The global cable trays market is poised for substantial growth, with an expected valuation of US$ 4.7 billion in 2022. It is projected to maintain this growth momentum, expanding at a robust compound annual growth rate (CAGR) of 4.4% to reach a remarkable US$ 7.2 billion by 2032. Notably, the sales of cable trays are anticipated to be driven by the top 3 countries, collectively accounting for an estimated 30-35% of the market share by the close of 2022.
The cable trays market is poised for a favorable growth trajectory, driven by the escalating demand for effective cable bundling solutions. According to the latest projections from FMI analysis, sales of cable trays are expected to witness a significant upswing from 2022 to 2032, creating a substantial incremental opportunity in the market estimated at US$ 2.7 Billion. This positive outlook reflects the growing recognition of cable trays as indispensable components in efficiently managing and organizing cables, aligning with the evolving needs of various industries.
This upsurge in demand for cable management solutions across diverse end-use industries is expected to be a key catalyst for the growth of the cable trays market. The strapping devices market, closely linked with cable trays, is also predicted to witness substantial expansion, growing to 1.6 times its current market value during the forecast period. This underscores the pivotal role of cable trays and associated accessories in meeting the evolving needs of industries requiring efficient cable management solutions.
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Developing Industrial Infrastructure Fuel the Demand for Cable Trays
The surge in the need for suitable and safe cable bundling solution for various end-user boost the demand for cable trays. Moreover, the increasing expenditure on the construction of new facilities augments the sales of cable trays. The industrial establishment with refurbishing and upgradation activities in old structures to meet the energy efficiency objectives is anticipated to drive the demand for cable trays.
The rise in the number of set-ups in various end-use industries such as energy and power, building & construction, and others fuel the demand for wire management systems including cable trays. The development of infrastructure results in increased demand for cable trays to provide proper cable management systems as well as to ensure safety.
Drivers:
- Infrastructure Development: The ongoing development of infrastructure, including commercial and industrial buildings, data centers, and transportation systems, necessitates efficient cable management solutions like cable trays.
- Rising Demand for Electricity: With the increasing global demand for electricity and power distribution networks, cable trays become essential for organizing and protecting electrical cables.
- Industrial Growth: The growth of manufacturing and industrial sectors requires robust cable management systems to support various machinery and equipment, driving the demand for cable trays.
- Renewable Energy Projects: The expansion of renewable energy projects such as wind and solar farms involves extensive cabling, boosting the need for cable trays in these installations.
- Technological Advancements: Innovations in cable tray design, such as cable ladder systems and wire mesh trays, provide more efficient and adaptable cable management solutions, attracting industries to invest in them.
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Key Market Players
- ABB Group
- Schindler Electric Global
- Eaton Corporation
- Hubbell Incorporated
- MP Husky USA
- Atkore Inc.
- Chalfont Manufacturing Company
- Basor Electric SA
- Niedax Group
- Snake Tray
- Wiremaid Products Corp.
- Panduit Corporation
- TechLine Mfg.
- Chatsworth Products (CPI)
- Lumens India
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Market Segmentation
By Material, Cable Trays are Segmented as:
- Metal
- Plastic
By Product Type, Cable Trays Market is Segmented as:
- Ladder Cable Trays
- Perforated Cable Trays
- Solid Bottom Cable Trays
- Wire Mesh Cable Trays
By End-user, Cable Trays are Segmented as:
- Telecommunications
- Energy and Power
- Building and Construction
- Other End-user
By Region, Cable Trays Market is Segmented as:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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