Pune, India, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The global cable tray market size was valued at USD 4.13 billion in 2022. The market is anticipated to expand from USD 4.81 billion in 2023 to USD 12.07 billion by 2030, exhibiting a CAGR of 14.05% over the study period. The rise is driven by the growing product deployment for organizing cables, cable managing, and conserving the infrastructure carrying electricity. Fortune Business Insights™ provides this information in its research report, titled “Cable Tray Market, 2023-2030”.
Industry Developments:
February 2020 – nVent Electric plc announced the acquisition of all assets of U.S.-based cable tray manufacturer WBT LLC. Under the agreement, the business would become part of nVent’s Electrical & Fastening Solutions (EFS) segment.
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| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 14.05% |
| 2030 Value Projection | USD 12.07 Billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 4.13 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 221 |
| Segments covered | Cable Tray Market Size, Share & COVID-19 Impact Analysis, By Material (Steel, Aluminum, and Stainless Steel), By Type (Ladder, Solid Bottom, Trough, Channel, Wire Mesh, and Single Rail), By End-User (Power, Construction, Manufacturing, IT and Telecom, and Others), and Regional |
| Growth Drivers | Expansion of the Construction Sector to Propel Market Growth |
| Wire Mesh Segment to Record Substantial Expansion Driven by Growing Product Deployment in Data Centers |
Drivers and Restraints:
Expansion of the Construction Sector to Propel Market Growth
One of the key factors propelling the cable tray market growth is the upsurge in construction activities. This is due to increasing disposable income, urbanization, and rise in population. The increase in construction activities led to an upsurge in demand for electrical and communication wiring systems.
However, high costs involved in the installation of cable tray systems may hamper industry expansion to some extent.
COVID-19 Impact:
Reduction in Product Demand Affected Industry Expansion during the COVID-19 Pandemic
The pandemic led to a delay in many power plant and construction installations. The period resulted in an increase in the prices of materials and equipment, leading to product shortages. However, investment in infrastructure development and government stimulus packages helped the revival of the industry to a considerable extent.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/cable-tray-market-101529
Report Coverage:
The report gives a comprehensive coverage of the key trends impelling the global business landscape over the forecast period. Additional aspects of the report included merger agreements, partnerships, and other initiatives adopted by leading companies for strengthening their industry footings.
Segmentation Analysis:
Aluminum Segment to Register Notable Growth Impelled by Ability to Withstand Harsh Environmental Conditions
On the basis of material, the market is categorized into aluminum, steel, and stainless steel. The aluminum segment held a dominating share in the market and is anticipated to register appreciable expansion over the projected period. The expansion is driven by the increasing product deployment for corrosion resistance, durability, and other properties.
Wire Mesh Segment to Record Substantial Expansion Driven by Growing Product Deployment in Data Centers
Based on type, the market is segmented into solid bottom, ladder, trough, channel, single rail, and wire mesh. The wire mesh segment is set to grow at a remarkable pace over the study period. The growth is impelled by the rising product deployment in data centers owing to strong and lightweight nature.
Construction Segment to Lead Propelled by Expanding Industry in Developing Regions
On the basis of end-user, the market is subdivided into manufacturing, construction, power, IT and telecom, and others. The construction segment held the largest share in the market and is expected to register considerable growth throughout the study period. The rise is on account of the expand construction sector in developing regions.
Based on geography, the market for cable trays is fragmented into Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America.
Regional Insights:
Asia Pacific to Emerge as a Leading Region Impelled by the Expanding Construction Sector
Asia Pacific held a dominating share in the global market. The Asia Pacific cable tray market share is touted to expand at a remarkable CAGR over the forecast period. The expansion is driven by soaring investment in infrastructure development in economies such as India, China, and Southeast Asia.
The North America market is poised to grow at a substantial pace throughout the study period. The expansion is impelled by the growing renewable energy sector.
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Competitive Landscape:
Leading Industry Players Devise Numerous Strategies to Strengthen Market Footing
Major market participants are focused on adopting various strategies for expanding their geographical footprints. These include merger agreements, partnerships, and collaborations. Additional steps comprise an increase in research activities and the launch of new products.
A List of Key Manufacturers Operating in the Global Market:
- Atkore International Group Inc. (U.S.)
- Hubbell Incorporated (U.S.)
- ABB (Switzerland)
- Eaton (Ireland)
- Legrand (France)
- MP Husky Cable Tray & Cable Bus (U.S.)
- OBO BETTERMANN GmbH & Co. KG (Germany)
- Basor (Spain)
- Niedax MonoSystems, Inc. (U.S.)
- Snake Tray (U.S.)
- WIREMAID USA (U.S.)
- Oglænd System Group (Norway)
- Techline Mfg. (U.S.)
- Chatsworth Products (U.S.)
- Panduit (U.S.)
- nVent (U.S.)
- SUPERFAB INC (India)
Cable Tray Market Segmentation:
By Material:
- Steel
- Aluminum
- Stainless Steel
By Type:
- Ladder
- Solid Bottom
- Trough
- Channel
- Wire Mesh
- Single Rail
By End-User:
- Power
- Construction
- Manufacturing
- IT and Telecom
- Others
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions & Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
4.6. Impact of COVID-19 on the Cable Tray Market
5. Global Cable Tray Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
5.1. Key Findings
5.2. Market Analysis, Insights, and Forecast – By Material
5.2.1. Steel
5.2.2. Aluminium
5.2.3. Stainless Steel
5.3. Market Analysis, Insights, and Forecast – By Type
5.3.1. Ladder
5.3.1.1.Swaged Ladder
5.3.1.2.Welded Ladder
5.3.2. Solid Bottom
5.3.3. Trough
5.3.4. Channel
5.3.5. Wire Mesh
5.3.6. Single Rail
5.4. Market Analysis, Insights, and Forecast – By End User
5.4.1. Power
5.4.2. Construction
5.4.3. Manufacturing
5.4.4. IT & Telecom
5.4.5. Others
5.5. Market Analysis, Insights, and Forecast – By Region
5.5.1. North America
5.5.2. Europe
5.5.3. Asia Pacific
5.5.4. Latin America
5.5.5. Middle East & Africa
Continued….
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