 2023, there is a critical need for durable conduits to manage energy distribution. Additionally, the transition to electric vehicles (EVs) enhances grid resilience and supports decarbonization efforts. Government initiatives promoting clean energy further drive investments in renewable infrastructure, significantly increasing demand for electric conduits in this evolving landscape.
Dominance of Rigid and Metallic Conduits in the Electric Conduit Market
By Type
The electric conduit market is segmented into rigid and flexible conduits, with rigid conduits leading, capturing about 70% of revenue in 2023. Their dominance stems from advantages like durability and strength, as they are made from materials such as PVC, metal, and fiberglass, providing resistance to impacts and corrosion. Rigid conduits are often required by safety regulations in construction and manufacturing, ensuring secure electrical pathways. Although they may have higher initial costs, their longevity and lower replacement needs make them a cost-effective choice for long-term projects.
By Material
The electric conduit market is divided into metallic and non-metallic conduits, with metallic conduits capturing about 65% of revenue in 2023. Their popularity is due to their strength and durability, as they are made from materials like steel and aluminum, making them suitable for industrial and commercial settings. Metallic conduits offer superior protection against electromagnetic interference and fire, aligning with safety regulations. Additionally, advancements in corrosion-resistant coatings enhance their lifespan. Companies like Atkore International and Southwire are innovating to meet industry demands, further solidifying metallic conduits' market position.
Key Segments:
By Type
- Rigid
- Flexible
By Material
- Metallic
- Stainless steel
- Aluminum
- Non-metallic
- PVC
- HDPE
- PP
- Others
By End-Use Industry
- Building & Construction
- Residential
- Commercial
- Industrial Manufacturing
- IT & Telecommunication
- Oil & Gas
- Energy & Utility
- Others
- Healthcare
- Marine
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Regional Growth Trends in the Electric Conduit Market: Asia-Pacific and North America
The electric conduit market is captured by the Asia-Pacific region, which accounted for approximately 40% of total revenue in 2023. This dominance arises from rapid urbanization, extensive infrastructure development, and substantial investments in renewable energy initiatives, particularly in countries like China, India, and Japan. The demand for electric conduits in these nations is driven by ongoing construction projects and infrastructure upgrades, which require reliable electrical systems in fast-growing urban centers. Government initiatives promoting renewable energy and smart city projects further amplify the need for durable electrical solutions. Additionally, manufacturing hubs in China and India contribute to the rising demand for robust electrical installations. Companies like Schneider Electric have introduced innovative modular conduit systems tailored for this market, while Atkore International has launched eco-friendly metallic conduits to support sustainable construction practices.
North America emerged as the fastest-growing region in the electric conduit market in 2023, particularly in the United States and Canada. This growth is fueled by technological advancements, significant investments in renewable energy, and the urgent need to modernize aging electrical infrastructure. As aging systems require upgrades, demand for reliable electric conduits rises. Innovative materials and designs enhance installation efficiency, making these products attractive to contractors. With companies like Southwire and Atkore International expanding their offerings, and new eco-friendly solutions from Imperial Manufacturing Group, the region showcases a dynamic market landscape driven by sustainability and modernization.
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Recent Development
On October 28, 2024, Caparo Middle East launched a 30,000-sq-ft manufacturing plant in Dammam, Saudi Arabia, in collaboration with Engineer Sinan Ali Ahmed Bukamseen. This SAR25 million facility aims to produce 500,000 electrical conduits monthly, supporting the country's self-sufficiency in industrial products.
In May 2023, ABB opened a $4 million distribution center in Pennsylvania, featuring a USD 15 million inventory of electrical products, to strengthen its presence and improve customer service in the U.S. Northeast.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by Country, by Type, 2023.
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, by Type, 2023
6. Competitive Landscape
7. Electrical Conduit Market Segmentation, by Material
8. Electrical Conduit Market Segmentation, by Application
9. Electrical Conduit Market Segmentation, by End-Use Industry
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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