The Electrical Conduit Pipe Market is bound to grow graciously In Upcoming Years. With personalization on every business front being the epicenter, digital transformation will be seen taking a personalized turn. This would cater to domain-specific requirements along with end-users of that particular domain. As enterprises do have data in volumes, streamlining could be done well with digital transformation. It would certainly be a good lift to the industry overall.
Growing need for building and structure safety measures across residential, commercial, and industrial sectors is a driving factor for rising demand for the use of electrical conduit pipes. The residential and commercial sectors, especially, have witnessed significant growth in recent years, which is estimated to persevere over the coming years. Demand for plastic variants of electrical conduit pipes is surging, more so across the regions of Asia and North America.
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As per Persistence Market Research analysis, the global electrical conduit pipes market is estimated to expand at a value CAGR of around 5% over the forecast period of 2021-2031.
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Key Takeaways from Electrical Conduit Pipes Market Study
- Demand for PVC electrical conduit pipes has seen prominent growth in recent years, and expected to spectacle over the forecast period. These pipes are reliable and durable, with lightweight, flexibility, and flame-resistant properties.
- Demand for conduit pipes from the residential and commercial sectors is expected to surge over the coming years. Electrical conduit pipes are extensively used to protect and route electrical wiring.
- Countries in East Asia and South Asia Pacific have significant growth opportunities over the forecast period due to rapid industrialization and urbanization.
- Increasing demand for highly-insulated non-conductor and corrosion-free electrical conduit pipes is expected to push global sales.
- Demand for high standard material pipes has seen tremendous growth. Demand in applications such as electrical wire cables and IT & telecommunication has been rising steadily in recent times.
- The market in China and India is projected to expand at a healthy CAGR of around 5% through 2031.
- The electrical conduit pipes market in the U.S. is expected to surge ahead at a CAGR of more than 5% over the next ten years.
- Due to the COVID-19 pandemic, the market saw a drastic fall and witnessed a CAGR of -6.1 in 2020. Recovery will be gradual, with the growth rate pegged at -2.2% for 2021, and 4.3% for 2022.
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