MARKET OVERVIEW- APAC TRENCH COVER MARKET
A trench is a hollow cut into the ground, usually with parallel sides, and which is typically deeper than it is wide. A trench cover is a highly versatile and safe means of providing passage, designed for covering apertures, bores, or trenches while doing maintenance, construction, telecommunication, and repair projects. Trench covers are strong, durable, and very reliable. Adding to that, the telecommunication industry is installing cables in trenches as it is a safe and effective way to protect cables from weather damage. Also, cable trenches are the cheapest and simplest method of underground cable installation. Thus, to cover these trenches and protect cables from disaster, there is a demand for trench cover that is growing.
MARKET DRIVERS
The trench cover market demand is rising as usage of trench covers in various applications such as municipal, commercial facilities, and industrial facilities and growth in usage of trench covers in construction activities are boosting the demand for the trench cover market during the forecast period. Furthermore, governments are working on improving the country’s rail, road, and other infrastructure all around the world. The growing application of trench covers along with the presence of various manufacturers across the region's fuel market. Adding to that, rising end-use industries such as construction, manufacturing, transportation, food and beverage and others created a demand for the trench covers. An increasing number of utility pits to cover electric utility lines, and other underground utilities in power stations and sub-stations are expecting a rapid increase in the growth of the trench cover market.
MARKET OPPORTUNITIES
Rising government awareness of regulations to maintain the standards and regulations are some of the main reasons that create an opportunity for the trench cover market. Increasing road construction in the developing countries and improvement in the telecommunication and manufacturing industries further provides an ample opportunity for the market.
Market Restrain
The main restraining factor for the trench cover market is the injuries to the workers while working during maintenance and repairing the trench cover. This is also one of the major factors restraining the trench cover market. Furthermore, the high cost of the raw materials, which are used for the manufacturing of trench covers, is another factor restraining the market’s growth.
MARKET GROWTH CHALLENGES
The COVID-19 pandemic hampered the growth of the market to a major extent, which has created a major challenge for market growth. Also, the long life of trench cover is one of the major challenges faced by the trench covers market. Because of their long life, the replacement rate of the trench covers is low, due to the fact that a smaller number of trench covers are replaced once they are installed.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of APAC trench cover market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With growing infrastructure developments and a construction sector. Moreover, the rising population in developing countries has led to the increasing demand for the market and is expected to witness growth at a CAGR at specific CAGR from 2021-2028.
APAC TRENCH COVER MARKET SEGMENTAL OVERVIEW
The APAC trench cover market comprises of different market segments like material, end-user and Country.
APAC TRENCH COVER MARKET BY MACHINE TYPE
By material, the trench cover includes a key segment of
- Fiberglass reinforced Pipes
- Concrete
- Steel
- Plastics
Fiberglass reinforced pipes are expected to dominate the market over the forecast period. Fiberglass reinforced pipes are used in trenchless installation of pipelines as they are lightweight, temperature-resistant, strong, and highly resistant to chemicals and corrosion. Fiberglass reinforced pipes basically consist of fiberglass and thermosetting resins. These pipes are easy to install and rarely need repair as they are low maintenance.
APAC TRENCH COVER MARKET BY END-USER
By end-user, the trench cover includes key segment of
- Commercial
- Construction
- Manufacturing
- Military
- Transportation
Construction is anticipated to lead the market, gaining the majority of the market share in 2021, and is expected to maintain its dominance over the estimated time period. The construction of roads is growing in developing countries and is a major shareholder in the APAC trench cover market. On roads, street lights require underground wiring, which needs to be covered with a high-strength and heat-resistant material. Similarly, the commercial sector is the fastest growing industry in the trench cover market.
APAC TRENCH COVER MARKET BY COUNTRY
The trench cover market is studied for the following region
China is anticipated to witness an increasing demand for the trench cover market. These countries are known to be the fastest developing countries in the field of the construction industry across the globe. China is considered to be one of the major markets for the trench cover market, because this region has a large workforce, which attracts many of the market players in this region. Increased construction activity in the region mainly drives the growth of the trench cover market. Furthermore, the rising penetration of high-speed internet services and an increase in the number of smartphone and smart device users in China, are driving demand for the telecommunication industry. All these factors provide ample opportunity for the trench cover market in China.
COVID-19 IMPACT ANALYSIS ON APAC TRENCH COVER MARKET
The outbreak of the COVID-19 virus has become a global healthcare emergency that has been spread worldwide, affecting worldwide social and economic development. The COVID-19 pandemic shut-down the production of products in various industries, mainly owing to the lockdown in major countries. The COVID-19 impact analysis report by Axiom MRC provided a 360-degree analysis of micro and macro-economic factors in the trench cover market. In addition, a complete analysis of changes in the APAC trench covers market expenditure, economic and international policies on the supply and demand side. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. Likewise, the COVID-19 virus spread on one side has provided ample growth opportunity for the market with a rise in the telecommunication industry. And on the other hand, supply chain disruption has affected the market. In addition, growing demand for trench covers in the construction industry and the requirement for a protective cover has driven the trench cover market.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the trench cover market is majorly focused on expanding the global growth of trench cover with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in trench cover has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the consumer which is further contributing to healthy growth in the market.
The key players studied in market are
- Fibrelite
- Ducast
- Shubham Industries
- Everlast Composites Pvt. Ltd.
- WunderCovers Inc.
- Oxford Plastics
- ProGlass Inc
- Balco
- Tricel Construction
- TAPCO - Traffic and Parking Control Co. Inc
- Elite GSS
- ESE Direct Ltd. Etc
