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.
Within the cable trays market, the perforated cable trays segment, categorized by its product type, is poised to command a significant portion of the worldwide cable trays industry. This dominance can be attributed to its exceptional support capabilities. Forecasts indicate that this very segment is expected to claim approximately 45% of the total market value share by the conclusion of 2032.
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 escalating establishment of enterprises across diverse sectors, encompassing energy and power, building & construction, among others, is a driving force behind the growing demand for wire management systems, which prominently includes cable trays. This surge in infrastructure development has translated into an increased need for cable trays, essential for ensuring proper cable management and safety.
The rising requirement for efficient and secure cable bundling solutions across a variety of end-user applications is further amplifying the demand for cable trays. Moreover, the substantial investment in the construction of new facilities is contributing significantly to the uptick in cable tray sales. Furthermore, industrial facilities undergoing refurbishment and modernization efforts in order to meet energy efficiency targets are expected to play a pivotal role in bolstering the demand for cable trays.
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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How does the Developing Industrial Infrastructure Fuel 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.
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.
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
Cable Trays by Category
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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