The
global manhole covers
market is
fragmented due to the presence of large number of international, national, and
regional players, observes Transparency Market Research. Competition among the
leading players is expected to increase as they are engaged in strategic
business development methods. They are also investing in mergers and
acquisition, collaboration, partnership, and innovation to strengthen their
position in the market in the coming years. According to the report, some of
the key players operating in the global manhole covers market are Prime
Composites Australia Ply Ltd., Fibrelite, Crescent Foundry, Polieco Group,
Ducast Factory, Eagle Manufacturing Group, Terra Firma Industries,
Saint-Gobain, Forecourt Solutions, and Hygrade Products Limited.
According to
Transparency Market Research, the global manhole covers market is anticipated
to reach a valuation of US$4.8 bn by the end of 2026. In 2017, the market
earned US$3.65 bn. if the global manhole covers market rises at 3.15% CAGR
between 2018 and 2026, it might attain this revenue.
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Depending on
types of products, the composite covers segment is expected to lead the global
manhole covers market in the forthcoming years. Owing to the fact that
composite covers are lightweight and provide high strength to composite covers
led demand in of this segment. In addition, zero scrap value of these covers
reduces chances of theft of these covers as compared to metal covers that are
often stolen. With respect to geography, Europe is likely to hold leading share
in the market. However, developing regions in Asia Pacific are expected to give
a tough competition in the growth of this market. Rising economic development
that led in significant rise in developing various end-users has increased
growth opportunity of Asia Pacific region.
Increasing Focus on Advanced
Infrastructural Setup to Fuel Market Growth
The demand for manhole covers is rising mainly because of
increasing economic development in developing regions. As various economies are
working towards advanced infrastructural setup, and is spending heavily in the
construction sector they are likely to fuel growth in the global manhole covers
market. Growing population in both developed and developing countries that has
led demand in the real-estate industry has also increased demand for manhole
covers.
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Moreover,
increasing initiatives taken by government to strengthen the civic system
especially in developing regions in Asia Pacific will further augment demand in
the global manhole covers market. Adding further, innovations have introduced
new eco-friendly products with the reduced weight of manhole covers.
Developments and technological innovations are also expected to introduce of
newer materials for the manufacturing of manhole covers. These factors will
also fuel demand in the global manhole covers market.
Occupational Injuries Might Restrict Demand for Heavy Manhole
Covers
On
the contrary, to the above-mentioned growth factors, few restraints might
obstruct growth in the global manhole covers market. Occupational injuries
caused during repairing or installation of these covers is one of the major
restraining factor. In addition, metal covers are easily stolen and sold at
higher price, which also negatively affects growth in the global manhole covers
market. These factors are likely to be reduced with composite manhole covers,
as they have zero scrap value and high strength-to-weight ratio. Therefore, the
past couple of years, the demand for composite manhole covers is expected to
increase that might also reduce the above-mentioned restraints.
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