Global Cable management system market research and analysis 2015-2022
The Cable Management system market is projected to witness exponential growth rate during the projected period. According to analysts’ estimate the Cable Management market is anticipated to grow at a CAGR of 12.3% during 2016-2022. The insulation, as well as installation of cables within communication systems or in electronic devices in order to avoid detrimental situations, is being referred to as cable management system. Rapid growth in the construction sector is the key factor driving the global cable management system market. Gradually, the global construction sector is regaining strength after undergoing a prolonged period of sluggishness due to the scenario of the financial crisis. In 2015, the global construction market was valued $8.5 trillion, up from $7.5 trillion in 2010. As per United Nations Environment Programme "Global Construction 2020", the value of overall construction market is projected to hit $12 trillion by 2020. Over the next decade, around $97.7 trillion is estimated to be spent on construction globally. Along with it by 2020, the construction industry is expected to account for 13.2% of global GDP. Furthermore, wide application of cable management system across industries has also attributed extensively towards the growth of the global market. Cable management system has found its application across IT & telecommunication, manufacturing & automation, marine, mining, commercial, construction, healthcare, energy and various other industries including transportation.
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Technological advancements and lower installation costs are likely to act as a high impact rendering drivers for the global cable management system market. Temperature & heat resistant solutions in automobile & aerospace industries, high-speed connectivity in telecommunication, products with high strength in the construction sector and data centers in IT are some of the advanced forms of cable management products. However, volatile raw materials prices are hampering the growth of the global cable management system market. Copper, plastic, aluminum and rubber are the major raw materials that are being commonly used for manufacturing cable management products. Fluctuations in the price of these raw materials affect the operation & procurement costs which in turn influences the overall cost of the cable management product. Due to such factors, the cable management market becomes unpredictable as well as experiences minimal growth rate.
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The global Cable Management market can be geographically bifurcated into North America, Asia-Pacific, Europe, and RoW. In 2016, North America leads the global cable management market. The growth of the North America market is backed by the high adoption of innovative and advanced cable management solutions on account of cost-effectiveness, safety & security, space-saving features and flexibility. In addition to, Asia Pacific is anticipated to be the fastest growing region owing to the rapid urbanization & industrialization within the region. Rapid urbanization in Middle East & Africa and in Asia Pacific is expected to propel construction activities, especially in BRIC nations attracting a significant demand for cable management products in the upcoming years. Major players of cable management market like Far East Smarter Energy Co. Ltd. and Baosheng Group have opened their new manufacturing plants within China due to low labor cost and easy availability of raw materials. The presence of such factors drives the cable management market in the region. Asia Pacific has also emerged as one of the opportunistic market for cable management market due to high investments in energy, infrastructure and technology development. Regional countries like India have introduced billion dollar investment projects in telecommunication, infrastructure, energy and others. One of its finest example is "Make in India" which permits 50-100% Foreign Direct Investment for IT, manufacturing, construction and various other industries attributing significantly towards the growth of the cable management market.