Pune, india, March 08, 2023 (GLOBE NEWSWIRE) -- The global FRP cable tray market size is expected to reach USD 445.63 million by 2027, exhibiting a CAGR of 7.7% during the forecast period. The increasing application of Fibre-reinforced plastic (FRP) products in sea structures with endurance and non-corrosive abilities will create new opportunities for the market, states Fortune Business Insights in a report, titled “FRP Cable Tray Market Size, Share & Industry Analysis, By Type (Ladder, Channel, and Others), By End User (Chemicals, Oil & Gas, Power, Construction, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 253.48 million in 2019.
Market Drivers & Restraints:
Ever-increasing Energy Demand to Spur Sales Opportunities
The surging power demand around the world is expected to have an excellent impact on the market. The growing development of new generation, distribution, and transmission networks will bolster the healthy growth of the market. The rising inclination towards green technologies such as hydro, wind, and solar will facilitate the adoption of FRP products. For instance, in September 2020, the U.S. Energy Information Administration (EIA) estimated that the global energy consumption will escalate by 50% by 2050 with the total intake in residential and commercial buildings rising from 91 quadrillion British thermal units (Btu) to 139 Btu. Besides, the flourishing oil & gas industry is expected to uplift the market in the forthcoming years.
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FRP Cable Tray Market Scope:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 to 2027 CAGR | 7.7% |
| 2027 Value Projection | USD 445.63 million |
| Base Year | 2019 |
| Market Size in 2019 | USD 253.48 million |
| Historical Data for | 2016-2018 |
| No. of Pages | 250 |
| Segments covered | Type, Application, Geography |
| Growth Drivers | Rapidly Increasing Energy Demand to Propel the Product Demand |
| Mounting Construction Expenditures to Setup New Infrastructures to Complement Industry Landscape |
Covid 19 impact :
The coronavirus incident has triggered immense damage to all the industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
To get to know more about the short-term and long-term impacts of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/frp-cable-tray-market-103593
The report on FRP cable tray market involves:
- Extensive study of the market size
- Important insights into the industry
- Significant developments of competitors
- Coronavirus influence on the market
- Main regions holding the maximum share
Regional Insights
Development of Chemical Plants to Augment Growth in Asia Pacific
The market size in Asia Pacific is expected to lead the global market during the forecast period owing to the rapid urbanization and industrialization. The growing government support for the establishment of chemical infrastructures and plants will further aid the expansion of the market. The inflated demand for hydrocarbons is expected to spur opportunities for the market in the region. Europe is expected to witness a rapid growth rate owing to rising proclivity towards clean power generation. The high production of hydrocarbon in offshore locations such as the North Sea is likely to boost the market in the region. Moreover, the growing construction of residential and commercial buildings will further promote the market in Europe. The imposition of strict guidelines by the European Union to enhance production will elevate the market in Europe.
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KEY INDUSTRY DEVELOPMENTS
February 2018: Ercon Composites signed in an agreement to deliver its complete range of GRP cable management systems to a desalination plant in Oman. The products include GRP fasteners and others
The Report Lists the Key Companies in the FRP Cable Tray Market:
- Øglænd System Group (Norway)
- Aeron Composite Private Limited (India)
- Legrand (France)
- Sintex Plastics Technology Limited (India)
- Schneider Electric (France)
- FiberTech Composite Pvt. Ltd. (India)
- Ercon Composites (India)
- Eaton Corporation (Ireland)
- MP Husky Cable Tray & Cable Bus (U.S.)
- Sai Industries (India)
- Atkore International (U.S.)
- Sonal Group (India)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancements
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Value Chain Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the FRP Cable Tray Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global FRP Cable Tray Market Analysis (USD Million), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Ladder
- Channel
- Others
- Market Analysis, Insights and Forecast – By Application
- Chemicals
- Oil & Gas
- Power
- Construction
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- Competitive Analysis
- Company Market Share Analysis, 2019
- Company Profile
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- Øglænd System Group
- Business Overview
- Product & Service Offering
- Overall Revenue
- Geographic Presence
- Recent Development
- Øglænd System Group
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Continued...
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