Growth in construction industry, emphasis on safety in organizations, and rise in renewable energy demand drive the market growth of the global cable tray market.
Wilmington, Delaware , Jan. 16, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Cable Tray Market by Type (Ladder Type Cable Trays, Solid Bottom Cable Trays, Trough Cable Trays, Channel Cable Trays, Wire Mesh Cable Trays, Single Rail Cable Trays, and Others), Material (Aluminum, Steel, Stainless Steel, and Others), Finishing (Galvanized Coatings, Pre-Galvanized, Hot-Dip Galvanized, and Others), and Application (Power, Construction, Manufacturing, IT & Telecommunication, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global cable tray market generated $5.0 billion in 2022 and is estimated to reach $9.2 billion by 2032, exhibiting a CAGR of 6.1% from 2023 to 2032. Light Duty Cable Tray
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The construction industry has rapidly expanded lately, especially in emerging countries such as China, Brazil, India, and others. The rise in population growth, urbanization, and disposable income has fueled construction activities. These constitute the development of infrastructure such as roads, construction of new buildings, and bridges. With the growth of construction activities, there is a rise in electrical and communication wiring systems demand.
The growing demand for renewable energy sources, such as hydroelectric power, wind, and solar, has been one of the major demand drivers. Renewable energy sources need compound wiring systems to supply electricity from the source to the power grid. Cable trays offer a well-managed way of backing these wiring systems, ensuring efficient power transmission.
The incorporation of advanced technologies, such as smart monitoring systems and IOT enabled devices present significant opportunities in the cable tray market. These technologies provide real time data on cable health, temperature, and performance, enabling proactive maintenance and minimizing downtime. Integration with smart systems enables remote monitoring and control of cable tray conditions.
No. of Pages in Report
Type, Material, Finishing, Application, and Region
Growth in construction industry and emphasis on safety in organizations.
Rising renewable energy demand to drive the market growth
The Ladder Cable Trays segment is projected to maintain the market growth during the forecast period.
By type, ladder cable tray dominated the cable tray market share in 2022 in terms of revenue. In 2022, it contributed around one-fourth of the total market revenue in 2022 while growing at a CAGR of 6.6%. The same is projected to dominate the cable tray market forecast period. Ladder type cable trays are a type of support system used to manage and organize cables in various industries such as construction, power, and telecommunications. They are designed as a st
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The aluminum segment is projected to dominate the growth during the forecast period.
Depending on the material, aluminum segment dominated the market share for cable tray market in 2022 in terms of revenue. With a CAGR of 6.3%, it accounted for more than two-fifths of the revenue in 2022. The same segment is projected to dominate the market growth during the projection years. Aluminum, a lightweight and durable metal, is frequently used in the manufacturing of cable trays due to its various advantageous properties. In the context of cable trays, aluminum serves as a material for constructing cable management systems.
The galvanized coatings segment is projected to dominate the growth during the forecast period.
Depending on the finishing, galvanized coatings segment dominated the market share for cable tray market in 2022 in terms of revenue. With a CAGR of 6.4%, it accounted for more than one-third of the revenue in 2022. The same segment is projected to dominate the market growth during the projection years. Galvanized coatings provide excellent protection against corrosion, making them highly desirable in industries where exposure to moisture, chemicals, or harsh environments is common. This corrosion resistance enhances the durability of structures and equipment, leading to increased demand.
The construction segment is projected to dominate the market growth during the forecast period.
Depending on the application, the construction segment dominated the market share for cable tray in 2022 in terms of revenue. In 2022, it contributed nearly one-third of the total market revenue in 2022 while growing at a CAGR of 6.5%. The same segment is projected to dominate the market growth during the projection years. Integration of IOT devices and smart building technologies for improved energy management, security, maintenance, and occupant comfort is on the rise, driven by the demand for connected and sustainable spaces further fostering the cable tray market growth.
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The Asia-Pacific region is projected to maintain its dominance the growth throughout the forecast period.
By region, Asia-Pacific dominated the market share for cable tray in 2022 in terms of revenue. In 2022, the Asia-Pacific region contributed more than two-fifths of the revenue at a CAGR of 6.4% during the forecast period. The Asia-Pacific region is experiencing rapid urbanization, leading to increased demand for infrastructure development. This includes construction of commercial buildings, data centers, and residential complexes, driving the need for efficient cable management systems such as cable trays.
OBO Bettermann Holding GmbH & Co. KG
The report provides a detailed analysis of these key players in the global cable tray market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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