Know What Factors Behind This Cable Trays Market To Boom At Global Sector

Cable trays are used to support electrical cables for power distribution, communication, and control panel. These cable trays are used for cable management in commercial and industrial construction sector. Cable trays are useful in conditions where changes to a wiring system are anticipated and can be easily installed by placing cables in cable tray. Cable trays are manufactured by using various materials such as low-carbon steel, stainless steel, aluminum alloy, and fiber reinforced plastic. Cable trays have application in different industrial sectors such as IT and telecommunication, power, construction, and manufacturing.

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Key Players

Major players in operating in the global cable trays market include Atkore International Group Inc., Hoffman, Enduro Composites, Cooper Industries, Legrand SA, Oglaend System, Panduit Corporation, and Hubbell.

Advantages offered by cable trays include low maintenance cost, compatibility with all wiring systems, providing proper ventilation to the wiring system, and easy to replace installed wiring system. Cable trays are used to provide maximum protection to cables which are used for power supply in commercial and industrial buildings. Furthermore, cable trays are manufactured with better finishing by various galvanization techniques such as galvanized coatings, pre-galvanized, and hot-dip galvanized. The global tray market is segmented into material used, product type, finishing, application, and region.

Market Dynamics

Growth of cable trays market is driven by increasing demand from the construction industry, which in turn further surges rapid urbanization in emerging economies. Adoption of free or mixed economy policy by government has led to growth of the private sector, which in turn has created more job and business opportunities in emerging economies. This has led to rapid urbanization in these countries. The cable trays are used to hold the complex wiring system in commercial and industrial construction sector. For instance, according to the United Nations’ World Urbanization Prospects 2018, 55% of the global population currently lives in urban areas, which is expected to increase to 68% by 2050. Growth of the world’s population could add another 2.5 billion people to urban areas by 2050, with close to 70% of this increase taking place in Asia Pacific.

Furthermore, increasing energy consumption and growing electronics & telecommunication industry is expected to drive growth of the global cable trays market. For instance, according to a report titled ‘A Comparative Analysis of Residential Energy Consumption in Urban and Rural China: Determinants and Regional Disparities’ published in the International Journal of Environmental Research and Public Health in November 2018, residential energy consumption in China increased from 32,891.11 Mt coal in 2007 to 54,208.66 Mt coal in 2016, with annual average growth of 5.7%.

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Market Outlook

Among regions, North America is expected to witness significant growth over the forecast period, owing to increasing demand for cable trays from energy construction, and manufacturing industries. Moreover, growth of these industries is expected to be a major factor driving demand for the cable tray market. For instance, according to Trading Economics, GDP from construction industry in the U.S. was valued at US$ 621.5 billion in 2017, and increased to reach US$ 641.4 billion in 2018. Growth of the construction industry is expected to boost demand for cable tray from the construction industry, and drive the market growth.

Key Developments

For instance, in June 2019, Atkore International Group Inc. acquired the assets of United Structural Products, LLC. (“USP”), a manufacturer of welded aluminum and engineered-to-order cable trays. This acquisition strengthens Atkore’s position as a leader in the cable tray industry

For instance, in February 2012, Cooper Industries opened technology center in Dammam, Kingdom of Saudi Arabia. This sate of the art facility will offer comprehensive solutions for the Middle East and North Africa region’s oil and gas industry including lighting products, switchgear panels, cable management systems and hazardous area communication systems.



Market Taxonomy

On the basis of material used, the global cable trays market is segmented into:

Low-carbon Steel
Stainless Steel
Aluminum Alloy
Fiber Reinforced Plastic
On the basis of product type, the global cable trays market is segmented into:

Ladder Type Cable Tray
Solid Bottom Cable Tray
Channel Cable Tray
Trough Cable Tray
Single Rail Cable Tray
Wire Mesh Cable Tray
On the basis of finishing, the global cable trays market is segmented into:

Galvanized coatings
Pre-galvanized
Hot-dip Galvanized
On the basis of application, the global cable trays market is segmented into:

IT and Telecommunication
Power
Construction
Manufacturing

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This release was published on openPR.