January 11, 2023 05:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The global cable tray market is expected to grow at a steady pace during the forecast period. the global cable trays market is set to enjoy a valuation of US$ 4.7 Bn in 2022, and further expand at a CAGR of 4.4% to reach US$ 7.2 Bn by the year 2032. Cable trays are used to support and protect cables and wires in various industrial and commercial settings. They are an essential component of modern electrical and telecommunications systems, as they help to organize and secure cables, prevent damage, and improve safety.
One of the major drivers for the cable tray market is the increasing demand for cable trays in the construction industry. The growth of the construction industry, especially in emerging economies, is driving the demand for cable trays as they are used in a wide range of construction projects, including residential, commercial, and industrial buildings. Additionally, the increasing adoption of renewable energy sources, such as solar and wind power, is also driving the demand for cable trays as they are used to support and protect the cables in these systems.
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Another factor driving the market is the growing demand for cable trays in the oil and gas industry. Cable trays are used to support and protect the cables and wires used in oil and gas exploration and production, as well as in refining and petrochemical processes. They are also used in offshore platforms and other offshore structures.
The market is segmented on the basis of material, type, end-user, and region. On the basis of material, the market is segmented into metallic and non-metallic. Metallic cable trays are more durable and have a longer lifespan, making them suitable for use in harsh and extreme environments. Non-metallic cable trays, on the other hand, are lightweight and have a lower cost, making them suitable for use in non-hazardous environments.
On the basis of type, the market is segmented into ladder, trough, channel, and solid bottom. Ladder cable trays are the most commonly used type and have a ladder-like shape, which provides a high level of support and protection for cables and wires. Through cable trays have a trough-like shape and are used to support and protect cables and wires in industrial and commercial settings. Channel cable trays have a channel-like shape and are used to support and protect cables and wires in industrial and commercial settings. Solid bottom cable trays are used to support and protect cables and wires in industrial and commercial settings.
On the basis of end-user, the market is segmented into construction, oil and gas, power generation, mining, and others. The construction industry is the largest end-user of cable trays, followed by the oil and gas industry. The power generation industry and the mining industry are also significant end-users of cable trays.
Geographically, the cable tray market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is the largest market for cable trays, followed by North America and Europe. The Asia-Pacific region is expected to dominate the market during the forecast period due to the increasing demand for cable trays in the construction and oil and gas industries in the region.
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In conclusion, the global cable tray market is expected to grow at a steady pace during the forecast period. The increasing demand for cable trays in the construction and oil and gas industries is driving the market, while the growing adoption of renewable energy sources and the increasing demand for cable trays in the power generation and mining industries is also supporting the market growth.
U.S. Cable Trays Market Flourishing by Rising Power Distribution
North America is likely to hold 81% of the share in the cable trays market during the forecast period. The U.S. cable trays market is leading the maximum share in the region due to rising power distribution in the country during the forecast period. The workplace safety law in the U.S. is the major factor propelling the demand for cable trays.
The general requirement regarding the employee safety and usage of cable trays in the U.S. is provided under the title 'Occupational Safety and Health Standards' by the United States Department of Labor. In September 2022, ABB Group announced the expansion of its production capacity for cable trays in North America by investing US$ 13 Mn in its Installation Products Division Iberville manufacturing facility in Quebec. This is likely to increase the cable trays market trends during the forecast period.
U.K. Cable Trays Market Accelerate Due to Rising Demand for Electric Cable
Europe is securing a relevant share in the global cable trays market during the forecast period. The rising construction sector is likely to increase the demand for cable trays electrical in the U.K. market in recent years. Moreover, the development of infrastructure and rising demand for suitable cable trays for suitable and safe solutions are growing the U.K. cable trays market share during the forecast period. In addition, several end-use industries such as power and energy, construction and building are flourishing the market size in the U.K. in recent years.
Asia Pacific Cable Trays Market is Surging by Growing Telecommunication Sector
The Asia Pacific region is one of the fastest-growing regions in the cable trays market during the forecast period. With the rising of the telecommunication sector, the Asia Pacific cable trays market share is likely to capture a significant share during the forecast period.
Korean cable trays market is one of the leading markets in the region that contribute a relevant share of the market. Growing several end-use industries, such as construction and telecommunication, among others, are likely to uplift the Korean cable trays market size during the forecast period. However, the rising of cable trays manufacturers, the growing industrial sector and upgrading old structure activities are flourishing the cable trays' market share during the forecast period. Moreover, the increasing expenditure on the construction of new facilities increases the sales of cable trays in Korea.
Japan's cable trays market is one of the significant markets in the region that is securing the maximum share during the forecast period. The growing innovation and rising numbers of key players are growing the opportunities which are likely to increase the Japan cable trays market share during the forecast period. These consumers are developing these trays as per consumers requirements. Accordingly, they are adopting several marketing tactics such as mergers, collaboration, acquisitions and product launches to capture the lion's share in the Japan cable trays market during the forecast period. Moreover, the adoption of cable trays by several end-use industries due to accepting easy, convenient and modern methods is advancing the Japanese cable trays market in recent years.
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By Material, Cable Trays is Segmented as:
By Product Type, Cable Trays Market is Segmented as:
By End-user, Cable Trays is Segmented as:
By Region, Cable Trays Market is Segmented as:
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Table of Content 1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Impact of Covid-19 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Macro Factors and Forecast Factors 3.4. Value Chain Analysis 3.4.1. Profit Margin Analysis 3.4.2. Raw Material Suppliers 3.4.3. Manufacturers, Wholesalers and Distributors 3.4.4. End-users / Customers 3.5. Regional Parent Market Outlook 3.6. Production and Consumption Statistics 3.7. Global Average Pricing Analysis Benchmark
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