Press release
2025-2034 Cable Tray Market Evolution: Disruptions, Innovations, and Untapped Opportunities
Cable Tray Market
What Is the Expected CAGR for the Cable Tray Market Through 2025?
In recent years, the cable tray market has seen substantial growth. The forecast suggests an increase from $3.91 billion in 2024 to $4.11 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 5.3%. This growth trend during the historic period has been driven by factors such as heightened infrastructure development, expansion in the fields of construction, power generation, and data centers, along with a rising demand for cost-effective solutions.
What's the Projected Size of the Global Cable Tray Market by 2029?
In the upcoming years, the size of the cable tray market is predicted to experience significant growth, reaching $5.41 billion by 2029 with a compound annual growth rate (CAGR) of 7.1%. This projected growth during the forecast period can be linked to the expanding renewable energy sector, the development of smart grids and data centers, increasing urbanization, and environmental factors. The forecast period is also expected to observe major trends such as innovative solutions, the incorporation of automation and sensors, strategic investments, technological progress, and strategic partnerships.
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Top Growth Drivers in the Cable Tray Industry: What's Accelerating the Market?
The booming construction industry is anticipated to fuel the cable tray market's growth due to its current expansion. The term "construction" encompasses the procedures involved in implementing and composing project equipment and materials at the construction location, adhering to sanctioned construction blueprints, rules, and details. Cable trays are utilized in the construction industry to manage cables in an orderly manner, guaranteeing protection, accessibility, and adaptability while upholding cost-effectivity and safety protocols. As per a report released in March 2023 by the Office for National Statistics, a UK-based provider of official data, construction production saw a 0.3% increment in the last quarter of 2022 in comparison to the preceding quarter. Besides, following a peak growth of 12.8% in 2021, the yearly construction output rose by 5.6% in 2022 relative to 2021. Consequently, the surging construction industry is propelling the cable tray market's expansion.
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What Are the Key Trends Driving Cable Tray Market Growth?
Key players in the cable tray market are prioritizing the creation of innovative products, such as boosting cable capacity for a larger cable load without any extra cutting. Boosted Cable Capacity points to the advancements in technology and designer changes in power cables to heighten their capability to transport more electrical current without an increase in heat or energy loss. For example, in January 2024, US-based electronics manufacturer, Panduit, unveiled the Wire Basket Cable Tray Routing System aimed at enhancing cable organization within data centers. This new cable tray routing system presents a superior strength-to-weight ratio for more straightforward and faster installations. The grid layout boosts cable capacity with less wire trimming, bolstering safety and efficiency. It can be customized in diverse sizes and materials, providing proper bend radius control at crossings. Perfect for data centers, connected buildings, and industrial settings, it facilitates swift and cost-efficient deployment.
What Are the Main Segments in the Cable Tray Market?
The cable traymarket 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
Subsegments:
1) By Ladder Type Cable Trays: Standard Ladder Trays, Heavy-Duty Ladder Trays
2) By Solid Bottom Cable Trays: Non-Perforated Solid Bottom Trays, Perforated Solid Bottom Trays
3) By Trough Cable Trays: Open Trough Trays, Enclosed Trough Trays
4) By Channel Cable Trays: Standard Channel Trays, Custom Channel Trays
5) By Wire Mesh Cable Trays: Stainless Steel Wire Mesh Trays, Galvanized Wire Mesh Trays
6) By Single Rail Cable Trays: Standard Single Rail Trays, Heavy-Duty Single Rail Trays
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Which Top Companies are Driving Growth in the Cable Tray Market?
Major companies operating in the cable tray market include 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, 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.
Which Regions Will Dominate the Cable Tray Market Through 2029?
Asia-Pacific was the largest region in the cable tray market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cable tray market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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