The global wire and cable management market is expected to grow at a CAGR of 8.36%, from 2018 to 2023, to reach a market size of USD 25.26 billion by 2023. The increasing demand for easy-to-handle cables and better aesthetics, continuing investments in infrastructural development, and rapid industrialization is expected to drive the wire and cable management market during the forecast period.
The wire and cable management market is dominated by major players that are established brand names with wide regional presence, along with many local and regional players in emerging economies. The leading players in the wire and cable management industry include Legrand (France), Atkore (US), Eaton (Ireland), Panduit (US), and Obo Bettermann (Germany).
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The industrial segment is a key segment of the wire and cable management market, by end-user, from 2018 to 2023. The market for this segment is driven by increasing investments in power and utilities, manufacturing, and oil & gas industry in the developing countries of Asia Pacific and Middle East & Africa. Need to reduce carbon emissions is leading to the increased demand for cleaner sources of power generation, which in turn, are causing the rise in demand for wire and cable management products that would significantly boost the efficiency of heavy-duty systems in wind turbines and solar power plants.
Power cables market segment is expected to grow at the fastest rate from 2018 to 2023. This is due to various factors including high demand for electrification of homes and increased investments in the power distribution sector. Power cables are widely used in residential, commercial, and industrial applications. Rising investments in the power generation sector through clean energy sources, such as solar and wind energy, is expected to drive the power cable segment of the wire and cable management market.
Cable tray & ladder market segment of the wire and cable management market, by product, is estimated to grow at the fastest rate from 2018 to 2023. Factors such as the capability to handle large quantities of cables, especially in the harsh outdoor industrial sector, are driving the cable tray market. Low installation cost, flexible wiring system, and safety in critical end-user applications, such as oil & gas refineries and power plants, would drive the cable tray & ladder wire and cable management market.
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The wire and cable management market has been segmented by region into Asia Pacific, Europe, North America, Middle East & Africa, and South America. Asia Pacific is projected to grow at the fastest rate, from 2018 to 2023, followed by North America and Europe. Countries such as China and India are the largest markets in Asia Pacific and have increased their investments in the infrastructure and power sectors in the recent past. China accounted for the maximum share in the market in Asia Pacific in 2017 and is projected to grow at the highest CAGR of 9.74%, from 2018 to 2023. Growing urbanization, increasing industrialization, growing construction sector, and increasing investment in renewable power sources are the major factors impacting the growth of the wire and cable management market in this region.