The global cable trays market is likely to derive growth from the growing power needs and increasing number of sub-stations across the world. According to a report published by Fortune Business Insights, titled “ Cable Tray Market Size, Share & Industry Analysis, By Type (Ladder, Solid Bottom, Trough, Channel, Wire Mesh, Single Rail), By End-User (Power, Construction, Manufacturing, IT & Telecom, Others), By Material (Steel, Aluminium, Stainless Steel), and Regional Forecast, 2019-2026,” the market was valued at USD 2.75 Billion in 2018 is projected to reach USD 5.46 Billion by 2026, exhibiting a CAGR of 9.06% during the forecast period.
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The rising global population has led to a subsequent increase in the demand for basic necessities. As a result, industries and manufacturing units are being set up across the world. The growing industrialization, combined with the increasing number of IT and communication centres and corporate offices, will set the platform for a widespread adoption for cable tray market across the world. Cable tray allows safe transportation of wires that are used to transmit electricity. Besides power transmission, cable trays can be helpful in cases of overvoltage and overcurrent. Cable trays will help minimize the exposure to open wires, thereby reducing risks and injuries associated with open wire contacts. Such exceptional properties of cable trays will lead to a rising adoption for the product across the world, which in turn will favor the growth of the global cable trays market in the coming years.
Top Players Overview :
- Schneider Electric
- Hubbell Incorporated
- MP Husky Cable Tray & Cable Bus
- Atkore International
- Chalfant Manufacturing Co.- OBO Bettermann Group
- Basor Electric SA
- Snake Tray
- WIREMAID USA
- Øglænd System Group
- WBT – PERFORMANCE CABLETRAY
- Techline Mfg.
- Chatsworth Products
- Niedax Group
The report provides an in-depth analysis of the global cable trays market with regard to aspects such as leading companies, growth drivers, and leading product types. Additionally, the report provides a detailed study of the market by classifying it into various regions. The report highlights a few of the leading business strategies adopted by the companies operating in the global market and states the impact of these strategies on the growth of the market.
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Aluminium Segment to Account for a Dominating Cable Trays Market Share
Among the product types, Fortune Business Insights labels the aluminium type as the segment that holds a dominating share of the global cable trays market. The properties of aluminium such as enhanced load bearing capacity and a high strength to weight ratio has led to a rising adoption for the product across the world. Additionally, the low maintenance cost associated with aluminium will contribute to the growing adoption of the product. Due to the aforementioned factors, the aluminium segment is likely to exhibit a high CAGR in the forecast period.
IT and Telecom Sector to Exhibit High Growth Rate
The increasing need for power utilities has, in turn, created the need for power cables and other products associated with sub-stations. Growing power needs will provide several growth opportunities for the cable trays market. Increasing investment in power substations will help these companies generate substantial cable trays market revenue. Additionally, the increasing need for technological facilities and data centres to enable enhanced virtual support will aid the growth of the IT and telecom segment.
Segmentation of Cable Tray Market –
- Swaged Ladder
- Welded Ladder
- Solid Bottom
- Wire Mesh
- Single Rail
- IT & Telecom
- By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)
- Asia Pacific (China, India, Japan, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa)