Pune, Sept. 14, 2020 (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 & COVID-19 Impact 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.
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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
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Market Driver:
Ever-increasing Energy Demand to Spur Sales Opportunities
The surging power demand around the world is expected to have an excellent impact on the FRP cable tray 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.
Halt on New Projects to Adversely Affect Market Stake Amid Coronavirus
The disruption caused by coronavirus has suspended operations in various industries around the world. The halt on manufacturing & processing facilities has negatively impacted the global market. The constriction on capital investment and new projects in oil & gas, construction, chemicals, and other industries will limit the demand for FRP cable trays, in turn, retarding the growth of the market during the pandemic.
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Regional Analysis:
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.
Key Development:
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
Lists OF 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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