Press Release
Growing urban population is expected to propel growth of the global cable management systems market. For instance, according to Macrotrends LLC, China urban population for 2018 was 823,827,650, a 2.52% increase from 2017. Moreover, increasing adoption of IT services in the healthcare sector is also expected to aid in growth of the market. For instance, in April 2020, Accenture Federal Services, a subsidiary of Accenture, Plc, received a US$ 96 million task order to help the U.S. Department of Veterans Affairs provide consumer-grade IT and mission service experiences.
Among regions, North America is expected to witness significant growth in the cable management systems market, owing to significant investment in the infrastructure sector. For instance, in February 2020, The U.S. Department of Transportation published a Notice of Funding Opportunity to apply for US$ 1 billion in 2020 for upgrading infrastructure across the U.S. Moreover, increasing construction spending is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, construction spending in the U.S. increased by 1.8% from the previous month to a record seasonally adjusted annual rate of US$ 1.37 trillion in January 2020, up from a revised 0.2% increase in December and above market expectations of a 0.6 percent gain.
Increasing labor cost is expected to hinder growth of cable management systems market in Europe. For instance, according to Eurostat press release in April 2019, in 2018, hourly labor costs in the whole economy expressed in € rose by 2.7% in the EU and by 2.2% in the euro area compared to 2017, with Latvia (+12.9%), Lithuania (+10.4%), Estonia, and Slovakia (both +6.8%) witnessing the highest increase. Moreover, fluctuations in costs of raw materials is also expected to limit growth of the market.
Increasing expenditure on telecom infrastructure and services is expected to propel growth of cable management systems market in Asia Pacific. For instance, according to India Brand Equity Foundation, as of January 2019, the Government of India’s expenditure on telecom infrastructure and services increased by six fold to US$ 8.31 billion during 2014-19.
Competitive Analysis
Key players operating the global cable management systems market include, Marco Cable Management, Schneider Electric SE, Maxell Industries LLC, Legrand SA, Kripson Electricals, Thomas & Betts Corporation, Allied Tube & Conduit, Chatsworth Products, Inc., TE Connectivity Ltd., TransDelta International Industries LLC, Hilti Group, Oglaend System Group, Enduro Composites, Inc., and Niedax Group.
April 2020: Chatsworth Products, Inc. collaborated with RF Code to deliver integrated wire-free monitoring and management for eConnect Power Distribution Units.
