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The worldwide market for cable management systems is set to expand at an annual growth rate approaching ten per cent for the next eight years.
This is according to a new analysis of the sector conducted by Market Research Engine (MRE), which estimated that the industry is set to see a compound annual growth rate of 9.4 per cent through to 2024.
This will mean the global market will surpass $34 billion (£27.8 billion) by the end of the forecast period.
MRE defines the cable management systems market as encompassing all the tools and services necessary to set up equipment for the securing of cabling within a building, including those required for power distribution and information and communications technology.
"[The] cable management system market deals with setting up or installing different cable management tools so as to shield cables for data electrical services or digital communication in a building, vehicle, organisation and industry," the researchers stated.
The company went on to explain that a correct installation or deployment of cable management tools helps in traceability of specific connections for their validation in terms of code and quality conformity as stated by the regulatory authorities.
Effective cable management solutions provide end-users with range of benefits, including increasing adaptability, reduced maintenance requirements, enhanced safety, and a reduction in both labour and operational costs.
The report identified three key drivers that are contributing to the strong growth forecast for cable management systems.
The first of these is as a result of the rise in the global construction industry, which will in turn lead to additional requirements for cabling solutions within new building developments. MRE noted that will be the primary contributing factor to the success of the industry.
At the same time, an increasing demand for different bandwidth requirements will be responsible for growth in demand for communications and networking cables, while a high acceptance of cable trays as an alternative for cable management systems will also impact the sector.
However, MRE did highlight a continued instability in the costs of key raw materials as one factor that will act as a constraint for market growth in the next few years.
Key sectors that are expected to be particularly important to the global cable management system market include construction, oil and gas, mining, logistics and transportation, healthcare, energy and utility, manufacturing, and IT and telecoms, the company noted.
