Report : Asia Pacific Manhole Covers Market Forecast to 2028 – COVID-19 Impact and Regional Analysis– by Product Type (Metal Covers, Composite Covers, and Concrete Covers), Application (Municipal, Commercial Facilities, Industrial Facilities, Utility Pits and Others)
At 5.3% CAGR, the Asia Pacific Manhole Covers Market is speculated to be worth US$ 1,821.87 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific manhole covers market was valued at US$ 1,335.85 million in 2022 and is expected to reach US$ 1,821.87 million by 2028, registering a CAGR of 5.3% from 2022 to 2028. Rapid growth of construction & infrastructure sectors are the critical factors attributed to the Asia Pacific manhole covers market expansion.
The demand for manhole covers has been increasing due to the rise in construction activities, a surge in population, and the real estate industry growth. To cover the drainage line, manhole covers are required. Modern buildings must be equipped with an efficient drainage system. It helps the concerned authorities access the storm sewers and provide sanitary maintenance in a hassle-free way by making it easy for them to fix blockages. These manhole covers are important for conducting surveys of the utility pits and underground utilities, equipment maintenance, and operatives to enter the system itself. The application of manhole covers includes drainage systems as well as temporary water storage. Moreover, the increasing government initiatives to strengthen the infrastructure in various countries is driving the manhole covers market. In addition, rapid road construction across the globe has increased the demand for manhole covers of various materials and shapes. The rising awareness regarding environmental protection among the investors is fueling the need for composite material-based manhole covers in building and construction of drainage systems. Increasing government expenditure and rising investment are improving domestic infrastructure and sustaining the economic growth of manhole covers in the construction industry, especially in developing countries. Thus, the rapid growth of the construction & infrastructure sectors is driving the Asia Pacific manhole covers market.
On the contrary, regular maintenance of manhole covers hampers the Asia Pacific manhole covers market .
Based on product type, the Asia Pacific manhole covers market is segmented into metal covers, composite covers, and concrete covers. The metal covers segment held 46.5% share of Asia Pacific manhole covers market in 2022, amassing US$ 621.27 million. It is projected to garner US$ 844.45 million by 2028 to expand at 5.2% CAGR during 2022–2028.
Based on application, the Asia Pacific manhole covers market is segmented into municipal, commercial facilities, industrial facilities, utility pits and others. The municipal segment held 45.2% share of Asia Pacific manhole covers market in 2022, amassing US$ 603.20 million. It is projected to garner US$ 850.55 million by 2028 to expand at 5.9% CAGR during 2022–2028.
Based on country, the Asia Pacific manhole covers market has been categorized Germany, France, the UK, Italy, Russia, the Rest of Europe. Our regional analysis states that China captured 53.5% share of Asia Pacific manhole covers market in 2022. It was assessed at US$ 714.09 million in 2022 and is likely to hit US$ 999.53 million by 2028, exhibiting a CAGR of 5.8% during the forecast period.
Key players dominating the Asia Pacific manhole covers market are EJ Group, Inc.; Fibrelite; Nexgen Insulation and Refrigeration LLP; SAINT GOBAIN S.A.; and Vodaland among others.
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: email@example.com