Cable Raceway Systems Market Size, Share, Growth, and Industry Analysis by Type (Metal, and Non-metallic) By Application (Energy and Utility, Industrial Manufacturing, Transportation, IT and Telecom, and Others) Regional Forecast (2022-2028)

Report Overview

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The cable raceway systems market size is expected to be worth USD 819.1 million in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with the cable raceway systems market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 1,222.3 million by 2028, exhibiting a CAGR of 6.9% during the forecast period. The sudden surge in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The term "Cable Raceway System" describes a channel for running cables through that mounts on a wall, desk, or other surface and hides wires or cables so your setup looks nice and pretty. An enclosed conduit known as a raceway system creates a physical path for electrical wiring. Raceways shield wires and cables from physical dangers such as heat, humidity, corrosion, water intrusion, and general abrasion. Raceways play a significant role in the construction of blade servers and sophisticated data centres. A grounded metallic conduit offers radio frequency shielding to reduce the possibility of electromagnetic interference problems (EMI). Plastic conduit is sufficient in some systems. Plastic conduit is mostly used to contain coaxial cables or other types of cable that have their own RF shielding, though, because it provides neither electrical grounding nor RF shielding. Cables and wires are protected by raceway systems from a variety of elements, including heat, humidity, water irradiation, corrosion, and physical dangers. Raceways, which play a crucial role in electrical wiring, are in charge of safeguarding the inner workings of electric systems to stop any damage from happening. Raceway systems that are installed in accordance with the NEC safeguard people and property from electric dangers.

Various applications of cable raceway systems include in transportation, energy, and utility, IT and telecom, industrial manufacturing, etc. The rapid expansion of industrial infrastructure as well as the rise in expenditure for the construction of new industries are driving the market growth. Even though there are lots of benefits and applications for the cable raceway systems, the cable trays that hold cable raceway systems can get moist which may eventually result in damage of this raceway system.

COVID-19 Impact: Halt on Machinery and Equipment to Hamper Market 

As a result of COVID-19, the cable raceway systems market growth has also been drastically affected. Manufacturing and supply chain businesses have been severely impacted by the COVID-19 pandemic. Due to the pandemic, manufacturing facilities experienced temporary shutdowns or 50% operating capacity, supply chain disruptions, material shortages, and closures of international borders, among other things. The disruption in supply chain affected most of industries including telecom, energy and utility, industrial manufacturing, etc. which thereby negatively affected the market. The ease of restrictions imposed by the government is expected to bring back the market in a developing phase.

Latest Trends

"Growing Energy Sector to Drive Market Growth"

The construction of more new power plants to meet the growing demand for energy and the adoption of new clean energy generation sources are expected to support industry growth. The use of cable raceway systems over their counterparts, such as conduits and trunks, is widespread because of their ease of installation and dependable, secure operation. These products are a crucial component of wire management systems.

Segmentations

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• By Type

The market is classified into metal, and non-metallic based on type. The metal segment will lead the cable raceway systems market share throughout the forecast period.

• By Application

The market is classified into energy and utility, industrial manufacturing, transportation, it and telecom, and others on the basis of application. The energy and utility segment will lead the cable raceway systems market share throughout the forecast period.

Driving Factors

"Rising Demand for Technological Facilities to Drive the Market Growth"

The usage of cable raceway systems in the IT and telecom industry is expanding rapidly due to the rising demand for technological facilities and data centres for efficient virtual support across the globe. The telecommunications industry is expanding its service and coverage throughout the world and solidifying its place in people's daily lives. In the past decade, telecommunications has grown to become an industry with a huge impact on global social and economic development.

"Rapidly Expanding Construction Industry to Drive Market"

The market trends are expected to be shaped by rising investment in the construction of new commercial and industrial facilities as well as renovation work being done on existing buildings to meet energy efficiency goals. The demand for cable raceway systems will rise as a result of successful efforts by various governments to build substantial structures and increase the overall effectiveness of the buildings.

Restraining Factors

"Moisture Accumulation in Solid Bottom Cable Tray to Restrain Market Growth"

There is a drawback to the solid bottom cable tray system which might affect the market growth. Because of this, moisture may accumulate in the cable trays. As the cable raceway systems are being held on these trays, there are chances of getting the moisture to the raceway systems as well. Electrical equipment could deteriorate or fail as a result of moisture. Electrical system outages and exorbitant maintenance costs could be caused by electrical equipment failures.

Regional Insights

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"Asia Pacific to Hold the Largest Market Share Owing to Rapid Urbanization"

Asia Pacific region is expected to hold the majority of the market share throughout the forecast period. Some of the key drivers of market growth in the Asia Pacific region are rising construction activities, rapid urbanization, a growing population, rising disposable incomes, and the expansion of the IT and telecommunications industry. During the forecast period, it is anticipated that China's expanding residential construction and healthcare infrastructure will help the market even more. Asia Pacific is therefore anticipated to grow significantly during the forecast period.

After Asia Pacific, Europe is expected to hold the second largest market share. The quick infrastructure development in these areas to satisfy both public and private needs, as well as the expanding construction industry, are anticipated to drive the global cable trays market. The presence of the majority of the market players also aids to the market growth in this region.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage  "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Legrand SA (France)
• HellermannTyton (U.K.)
• Schneider-Electric (France)
• Hubbell (U.S.)
• Unitech (India)
• Guangdong Songsu (China)
• Niedax Group (Germany)
• Marco Cable Management (U.K.)
• Enduro Composites (U.S.)
• Leviton Manufacturing (U.S.)
• UNIVOLT (U.K.)
• Voestalpine Metsec plc (U.K.)
• D-LINE (Denmark)
• Guangdong Hongji (China)
• Electriduct (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.