Wilmington, Delaware, United States, May 15, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Cable Trays Market stood at US$ 3.3 Bn in 2022 and is projected to reach US$ 5.1 Bn by 2031, expanding at a CAGR of 4.6% between 2023 and 2031.
The need for cable trays is expected to increase due to rapid urbanization, expansion of commercial spaces, and smart homes. The need for practical and technologically sophisticated cable trays is also fueled by the rapid pace of industrialization, which is likely to create business opportunities in the global market.
In comparison to conventional cable management techniques, it is a more affordable solution, which is expected to propel market demand for cable trays in the near future. Manufacturers are providing innovative products such as lightweight, robust, and long-lasting cable trays, which is fueling global Cable Trays Market value. Leading players are focusing on R&D initiatives to diversify income sources and increase product offerings.
The primary purpose of cable trays is to manage bulk cables and increase workplace safety. By offering efficient ventilation channels, cable trays also aid in the cost-effective operation of complicated wires and make it simple to replace or repair them. These trays are often fitted for multiple power voltages to help minimize both space and money. Aluminum, stainless steel, and steel are materials used to make cable trays. Solid bottom, cable ladder, and trough cable trays are the common types of cable trays utilized by various industries.
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Key Findings of Market Report
- The aluminum cable trays segment is projected to dominate the global market during the forecast period. In comparison to other materials, aluminum cable trays are corrosive-resistant, lightweight, and simple to install. Hence, these are frequently used in several industries, including IT & telecom and electricity, for various applications.
- Development of hospitals, several residential buildings, retail malls, and smart building projects is driving the construction application segment. Additionally, the construction industry is experiencing significant demand for cable trays due to rapid urbanization and increase in construction activities.
Global Cable Trays Market: Growth Drivers
- Demand for cable trays has increased due to expansion of the construction sector, particularly in emerging markets. Cable trays are an essential part of the construction industry, as these are often used to manage and protect cables. The construction business is expanding rapidly across the globe due to increase in demand for new homes, businesses, and industries. The global market is being propelled by increased expenditure on infrastructure, including educational, medical, and residential structures.
- Manufacture of cutting-edge cable tray systems presents attractive opportunities in the market. Modern manufacturing processes and the emergence of novel materials have resulted in the development of cable trays that are stronger, lighter, and more resilient than previous models, while also being more economical and effective. The telecommunications sector has changed with the advent of innovative technologies, such as fiber optic cables, which is projected to propel the global market for cable trays.
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Global Cable Trays Market: Regional Landscape
- Asia Pacific is likely to dominate the global industry during the forecast period. This is ascribed to rapid urbanization, increase in construction activities, and expansion of industries such as IT & telecommunications. Furthermore, rise in infrastructure projects across Asia Pacific and increase in government attempts to enhance infrastructure, such as building railroads and seaports, particularly in Japan, India, and China, are propelling of the market in Asia Pacific.
Global Cable Trays Market: Key Players
- MP Husky Cable Tray & Cable Bus
- Basor Electric SA
- Niedax Group
- Hubbell Incorporated
- Atkore International.
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Global Cable Trays Market: Segmentation
Type
- Ladder
- Solid Bottom
- Trough Cable Tray
- Channel Cable Tray
- Wire Mesh
- Single Rail
- Others (Perforated Cable Trays, etc.)
Material Type
- Steel
- Stainless Steel
- Aluminum
- Metal
- Others (Fiberglass, Plastic, etc.)
Application
- Power
- Construction
- Manufacturing
- IT & Telecommunication
- Others
Finishing
- Galvanized Coatings
- Pre-galvanized
- Hot-dip Galvanized
- Others (Chemical & Paints, etc.)
Distribution Channel
- Direct Sales
- Indirect Sales
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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