The cable management market was valued at USD 22.50 billion in 2022 and is expected to reach a value of USD 37.81 billion by 2031 at a CAGR of 10.94 %, over the forecast period. With ongoing technological progression with an aim to circumvent electrical & mechanical losses across a network will positively influence the transmission lime market which in return will boost the market for cable management.
– Further, increasing reserves in smart grid technology, growing renewable energy production, and government initiatives for upgrading the transmission and distribution systems are expected to drive this market. Proper cable management will help in fire safety and determining the defective wire which will reduce any hazardous event during transmission and distribution systems or energy production.
– Moreover, the cable management for optical fiber cables provides network reliability, better performance along with bend radius protection, and physical protection. Therefore, ongoing developments in telecommunication and the need for repair and maintenance of the existing technology foster the growth of the cable management market.
– However, fluctuating prices of raw materials such as plastic, and aluminum are one of the key factors which are hindering the growth of this market.
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Scope of the Report
Cable management refers to the management of electrical or optical cable in a cabinet. Products such as cable trays, cable ladders, and cable baskets are used to support a cable through cabling routes. With the ongoing developments and need for upgrading the existing technologies, in various verticals such as IT and Telecom, healthcare, energy, and utility the need for cable management is also growing. Moreover, the ability to quickly access the cables that need to be maintained, troubleshoot the network and hardware and perform basic tasks are some of the reasons cable management is important.
Key Market Trends
Energy Sector Offers Potential Growth
– The electricity transmission market is currently undergoing a major change with countries in pursuit of better efficiencies and more suitability for wheeling renewable energy. Increasing renewable power capacity has also increased the need for countries to interconnect their transmission systems in order to balance generation and demand through export and import of electricity.
– This, in turn, has pushed the construction of higher capacity interconnection lines which requires proper cable management to function smoothly.
– According to OMICS International, less than 0.02% of available solar energy resources are sufficient to entirely replace fossil fuels and nuclear power as an energy source. Thus, solar PV uses and applications have been justified and strongly recommended for grid electrification which in return creates a market for cable management market.
– Moreover, in the developing nations like, India which receives twice as much sunshine as compared to European countries, solar power is used as an effective renewable energy generation source. Thus, the Government of India has set a goal to raise solar power generation to 100 GW by 2022. All these initiatives will help solar energy to increase which in return will help the cable management market to flourish because it will ensure that space is utilized while wiring and maintains proper network performance of those wires with proper industry standards.
Asia- Pacific to Witness Fastest Growth
– Owing to huge investments in infrastructure, telecommunications, energy, and technology development by emerging nations like India and China, it is creating huge opportunities for the cable management market.
– Moreover, according to NITI Aayog, India is home to 18% of the world’s population but uses only 6% of the world’s primary energy. India’s energy consumption has almost doubled since 2000 and the potential for further rapid growth is enormous. Urbanization will be a key diver of this trend which in result will create a positive outlook for the cable management market.
– Further, Japan is hosting Summer Olympics 2020 which will ensue in infrastructural development, which is anticipated to propel the growth of cable management market during the forecasted period
– Therefore, all the above factors combined will fuel the cable management market in the Asia-Pacific region during the forecasted period.
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