CHICAGO, Sept. 21, 2021 /PRNewswire/ -- According to the new market research report "Electrical Conduit Market by Type (Rigid & Flexible), Material (Metallic & Non-Metallic), End-use Industry (Building & Construction, Industrial Manufacturing, IT & Telecommunication, Oil & Gas, Energy & Utility, Others) and Region - Global Forecast to 2026", published by MarketsandMarkets, 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 global electrical conduit market is estimated to be USD 6.5 billion in 2021 and is projected to reach USD 9.1 billion by 2026, at a CAGR of 6.9% from 2021 to 2026.
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204 - Tables
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The driving factors for the electrical conduit market is 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.
Flexible electrical conduit is expected to be the fastest-growing type in the electrical conduit market during the forecast period.
The flexible segment is projected to be the fastest-growing segment in the electrical conduit market. This electrical conduit is lightweight, typically less expensive than other options, and versatile & easy to install. Flexible electrical conduit is much easier to work with than rigid metal or plastic conduit. This is because there is no bending involved. However, flexible electrical conduit will not offer quite as much protection as rigid electrical conduit. It is flexible and can snake through walls and other structures. This electrical conduit is used owing to its advantages such as lightweight conduit, typically less expensive than other options, and versatile & easy to install.
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APAC is the largest market for electrical conduit.
APAC led the global electrical conduit market, accounting for a share of 37.8% in 2020. APAC is segmented into China, Japan, India, South Korea, and the Rest of APAC. Factors such as ready availability of raw materials and manpower, along with sophisticated technologies and innovations, have driven economic growth in the APAC region. According to the World Bank, the two economic giants of the APAC region, China and Japan, were the world's second and third-largest economies as of 2020. APAC was the largest market for electrical conduit, in terms of value, in 2020. Emerging economies in APAC are expected to have significant demand for electrical conduit due to the growth of the construction industry led by the rapid economic development and government initiatives in infrastructural developments. In addition, the rising population in these countries represents a strong customer base. APAC is expected to be the fastest-growing market for electrical conduit globally during the forecast period. Significant consumer base, rising urban population, low labor costs, and easy availability of raw materials are attracting international companies to shift their production facilities to the region, thus creating a high demand for electrical conduits in these industries. The increase in demand for electrical conduit can be largely attributed to the growing infrastructure and building & construction industries. The demand for electrical conduits is rising rapidly in the region owing to the high demand from the infrastructural sector.
The Electrical Conduit Market comprises major solution providers, Atkore International Group Inc. (US), Hubbell Incorporated (US), Legrand S.A. (France), Schneider Electric SE (France), and Sekisui Chemical Co., Ltd. (Japan) among others.
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