As per Future Market Insights, the cable racks market is anticipated to attain a value pool of US$ 3 billion by 2023-end. As per the report, global demand for cable racks is expected to rise at a CAGR of 9% to US$ 7 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value of Cable Racks in 2023 | USD 3 billion |
| Projected Market Value of Cable Racks in 2033 | USD 7 billion |
| Growth Rate (2023 to 2033) | 9% CAGR |
Steady rise in industrial infrastructure, including manufacturing sectors, power generation and IT & telecommunication centers is expected to contribute towards the growth of the market.
Cable racks are used in the electrical wiring of buildings, for supporting insulated electrical cables which is then used for power control, distribution and communication.
Demand from commercial buildings incorporating power supply provision is deemed to be a key end use of the device. With hefty new construction projects as well as refurbishment jobs spanning offices, airports, shopping centers, etc. the cable racks market is set to get a boost from the mentioned sector.
They are also a feasible solution for supporting requirements of power, electric signals, and instrumentation control and in communication cables. Moreover, the availability of cable racks in several styles and sizes which make them flexible and convenient for changes in wiring systems, which is further expected to boost the growth of the market. Also, substantial demand from industrial facilities and warehouses are likely to support the market growth.
High demand in the construction industry, due to rapid urbanization and rising investments in industrial infrastructure is anticipated to grow the market. The racks are utilized during the installation of new cables. It provides huge benefits as a cable management product for wiring systems across various industries.
They are also hugely adopted in industrial and commercial infrastructure for distributing a large amount of electricity in any equipment, also by resisting fire in spite of carrying heavy loads.
Growth in industrialization, higher migration to urban areas and depleting space are the factors driving the demand for the market. Lower space and the requirement of efficient insulation of electric cables without any damage to cables is also anticipated to increase the size of the market in the region.
Investments in emerging information technology and telecommunication in developing economies of India and China will further propel the market.
A high presence of large IT companies such as AOL, Yahoo, Facebook, and Google amongst many others, and stringent organizational policies for operations of workplaces and safe monitoring will favor the growth of the market in USA.
High developments and investments in residential, commercial and industrial infrastructure in the country will also contribute towards the growth of the market in the same.
Some of the leading manufacturers and suppliers of Cable racks include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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