The market for electrical conduit is anticipated to reach USD 27.79 billion by 2028, at a CAGR of 5.7% from 2022 to 2028, from an estimated USD 18.75 billion in 2021. The growing speed of industrialization and urbanisation, as well as the increase in demand for energy or power generation globally, are the market-driving drivers for electrical conduit. The adoption of safety rules by governments and rising public awareness of safety issues both contribute to the growth of the electrical conduit industry.
Effect of COVID-19 on the global market for electrical conduit
The COVID-19 pandemic had a significant negative influence on the electrical conduit industry in 2020, significantly lowering its CAGR. Nevertheless, given the influence of the building sector on the economy, recovery is anticipated. Despite the possibility of continued operation, delays and halts are anticipated due to supply chain disruptions, a labour and material scarcity, and other factors. Manufacturers and suppliers of electrical conduit were heavily impacted in 2020 by safety and governmental directives that were issued at the federal, state, and local levels. Every industry in the globe has been impacted by the COVID-19 epidemic. Shelter-in-Place Orders issued at the state and local levels, as well as federal government (US) guidelines to stop the virus’ spread, have compelled businesses to alter or disrupt their regular business operations. Manufacturers of electrical conduit were impacted in 2020 as a result of laws requiring business closures, societal conventions of segregation, and reduced municipal and state government office activity. However, the pandemic hindered the need for electrical conduit, primarily because the building industry’s demand for these conduits decreased.
Dynamics of the Electrical Conduit Market
Driver: Electrical conduit is in high demand because of its advantageous features.
Electrical wiring is protected and routed using an electrical piping system known as electrical conduit. In the field of mechanical and electrical engineering, it is used to shield cables, wires, and data lines from heat, cold, tensile stress, pressure stress, and other environmental factors. Conduits of all kinds are available from a wide range of brands and manufacturers for a wide range of applications and technical specifications.
These electrical conduit systems, which are generally employed for safety reasons, are among the most dependable & well-liked wiring systems on the market. One of the safest wiring solutions, electrical conduit presents an attractive perspective of electrical wire. Because they shield the encased conductors from damage, moisture, and chemical vapours, these conduit systems are in higher demand. It is also long-lasting and can be used for many years. Electrical conduit also shields the insulation from unintentional harm. A conduit will not allow the flow of flammable gases or vapours when it is installed with the right sealing fittings, protecting against fire and explosion threats in areas handling volatile substances. Electrical conduit is a desirable wiring system because of these qualities.
Request Access Full Report is Available:@ https://www.zionmarketresearch.com/report/plastic-conduit-market
Volatility in raw material prices is a restraint.
Prices for the energy and raw materials used to make electrical conduit are unstable and are predicted to remain so during the projection period. The units of the value chain, which comprise procurement and operating costs, are directly impacted by the pricing of these commodities. The producers’ profit margins are impacted by price changes that occur suddenly. Plastic (HDPE, PP, PVC, and other types), stainless steel, and aluminium are a few of the primary raw materials used to make electrical conduit. The primary driver of price changes for these basic materials is volatility in the cost of energy and crude oil, which are needed in their production and transportation. The pricing of the final goods also fluctuate as a result of these changes.
The fluctuating price of energy and crude oil could push up the cost of raw materials, which would then push up the price of raw materials used in electrical conduit. Therefore, the cost of electrical conduit is directly impacted by the costs of these materials. Additionally, vendors may raise the price of their goods or cut their profit margins in response to rising raw material costs, which will have a negative impact on the market’s expansion.
A growing market exists for electrical conduit used in the production of electricity.
Due to their widespread use in power transmission, the energy sector presents the electrical conduit market with considerable potential opportunities. The world population is expanding quickly, and this, combined with economic growth and urbanisation, has led to a major rise in energy demand in recent years. For a number of years, the increase in global energy production has not been able to keep up with the growth in electrical consumption. The global demand for electricity climbed by 4% in 2018, expanding twice as quickly as the capacity for all forms of energy production.
The International Energy Agency reports that the world’s energy demand increased by 4.5%, or more than 1000 TWh, in 2021. With China alone accounting for half of global growth in 2021, emerging market and developing economies will account for nearly 80% of the predicted rise in demand. The US Energy Information Administration projects that by 2040, the world’s energy demand will have reached 736 quadrillion Btu. More than half of the world’s energy consumption over this time period would be accounted for by non-OECD nations, particularly India and China, which would account for a significant portion of the energy demand. The market for electrical conduit would benefit from new transmission and distribution infrastructure being built in order to meet the demand, which is likely to be met by new generation capacity expansions.
Finding flaws and managing/adding new connections in the future will be difficult.
Installing an electrical conduit system takes longer than usual because it is challenging to do it. This conduit requires more time to install and is not a simple or quick process to install. It is exceedingly difficult to locate any defects or wiring faults in these electrical conduit systems and the fault-finding process is very complicated. Once electrical conduits have been created, it might be difficult to locate problems and fix the wiring. Additionally, it is challenging to adjust the position of switches once their placement has been determined. Additionally, managing additional connections in the future is extremely difficult. These challenges with electrical conduits present a significant challenge.
Request a Sample Copy of the Research Report:@ https://www.zionmarketresearch.com/sample/plastic-conduit-market
Plastic Conduit Market: Competitive Landscape
Some of the significant players in the global plastic conduit market include:
- Sanco Industries Ltd.
- International Metal Hose Company
- Premier Conduit Inc.
- Zekelman Industries Inc.
- Pipelife International GmbH
- D.P. Jindal Group
- Nan Ya Plastics Corp.
- China Lesso Group Holdings Ltd.
- Astral Polytechnik Limited
- Orbia Advance Corporation
- Atkore International Group Inc.
- National Pipe & Plastics Inc.
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa