Press release
Cable Tray Global Market Size, Share Report, Growth Prospects, Developments Plans, Future Insights and Trends Analysis Till 2033
The Business research company
The Business Research Company offers in-depth market insights through Cable Tray Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The cable tray market size has grown strongly in recent years. It will grow from $3.66 billion in 2023 to $3.94 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to increased infrastructure development, expansion in construction, power generation, and data centers, increased demand for cost-effective solution.
The cable tray market size is expected to see strong growth in the next few years. It will grow to $5.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to expansion of renewable energy sector, expansion of smart grids and data centers, growing urbanization, environmental considerations. Major trends in the forecast period include innovative solutions, integration of automation and sensors, strategic investments, technological advancements, strategic collaborations.
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Market Segmentation:
The cable tray market covered in this report is segmented -
1) By Type: Ladder Type Cable Trays, Solid Bottom Cable Trays, Trough Cable Trays, Channel Cable Trays, Wire Mesh Cable Trays, Single Rail Cable Trays
2) By Material Type: Steel, Stainless Steel, Aluminum, Other Material Types
3) By Finishing: Galvanized Coatings, Pre-Galvanized, Hot-Dip Galvanized
4) By Application: Power, Construction, Manufacturing, Information Technology (IT) And Telecommunication, Other Applications
Major Driver - Cable Tray Market Surges With Construction Sector Expansion
The expanding construction sector is expected to boost the growth of the cable tray market going forward. Construction refers to the actions involved in installing and assembling project tools and materials on the work site following approved construction plans, guidelines, and specifications. Cable trays are used in the construction sector for organized cable management, ensuring protection, accessibility, and flexibility while maintaining cost-effectiveness and safety standards. For instance, in March 2023, according to a report published by the Office for National Statistics, a UK-based producer of official statistics, in the fourth quarter of 2022, quarterly construction production increased by 0.3% compared to the third quarter of 2022. Additionally, after a record growth in 2021 of 12.8%, the annual production of construction climbed by 5.6% in 2022 compared to 2021. Therefore, the expanding construction sector is driving the growth of the cable tray market.
Competitive Landscape:
Major companies operating in the cable tray market report are Schneider Electric SE, ABB Ltd, Eaton Corporation plc, Lumen Technologies Inc., Legrand SA, Hubbell Incorporated, Atkore Inc, Cooper Industries Inc., nVent HOFFMAN, Thomas & Betts, RS Components Ltd., Basor Electric Inc., MP Husky USA, Techline Mfg., Ellis Patents Limited, United Electric Co-op Inc., Niedax Group, Unitrunk Limited, Chalfant Manufacturing Company, SnakeTray, Johnson Bros. Roll Forming Co., Vantrunk Ltd, Selco Manufacturing Corp., Acme Wire Products Co. Inc., Wieland Electric GmbH, Wiremaid Products Corp., Oglaend System Group.
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Top Trend - Product Innovation Propels Major Companies In The Cable Tray Market
Product innovation is the key trend gaining popularity in the cable tray market. Major companies operating in the cable tray market focus on developing new products. For instance, in December 2021, Hermi, a Slovenia-based manufacturer of lightning protection components, launched a new series of Hermi Fast Klick cable trays. Incorporating advanced, proprietary boltless connection technology makes this product unique and reduces the time needed to install cable pathways. The new cable trays can be joined to other trays more quickly and simply without using tools or bolts. These cable trays can be disassembled, reassembled, and locked multiple times.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cable Tray Market Characteristics
3. Cable Tray Market Trends And Strategies
4. Cable Tray Market - Macro Economic Scenario
5. Cable Tray Market Size And Growth
…..
27. Cable Tray Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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