According to the research report, the size of the Wiring Duct Market is expected to be valued at USD 5 million in 2019 and is expected to reach USD 7 million by the end of 2024, with an annual growth of 6.45% between 2019 - 2024.
Wiring Duct is an electrical technology that hides and allows routing wiring in electrical control panels. These ducts are rigid trays that are used as raceways to organize and safeguard the installations of the wiring in the electric enclosures. Due to the materials that are used in the construction of buildings and houses, it is difficult for the wiring systems to use within. Wiring ducts offer the best solution in this scenario, owing to their ease of use.
The growth of the wiring duct market is attributing to its usage as raceways for cables and wires within electric enclosures and the development of frequently changing wiring systems. The need for the wiring ducts is rising day by day due to the easy availability of raw material, mainly in the developed nations.
Recent developments
• Atkore International Group announces the acquisition of a global manufacturer of soft metal and non-metal cable protection systems, Flexicon Limited with numeral product approvals in the international market and serving the industrial and commercial sectors.
Market drivers and restraints
An increase in the construction industry's demand for the large and secure wiring systems in the housing societies, trades, commercial applications, low maintenance, and development costs are some of the major drivers that are propelling the growth of the global wiring duct market.
Also, factors like urbanization, rise in the infrastructure investments, increased demand from the IT industry, and the advent of large organizations are fuelling the worldwide wiring duct industry are driving the market toward increasing its market revenue.
But the fluctuations in the prices of raw materials and the waste management issue while recycling these ducts are the restraints of the global wiring duct market.
To know more, click here: https://www.marketdataforecast.com/market-reports/wiring-duct-market
Report Segmented as
by product type
• Slotted Wiring Duct
o Wide-slotted wire duct
o Narrow-slotted wire duct
o Round hole wire duct
by application
• Industrial
• Commercial
Geographical Analysis
• North America
• Europe
• Asia-Pacific
• South America
• Middle-East & Africa
In the regional analysis, North America has acquired a major share of the global wiring duct market. The growth in this region is attributed to the increase in the construction projects, datacentre facilities, booming IT sector, and urbanization. It is expected that Asia-Pacific is going to acquire the market in the forecast period because of the increasing CAGR it is recording day by day. It is due to the presence of developing nations like China, India in this region and increasing urbanization that the Asia-Pacific region is growing in the wiring duct market.
Key market players
• Atkore International
• Legrand
• Aliaxis Group
• Schneider Electricto
• ABB Ltd.
• Mitsubushi International Corporation
• Eaton Corporation PLC
• Fiberglass Champion Inc.
• Anamet Electrical Inc.
• Barton Engineers Ltd.
• Wheatland Tube
• Hellerman Tyton
• Robroy Industries
Check out sample: https://www.marketdataforecast.com/market-reports/wiring-duct-market/request-sample