PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1584086
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1584086
Metal Electrical Conduit Market Trade Size was valued at USD 3,102.43 million in 2023, expanding at a CAGR of 6.60% from 2024 to 2032.
Metal electrical conduit is a protective channel that directs and safeguards electrical wiring in various environments, including commercial buildings, manufacturing facilities, and infrastructure developments. It offers mechanical protection for cables, shielding them from environmental hazards such as moisture, chemicals, and physical impact. A rigid Metal Conduit (RMC), constructed from robust galvanized steel, is installed using threaded fittings to enhance security. While RMC is esteemed for its strength and longevity, it is considered one of the pricier conduit alternatives due to the costs associated with materials and installation.
Metal Electrical Conduit Market- Market Dynamics
The expansion of smart grid networks is projected to contribute to market growth significantly. As the implementation of smart grids necessitates improved infrastructure for efficiently managing electricity distribution and communication systems, there is a rising demand for robust and dependable conduit solutions, such as metal electrical conduits. In line with its three-phase strategy, China plans to allocate an additional USD 240 billion from 2016 to 2020, which includes USD 45 billion specifically for smart grid technologies, to establish a more resilient and advanced power grid. To align with the Net Zero Emissions by 2050 (NZE) Scenario, investments in smart grids must more than double by 2030, particularly in emerging markets and developing economies (EMDEs).
Additionally, an increased emphasis on safety and compliance may present growth opportunities for the market. Conversely, high material and installation costs could pose challenges to market expansion.
Metal Electrical Conduit Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.60% over the forecast period (2024-2032)
Based on Trade Size segmentation, 2 1/2 to 3 was predicted to show maximum market share in the year 2023
Based on Application segmentation, energy was the leading type in 2023
Based on End-User segmentation, the Residential sector was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Metal Electrical Conduit Market is segmented based on Trade Size, Configuration, Application, End-User, and Region.
The market is segmented into four categories according to Trade Size: 1/2 to 1, 1 1/4 to 2, 2 1/2 to 3, and 3 to 4, as well as 5 to 6 and additional sizes. The trade size of 2 1/2 to 3 inches is the most prevalent in the market. This particular trade size is frequently utilized in larger wiring installations, such as those for power distribution and heavy machinery applications.
The market is segmented into four distinct categories according to Configuration: Rigid Metal Conduit (RMC), Galvanized Rigid Conduit (GRC), Intermediate Metal Conduit (IMC), and Electrical Metallic Tubing (EMT). Each of these configurations possesses specific attributes and uses, which in turn affect market dynamics and trends.
The market is segmented into five categories according to application: Rail infrastructure, Manufacturing facilities, Shipbuilding and offshore facilities, Process plants, Energy, and Others. The energy sector is the primary driver of market growth. Metal electrical conduits are essential in the energy sector, as they offer protection for electrical wiring utilized in power generation, transmission, and distribution.
The market is segmented into three categories according to the End-User: Residential, Commercial, Industrial, and Utility. The Residential sector holds a dominant position within the market. Metal electrical conduits play a crucial role in safeguarding electrical wiring in residential structures, thereby ensuring adherence to safety standards and regulations.
Metal Electrical Conduit Market- Geographical Insights
North America leads the market primarily due to its continuous industrialization and urbanization efforts. The expansion of sectors such as manufacturing, energy, and construction has resulted in a heightened need for dependable electrical infrastructure, with metal conduits playing a crucial role in safeguarding wiring systems in challenging environments. According to NIST's Manufacturing Cost Guide, manufacturing is responsible for 76.6% of the total environmental impact in the United States. Europe ranks as the second-largest region for market growth, driven by a rising demand for electricity. The Asia-Pacific region is emerging as a significant area for growth, propelled by swift urbanization and extensive infrastructure initiatives, while Latin America and the Middle East and Africa present moderate growth prospects due to increasing construction activities and investments in the energy sector.
The rising demand for both residential and commercial construction is intensifying competition among companies aiming to satisfy the escalating requirements for electrical infrastructure. Firms are prioritizing research and development to create innovative and enhanced conduit designs, including lightweight and user-friendly installation options, to improve performance and attract customers. Partnerships with construction companies, contractors, and distributors are instrumental in broadening market access and improving service capabilities.
Schneider Electric has introduced a pioneering range of products and solutions designed to enhance the capabilities of future homes and buildings. These cutting-edge Home Energy Management solutions were showcased at BuildCon 2024, one of the largest gatherings of developers and contractors held in Goa. This flagship event of Schneider Electric focused on the theme 'Future Forward - Switch to Smart'.
Atkore Inc..has announced the release of Environmental Product Declarations (EPDs) for its portfolios of Galvanized Steel, Stainless Steel, and PVC Conduit & Fittings. Each EPD, validated by an independent third party, includes a life cycle assessment of the product, evaluating its environmental impact in terms of greenhouse gas emissions, energy consumption, water usage, waste production, and various other factors.