Wire and Cable Management Market Forecast is Projected CAGR of 9.10% to Reach US$ 66.20 Billion by 2034 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Wire and Cable Management Market Forecast is Projected CAGR of 9.10% to Reach US$ 66.20 Billion by 2034 | Future Market Insights, Inc.
NEWARK, Del, March 05, 2024 (GLOBE NEWSWIRE) -- The wire and cable management market is estimated to be around US$ 27.80 billion in 2024. It is projected to exhibit a CAGR of 9.10% over the forecast period and reach a market size of US$ 66.20 billion by 2034.
Wire and cable management solutions are in high demand across a wide range of commercial and industrial enterprises, including factories, warehouses, manufacturing plants, and office buildings. This demand is primarily due to the need for safety, efficiency, and compliance in these industries. Electrical contractors and installers who specialize in electrical system installation, maintenance, and repair are also increasingly seeking wire and cable management systems.
Healthcare facilities are also adopting these solutions for organized cabling of medical equipment, IT systems, and communication networks. Telecommunication companies are also seeing a growth in demand for communication wire and cable management solutions. These companies require extensive cabling infrastructure for communication networks, data centers, and telecommunications facilities.
The expansion of smart infrastructure projects, such as smart cities and intelligent transportation systems, in developing and underdeveloped economies, is also driving the demand for wire and cable management solutions. Sophisticated manufacturing capabilities in countries like India, China, and the United States are leading to rapid technological advancements and an increase in demand for more sophisticated wire and cable management solutions.
“The world is pushing toward sustainability. Companies in the wire and cable management market must incorporate sustainable materials and manufacturing practices into product development processes that can appeal to environmentally conscious customers and contribute to corporate social responsibility efforts,” says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Key Takeaways from the Market Study
The wiring ducts segment dominates the wire and cable management market, expanding at a CAGR of 8.90% through 2034.
On the basis of the cable type, the communication wire and cable segment leads the wire and cable management market, growing at a CAGR of 8.70% until 2034.
The wire and cable management market in Japan is anticipated to grow at a CAGR of 10.60% through 2034.
The wire and cable management market in China is estimated to rise at a 9.90% CAGR through 2034.
The wire and cable management market in the United States has the potential to increase at a 9.40% CAGR through 2034.
The United Kingdom wire and cable management market is predicted to rise at a 10.40% CAGR through 2034.
The wire and cable management market in South Korea is likely to grow at a CAGR of 6.10% through 2034.
Competitive Landscape
The wire and cable management market is experiencing robust growth due to the strategic initiatives of key players aimed at product innovation, expanding production capacities, and exploring new geographic markets.
Prominent companies in the wires and cable management market include ABB Limited, Eaton Corporation, HellermannTyton (Aptiv), Hubbell Incorporated, Legrand SA, Niedax GmbH and Co. KG, nVent Electric PLC.
Major companies invest heavily in research and development to introduce advanced wire and cable management solutions that enhance efficiency, reduce installation times, and meet evolving customer requirements.
Recent Developments
In October 2023, Affordable Wire Management (AWM) captured attention with significant advancements to its Arden Messenger Cable Hangers tailored for utility-scale solar projects. These enhancements, which include increased weight capacity and optimized cable geometry, are poised to enhance efficiency and cost-effectiveness in solar energy installations.
In September 2023, industry giants HellermannTyton and Affordable Wire Management (AWM) announced a strategic partnership aimed at serving the utility-scale solar power plant sector. AWM, known for its expertise in above-ground cable management, joined forces with HellermannTyton, a global leader in wire management solutions, pooling their combined knowledge to introduce innovative solutions to the market.
Panduit, a prominent provider of network and electrical infrastructure solutions, made headlines in January 2024 with the launch of its Wire Basket Cable Tray Routing System. This cutting-edge innovation has transformed cable management in data centers and industrial environments, boasting improved strength-to-weight ratios and simplified installation procedures.
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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