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Wire Mesh Cable Tray Market 2024: Opportunities and Market Trends
Wire Mesh Cable Tray Global Market Report 2024
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According to The Business Research Company's, The wire mesh cable tray market size has grown strongly in recent years. It will grow from $0.74 billion in 2023 to $0.79 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to the growing demand for efficient cable management solutions, increasing industrial growth, the need for reliable power distribution systems, versatility and efficiency of wire mesh cable trays, and increasing demand for adhesives in various industries.
The wire mesh cable tray market size is expected to see strong growth in the next few years. It will grow to $1.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to the expansion of the data centers and IT industry, growth of the telecom industry, ease of installation of wire mesh cable trays, easy expansion or modification of cable management systems, and easy troubleshooting and maintenance. Major trends in the forecast period include technological advancements, advancements in telecommunications networks, the advent of 5G telecommunication technology, the development of smart infrastructure, adoption of renewable energy projects.
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Market Drivers and Trends:
The rising demand for trays in the construction industry is expected to propel the growth of the wire mesh cable tray market going forward. The construction industry encompasses the planning, design, and of infrastructure and buildings, including residential, commercial, industrial, and civil engineering projects. The construction industry is rising due to increased urbanization, infrastructure development, and government investments in housing and public projects. Wire mesh cable trays are required in the construction industry for their ease of installation, flexibility, and efficient cable management, ensuring safety and organization in electrical and communication systems. For instance, in February 2022, according to the report published by the Office for National Statistics, a UK-based administrative office of the United Kingdom Statistics Authority, the annual construction sector rose by a record 12.7% in 2021 compared to the previous year. In December 2021, the volume of monthly construction output climbed by 2.0%, entirely due to a 3.5% rise in new work, while the construction industry's quarterly production increased by 1.0% in quarter 4 of 2021 compared to quarter 3. Therefore, the rising demand for trays in the construction industry is driving the growth of the wire mesh cable tray market.
Major companies operating in the wire mesh cable tray market are developing innovative products, such as basket cable trays, to better serve customers with advanced features. A basket cable tray is a lightweight, open-grid structure made from high-strength steel wires, designed to support and route electrical and data cables while providing excellent ventilation and easy access for maintenance. For instance, in January 2024, Panduit Corp., a US-based provider of infrastructure products and services, launched the Wire Basket Cable Tray Routing System. The wire basket cable tray is uniquely designed to route and manage copper data cables, fiber optics, and power cables within data centers, connected buildings, and industrial environments. Its innovative design enhances the strength-to-weight ratio compared to competitive options, making it easier and quicker to install, thus offering a cost-effective solution. The wire basket features a grid pattern with larger openings, allowing more cables to pass through and reducing wire cutting, which minimizes sharp edges and creates a safer environment for network engineers.
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Major Key Players of the Market:
ABB Ltd., Hubbell Incorporated, Eaton Corporation, Legrand SA, Atkore International Inc., Panduit Corp., Chatsworth Products Inc., PUK Group, Oglaend System, MP Husky Corp., Pemsa SA, Marco Cable Management, Unitrunk, Quest Manufacturing Inc., Calpiping Industries LLC, TechLine Mfg, Profab Engineering Pvt. Ltd., Gerpaas, Schneider Electric SE, Navagraha Enterprises, Cablofil Inc., The Niedax Group, Patny Systems Pvt. Ltd., nVent, Elcon Group
Wire Mesh Cable Tray Market 2024 Key Insights:
• The wire mesh cable tray market size is expected to see strong growth in the next few years. It will grow to $1.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Growth In Construction Industry Boosts Demand For Wire Mesh Cable Trays
• Innovative Product Developments In The Wire Mesh Cable Tray Market
• Asia Pacific was the largest region in the wire mesh cable tray market in 2023
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