PUBLISHER: The Business Research Company | PRODUCT CODE: 1391185
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391185
“Electrical Conduit Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on electrical conduit market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electrical conduit? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The electrical conduit market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Electrical conduit refers to tubes designed to house electrical wires for various building or structural applications, providing protection and a designated passage for electrical wiring within a building or structure. The use of electrical conduit helps safeguard wires from external environmental damage over an extended period.
The main types of electrical conduit include rigid and flexible options. Rigid electrical conduit is typically employed outdoors to offer protection and structural support for electrical cables, panels, and other equipment. On the other hand, flexible electrical conduit features a spiral construction that imparts flexibility, allowing it to navigate through walls and other structures. It is generally used in dry indoor locations, often for short runs between a wall box and a motor or fixed appliance, such as a garbage disposer. Electrical conduit materials include metallic and non-metallic options, serving various end-use industries such as building and construction, industrial manufacturing, IT and telecom, oil and gas, energy and utility, among others.
The electrical conduit market research report is one of a series of new reports from The Business Research Company that provides electrical conduit market statistics, including electrical conduit industry global market size, regional shares, competitors with an electrical conduit market share, detailed electrical conduit market segments, market trends and opportunities, and any further data you may need to thrive in the electrical conduit industry. This electrical conduit market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The electrical conduit market size has grown strongly in recent years. It will grow from $6.83 billion in 2023 to $7.37 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth observed in the historical period can be attributed to several key factors, including the rise in building and construction activity, increased installations of electrical wiring and cables, ongoing industrial and commercial development, a heightened demand for the safety and protection of electrical wiring, and the rapid urbanization and infrastructure development taking place during that time. These factors collectively contributed to the expansion of the electrical conduit market in the historic period.
The electrical conduit market size is expected to see strong growth in the next few years. It will grow to $9.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be attributed to various factors, including infrastructure upgrades and maintenance initiatives, the expansion of renewable energy projects, an increased demand for fiber optic conduits, the modernization of smart grids and electrical infrastructure, global market expansion, growth in emerging markets, and the expansion of data centers and IT infrastructure. Major trends expected in the forecast period encompass the integration of smart building technologies, the promotion of sustainability and eco-friendly conduit solutions, technological advancements in conduit materials, innovations in advanced conduit materials, and the introduction of flexible and rigid conduit solutions to cater to evolving market needs. These trends reflect the evolving landscape of the electrical conduit market in response to technological advancements and market demands.
The electrical conduit market is poised for growth, primarily driven by the increasing demand for electricity or power generation. This demand surge is a result of rapid industrialization and urbanization, creating a need for electrical conduits to support the expanding infrastructure. According to the International Energy Agency (IEA) report in 2021, there is an anticipated 5% rise in electricity demand, highlighting the global need for increased power generation. Additionally, with the global population expected to grow by about two billion over the next two decades, the Upstream Oil & Natural Gas Industry in Canada estimates a 49% increase in electricity generation by 2040. This upsurge in demand for electric power generation is expected to be a key driver for the growth of the electrical conduit market.
The escalating production in the oil and gas sector is another significant factor propelling the electrical conduit market. Oil and gas production, involving the extraction of crude oil and natural gas, relies on electrical conduits to ensure the safe and reliable operation of electrical systems in these facilities. Conduits play a crucial role in protecting cables, enhancing safety, and contributing to the longevity of electrical equipment in the challenging environments of oil and gas production facilities. Notably, the increase in U.S. crude oil output and record-high natural gas consumption in the U.S. in 2022 and 2023, as reported by the US Energy Information Administration, underscores the growing demand for electrical conduits in supporting the expanding oil and gas production.
Technological advancements emerge as a key trend in the electrical conduit market, with companies continuously focusing on innovations for better and safer conduit systems. In 2021, Finolex Cables, an India-based electric cable company, introduced conduits and fittings with specially formulated PVC made from high-impact resistant materials. These advancements enhance the safety and usability of conduit systems across diverse environmental conditions, meeting stringent international standards. This emphasis on technological innovation reflects the commitment of industry players to provide improved and safer solutions in the electrical conduit market.
Major companies in the electrical conduit market are strategically focusing on innovative products, such as the Cable Tight system, to drive revenue growth. The Cable Tight System represents a waterproof electrical conduit system designed to withstand challenging subterranean environments while providing the flexibility for accurate and on-schedule installations. A notable example is Franklin Electric Co. Inc., a US-based company specializing in electrical conduit manufacturing, which launched the Cable Tight system in July 2023. This system utilizes continuous lengths of HDPE conduit with press-fit fittings for quick, precise, and leak-proof conduit installation. The Cable Tight, made of HDPE, is available in ¾' and 1' flexible conduit options and can be easily rolled out into long continuous runs without joints, offering 1,000 or 1,500-foot pre-loaded reels. The Cable Tight system's impenetrable and secure technology ensures reliable performance, allowing sites to remain online for extended durations.
In a strategic move in November 2022, Atkore International Group Inc., a US-based company specializing in electrical and mechanical products, acquired Elite Polymer Solutions for $91.6 million. This acquisition strengthens Atkore's HDPE conduit product offering, broadening its national reach and better meeting the increasing demand for subterranean protection in the telecom, utility, and electrical sectors. Elite Polymer Solutions, a US-based manufacturer of high-density polyethylene (HDPE) conduit, contributes to Atkore's portfolio, enhancing its capabilities and positioning in the electrical conduit market. This strategic acquisition underscores the industry's commitment to innovation and growth through partnerships and the expansion of product offerings to meet evolving market needs.
Major companies operating in the electrical conduit market include ABB Ltd., Ali Axis Group, Atkore International Group Inc., Cantex Inc., Champion Fiberglass Inc., China Lesso Group Holdings Ltd., Dura-Line Corporation, HellermannTyton Group PLC., Hubbell Incorporated, Legrand, Alary & Joquel Company., Nan Ya Plastics Corporation, OPW Corporation, Robroy Industries Inc., Schneider Electric SE, Sekisui Chemical Co., Thomas and Betts Corporation, Wienerberger AG, Zekelman Industries Inc., AFC Cable Systems, AKG Group GmbH, Anamet Electrical Inc., Astral Poly Technik Ltd., Calpipe Industries Incorporated, D.P. Jindal Group, Eaton Corporation PLC., Electri-Flex Company, igus inc., International Metal Hose Company, JM Eagle Inc., Calpipe Industries Inc., Conduit Pipe Products Company, Eaton Corporation, Flex-It Co. Inc., Graybar Electric Company Inc., HellermannTyton Ltd., IPEX USA LLC, Kaf-Tech Inc., National Pipe & Plastics Inc., Ocal Ltd.
Asia-Pacific was the largest region in the electrical conduit market in 2023. Asia-Pacific is expected to be the fastest growing market in the electric conduit market during the forecast period. The regions covered in electrical conduit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the electrical conduit market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The electrical conduit market consists of sales of conduit bodies, bends, coupling, drains. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this electrical conduit market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.