It is expected to witness expansion at a CAGR of 4.6% during the years 2019 and 2027. The market will be effected by a range of macroeconomic factors throughout the forecast period. As per recent report by Transparency Market Research, the global wiring duct market is expected to reach the value of US$524.3 Mn by the year 2027.
With the advancement of technologies, the applications of industrial automation is expanding rapidly. This is resulting in emergence of sophisticated but complicated technologies. This contributes to the increase in complexity during the interconnection of system components between sensors and top-level controllers. Hence, in order to combat the complexity, wire ducts are used to properly route as well as conceal cables and wire bundles in the control panel. Consequently, this will augment the size of the wiring duct market globally during the forecast period.
At the same time, proper disposal of ducts and recycling is a major challenge interfering with the expansion of the wiring duct market. Polyvinyl chloride cable is the commonly used duct material. It is also used for jacketing or insulating metal wires. The chemical is neither bio-degradable nor eco-friendly. Also, burning of PVC releases dioxins, which is highly toxic. The toxic byproduct enters into human food chain by contaminating water and land.
Wide Range of Industrial Application Bolster Revenue Generation
On the basis of application, the commercial segment is expected to majorly contribute in the expansion of global wiring duct market in the given forecast period. There is a high demand for cabling and wiring ducts in the telecom industry, network cabling systems, retail complexes, and hospitals for organization of bundles of cables and separate them in an electric enclosure. At present, numbers of telecom industry, IT hubs, and data centers are increasing in huge numbers. This, in result, is expected to augment the production of wiring ducts in the course of the forecast period.
Moreover, industrial application of the wiring duct has come as another driving factor in the wiring duct market. Demand of wiring ducts in oil and gas industries, grain elevators, and chemical plants is expected to boost the global duct market in the course of the forecast period.
Modernization of Industrial Processes in Emerging Economics Expands Growth Avenue
On geographical segment, the wiring market is witnessing diverse phases. The opportunities in the wiring duct market are saturated in North America and Europe due to presence of both industrial and commercial sectors on large scale. On the other side, Asia Pacific, Middle East and Asia are expected to witness surge in the demand for wiring ducts. Modernization and upgrade in the industrial processes are the main reasons behind the demands.
The companies are focusing on the expansion of the business through strategic acquisitions and partnership with various end-users. Some of the key players in the wiring duct market are Hua Wei Industrial Co., Hager Group, Phoenix Contact GmbH & Co. KG, ABB Ltd, Hammond Manufacturing and OMEGA Engineering.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Wiring Duct Market (Product Type - Slotted Wire Duct (Wide-slotted Wire Duct, Narrow - slotted Wire Duct, Round hole Wire Duct), Solid wall Wire Duct, Flexible Wire Duct; Application – Commercial, Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027”
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