What is the global market size of Cable Tray Market?

Global Cable Tray Market size was valued at USD 4.18 Billion in 2022 and is poised to grow from USD 4.52 Billion in 2023 to USD 8.49 Billion by 2031, growing at a CAGR of 8.2% in the forecast period (2024-2031).

Cable Tray Market Size, Share, Growth Analysis, By Type(Ladder Type Cable Trays, Solid Bottom Cable Trays, Trough Cable Trays, Channel Cable Trays), By Material(Aluminium, Steel, Stainless Steel, Others), By Finishing(Galvanized Coatings, Pre-galvanized, Hot-dip Galvanized, Others), By Application(Power, Construction, Manufacturing, IT & Telecommunication), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25A2230 | Region: Global | Published Date: October, 2024
Pages: 220 | Tables: 125 | Figures: 75

Cable Tray Market Insights

Global Cable Tray Market size was valued at USD 5.02 billion in 2022 and is poised to grow from USD 5.33 billion in 2023 to USD 8.57 billion by 2031, growing at a CAGR of 6.12% during the forecast period (2024-2031).

Global cable tray market growth is driven by increasing demand from manufacturing industries, which in turn drives rapid urbanization in emerging economies. The open economy or mixed economy adopted by the government has boosted the private sector, creating more jobs and employment opportunities in developing countries. This has led to rapid urbanization in these countries. Cable trays are used in commercial and industrial construction to hold complex cable systems. For example, according to the UN World Urbanization Prospects 2018, 55% of the world’s population currently lives in cities, and this is expected to increase to 68% by 2050. The world’s population growth could add another 2.5 billion people cities of the country. It occurs in the Pacific Ocean.

Furthermore, rising energy consumption and growing electronics and telecommunications industry are expected to boost the global cable tray market.

Cable Tray Market Report Snapshots

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The competitive environment of the Global Cable Tray Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options. 'ABB Ltd. ', 'Atkore International ', 'Schneider Electric ', 'Chalfant ', 'Basor Electric S.A. ', 'MP Husky ', 'Oglaend System Group ', 'SnakeTray ', 'TechLine Mfg. ', 'Eaton Corporation ', 'Panduit Corp ', 'Chatsworth Products, Inc. ', 'Niedax Group ', 'WIREMAID USA ', 'Vantrunk ', 'Enduro Composites Inc. ', 'Legrand ', 'Hubbell Inc. ', 'OBO Bettermann Holding GmbH & Co. KG ', 'Superfab Inc.'

The construction industry has expanded rapidly, especially in emerging economies such as China, Brazil and India. Population growth, urbanization and rising disposable income have stimulated construction activity. These are infrastructure such as roads, new construction, bridges, and so on. Increased construction activity increases the demand for transmission power. These trays are key components to these wiring systems, making them an integral part of any construction project.

Rapid Growth in the Use of Digital Technologies: The rapid growth of digital technologies may further drive the need for more digital infrastructure, such as data centers and advanced warehouse and distribution centers to support e-commerce. Factors such as steel framing and racking structures are needed, power cables & cable management such as cable trays. Primary applications include renovated and new buildings, electrical system upgrades, utilities, warehouses, data centers, and for connecting electric vehicle charging stations to electricity the energy grid. For example, in January 2023, India’s Maharashtra government announced at the World Economic Forum in Davos, Switzerland, that it had signed agreements with two companies to build two data centers in Pune at a cost of $3.9 billion.

North America dominated the global due to increased demand from the IT and telecommunication sectors. The growing trend in renewable energy is also contributing to the growing market in North America. The Middle East & Africa region is expected to grow significantly during the forecast period. As the region's population grows and the economy grows, the demand for energy infrastructure such as power plants, substations and transmission lines will increase, and thus the demand is expected to increase in the coming years.

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