Transparency Market Research has released a new market report entitled “Cable Management System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024.” According to this report, the global cable management system market revenue stood at US$ 14.73 Bn in 2015 and is expected to reach US$ 33.94 Bn by 2024, at a CAGR of 9.8% from 2016 to 2024.
The growth in the construction industry in BRICS economies along with the major infrastructure development projects, both ongoing and planned, in MENA are driving the growth of the cable management system market globally. Furthermore, continued investments in infrastructure and growing global energy demand, the renewal, and upgrade of existing networks in mature economies, and the acceleration bandwidth requirements are boosting the demand for cable management products. The global cable management system market is expected to be valued at US$ 33.94 Bn by 2024. However, volatility in raw material prices and the high fragmentation of the cable management system market at regional levels hampers the global cable management system market’s growth.
The global cable management system market is more than 65% product based. The cable tray segment led the market in 2015, accounting for around 14% of the global revenue share. It is expected to continue its dominance throughout the forecast period due to the product’s features such as adaptability, reliability, inherent safety features, ease of maintenance, cost-saving design criteria, high weight-holding capacity, and compactness.
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The metallic cable management system segment held the major share of 63.0% in the cable management system market. As the metallic cable management system has a robust structure, easy installation, and high insulation capacity, the segment continues to be highly adopted as compared to non-metallic cable management systems.
The construction end-use industry segment held a major share of the cable management system market in 2015. The construction industry has to deal with dense cable population which further leads to damage or bunching of cables. This factor generates the significant need for cable management systems in this industry. The residential sector in the construction industry is expected to have a significant adoption of cable management system worldwide due to high demand from urban centers where the sale of products that utilize cables is high.