DUBLIN, October 27, 2021--(BUSINESS WIRE)--The "Global 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 - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
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.
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.
Non-metallic segment is expected to grow at higher CAGR in the electrical conduit market during the forecast period
Non-metallic conduit is common both in rigid and flexible conduits. These conduits are easy to install, lightweight, and hand bendable. Furthermore, non-metallic conduit also offers resistance to corrosion and good protection from moisture ingress. Non-metallic materials used for electrical conduit include PVC, PP, HDPE, and other materials. For use above ground, non-metallic conduit must be flame retardant, tough, and resistant to heat, sunlight, and low-temperature effects.
Building & construction segment accounted for the largest in the electrical conduit market during the forecast period
The building & construction segment accounted for the largest share of 54.6% of the overall electrical conduit market in 2020. Building & construction is the dominant end-use industry in the electrical conduit market. The building & construction industry can be divided into residential and commercial segments. Commercial buildings include shops, shopping malls, restaurants, banks, hotels, warehouses, offices, and so on. According to the National Fire Protection Association, "Electrical failures were considered to be the second-leading cause for fires, and it resulted in around 13% of the US homes catching fire due to unattended equipment and wires. Also, 18% of the civilian deaths with around 20% of property damage are due to electrical failures.
Wiring systems in buildings may be subject to frequent alterations. Frequent wiring changes are made simpler and safer through the use of electrical conduit, as existing conductors can be withdrawn and new conductors installed, with little disruption along the path of the conduit. Furthermore, an electrical conduit is used to protect and route electrical wiring in a building or structure. For workshops and public buildings, conduit wiring is the best and most desirable system of wiring and also provides protection and safety against fire.
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.
High Demand for Electrical Conduit due to Their Beneficial Properties
No/Less Risk of Electric Shock & Fire When Using Electrical Conduits
Volatility in Raw Material Prices
Increasing Demand for Electrical Conduit for Electricity/Power Generation
Population Growth and Rapid Urbanization Translating to Large Number of Construction Projects
Difficulty in Finding Defects & Managing/Adding Additional Connections in the Future
Anamet Electrical Inc.
AT&T Intellectual Property I L.P
Atkore International Group Inc.
Bridgeport Fittings Inc.
Cascade Microtech Inc.
Conduit S.A. de C.V.
Helenge Sul - Industrial Supplies Corp.
Hellermanntyton Group plc
International Metal Hose Company
JM Eagle Inc.
Krona Tubos e Conexoes
National Pipe & Plastics, Inc.
Premier Conduit Inc.
Puhui Industry Co. Ltd
Schneider Electric SE
Sekisui Chemical Co. Ltd.
Thomas and Betts
Tigre Group S.A.
Zekelman Industries Inc.
For more information about this report visit https://www.researchandmarkets.com/r/9v8ay2
View source version on businesswire.com: https://www.businesswire.com/news/home/20211027005808/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900