The global cable tray market size value of USD 2.75 Billion in 2018 and is projected to reach USD 5.46 Billion by 2026, exhibiting a CAR of 9.06% during the forecast period. Exponentially developing industrial infrastructure, including power generation & manufacturing sectors coupled with increasing IT & telecommunication centers, will positively cater to the cable tray market size.
Stringent policies of various governments and organizations to ensure workplace safety for employees to minimize the operational hazards will further complement the growth. Cable tray is a part of cable management systems and is used as a support system to handle bulk wires to improve aesthetics and safety in establishments. It also helps in cost-effective working on complex wires by providing fewer maintenance charges, effective ventilation channels, and easy repair or replacement amid any fault condition. The products are generally installed for different voltages, power and signal cables, optical fiber lines, and control wiring systems to save installed space and cost.
Cable trays are usually manufactured with the help of different materials comprising numerous alloys of aluminum, steel, stainless steel, and at times fiberglass reinforced plastic (FRP or GRP) composites. It is also available in an extensive range of coatings and finishes like pre-galvanized, hot-dip galvanized, chemical & paints, electro-galvanized, and many more to withstand harsh and corrosive conditions over time.
Fast-paced growth in the construction and manufacturing industries has positively affected the adoption of cable tray products across different regions. Asia Pacific is expected to hold a dominating share owing to rapidly expanding construction and telecom sectors in countries like China and India. In 2018, the National Bureau of Statistics of China reported that the total yearly value added of construction crossed USD 5.65 billion in 2017, witnessing above USD 210 million a year-on-year increase.
Market Drivers
“Rapidly developing industrial infrastructure will cater to the global cable tray market size”
Increasing setup of new power plants to suffice the rising energy need along with the adoption of new clean energy generation sources is projected to foster the industry growth. Cable tray products are an essential part of the wire management system and are readily used over the other counterparts like conduits and trunks owing to easy installation and reliable & safe operations.
“Increasing expenditure on the construction of new facilities is anticipated to fuel the market growth”
Rising spending on building new commercial and industrial establishments coupled with refurbishing activities in old structures to comply with energy efficiency objectives is set to shape the market trends. Favorable initiatives by different governments to construct large structures and improve the overall efficiency of the buildings will lead to an increase in cable tray demand.
By Material Analysis
“Aluminum is projected to hold a dominating share for cable tray during the forecast period.”
Based on the material, this industry is segmented steel, aluminum, and stainless steel. Aluminum cable tray material is expected to account for a major portion of the forecast period. Enhanced load-bearing capacity, high strength to weight ratio, and low maintenance requirements are some of the key properties supporting the segment growth. Steel material is likely to witness substantial growth owing to low installation costs and high mechanical strength. It is mostly formed through extrusion and roll forming process of high-quality steel to increase the product’s load endurance.
Growing requirements for power generation and other factors in marine and the caustic environment will positively support the stainless steel cable tray demand. All the products are delivered with a layer of corrosion resistant film to improve its rust resistance characteristics.
By Type Analysis
“Ladder cable tray is anticipated to possess a lion’s share over the forecast timeframe.”
Based on the type, this market is divided into a ladder, solid bottom, trough, channel, wire mesh, and single rail. The ladder-type segment is further bifurcated into the swaged and welded ladder type. Ability to support systems over long spans, proper ventilation structure to dissipate heat, easy installation of cables in the system, and many other features are set to propel the segment outlook. Channel products are projected to grow significantly due to its economic and easy fitting qualities along with delivering efficient support to various cables like fiber optic, communication, control, and many more in a limited wire design. Larger supporting span, less material used, fast installation process, flexible on-site adjustment capability, easy maintenance, and various other features will positively impact the wire mesh cable tray growth.
Regional Analysis
Geographically, the global cable tray market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The presence of giant technology companies like Google, Yahoo, Facebook, and others along with stringent organizational policies for safe monitoring and operations of workplaces will favor the North America industry outlook. U.S. And Canada is the main countries functioning in the region.
Asia Pacific is likely to hold the dominating portion over the forecast timeline. Rapidly developing industrial infrastructure, coupled with rising demand for new power generation plants is expected to complement the regional demand. Increasing investment in emerging information technology and telecom sector in the developing economies like India and China will further propel the market revenue. In February 2019, the government of India announced to initiate a fund worth over USD 700 million to support software products entrepreneur and set up innovation and R&D centers in the country. Other key countries with huge potential for cable tray in the region are Australia, Japan, and Southeast Asian countries.
The Europe cable tray market is expected to grow considerably in the forecast period. The existence of an established industrial setup along with expanding construction activities in different countries will complement the industry outlook. Countries like Germany have long-standing manufacturing facilities like aviation, automotive, machinery, and other goods & services. Additionally, clean power generation initiatives by the European Union to curb the greenhouse gas emissions and increase renewable generation in the energy mix will further fuel the market growth. Spain, Italy, France, the United Kingdom, and other regional countries are actively operating in the territory.
Growing focus to provide electricity to remote places along with increasing energy production by ever-growing exploration & production activities will favor the Middle East and Africa. The rising need to establish new and attractive commercial structures to support tourism along with creating modern workplaces across the Gulf Cooperation Council (GCC) countries will enhance the market size. In August 2018, the South Africa Department of Energy announced new targets to adopt various clean energy generation sources. The country aims to include 26% of the overall mix from renewable sources replacing the existing coal-fired plants by 2030.
Reference: https://www.fortunebusinessinsights.com/industry-reports/cable-tray-market-101529
