The energy industry offers significant growth opportunities to the electrical conduit market, owing to their extensive use in power transmission. Rapidly growing world population along with economic development and urbanization has resulted in significant increase in energy demand in the past years. The rise in global energy generation has not been able to keep its pace with rising electricity demand for several years. In 2018, the global electricity demand has increased by 4% year-on-year, which is growing about twice as fast as the overall energy generation capability.
According to the International Energy Agency, “The global electricity demand in 2021 has increased by 4.5% or over 1 000 TWh. Almost 80% of the projected increase in demand in 2021 is in emerging market and developing economies, with the People’s Republic China (China) alone accounting for half of the global growth.” According to the US Energy Information Administration, the global energy demand is likely to increase to 736 quadrillions Btu by 2040. A major part of the demand for energy would come from the non-OECD countries, particularly India and China, and would account for more than half of the global energy consumption during this period. The demand is likely to be fulfilled by new generation capacity additions, which would require new transmission and distribution infrastructure, thus creating opportunities for the electrical conduit market.
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The global electrical conduit market size 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.
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.
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. Emerging economies in APAC are expected to have significant demand for electrical conduit due to the growth of the construction industry led by the rapid economic development and government initiatives in infrastructural developments. In addition, the rising population in these countries represents a strong customer base.
The electrical conduit market comprises major solution providers, Atkore International Group Inc. (US), Hubbell Incorporated (US), Legrand S.A. (France), Schneider Electric SE (France), and Sekisui Chemical Co., Ltd. (Japan) among others.
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