According to Marketsandmarkets report, the wire and cable management market is expected to grow from an estimated USD 16.91 billion in 2018 to USD 25.26 billion by 2023 at a CAGR of 8.36 per cent during the forecast period. The market is set to witness growth due to the rising demand from data center and IT facilities and the growing construction sector.
The power cable segment is expected to be the largest segment of the wire and cable management market by cable type in 2018. Power cables are widely used in the power distribution sector to distribute power and can be installed overhead as well as underground in the industrial, commercial, and residential sectors. High demand for electrification of homes, increased investment in power distribution, and growth in the household sector in developing countries are the key drivers for the growth of the power cable wire and cable management market.
Conduits and trunking are used to protect cables from damage and can be used in almost any location including homes, commercial spaces, and industrial sectors. Rising urban population and need for advanced infrastructure in regions such as Asia Pacific and the Middle East are thrusting the deployment of conduits and trunking system.
In this report, the wire and cable management market has been analysed with respect to five regions, namely, Asia Pacific, North America, Europe, the Middle East & Africa, and South America. Asia Pacific is the largest wire and cable management market, by region, during the forecast period. Rising urbanisation and proliferation of electrification, demand from the construction and mining sectors, growing awareness of energy savings, and supportive government plans are expected to drive the market for wire and cable management in this region. China, India, and Japan are the leading countries among others which would contribute to the growth of the wire and cable management market in Asia Pacific.