Global Cable Tray Market is projected to be worth USD 18.01 billion by 2033 and is anticipated to surge at a CAGR of 14.27%.
A cable tray is a portable electrical support system that aids in the secure transportation of cables and flexible electrical conduits across wide areas. It is a cable management tray, which is frequently used in commercial and industrial buildings. To increase safety in establishments, bulk cables are typically handled with cable trays.
Global Cable Tray Market Driving Factors and Challenges
The need for basic requirements has increased as a result of the growing world population. As a result, businesses and production facilities are being established all over the world. The expanding industrialization will create the conditions for the cable tray market to be widely adopted globally, along with the growth of corporate offices, data centres, and other places of communication. Electricity transmission cables can be transported safely using a cable tray. Cable trays can be useful for more than just power transfer in overvoltage and overcurrent situations. Cable trays will aid in limiting exposure to exposed wires, hence lowering the dangers and risks of contacts with exposed wires. Such amazing qualities of cable trays will cause the product to be increasingly adopted globally, which will favour the expansion of the worldwide cable trays market in the upcoming years.
Power utilities are becoming more and more necessary, which has led to a demand for power cables and other sub-station-related products. The market for cable trays will have various expansion prospects due to rising power needs. These businesses will produce significant cable trays market income as power substation investment rises. The expansion of the IT and telecom sectors will also be aided by the growing demand for technological infrastructure and data centres to provide improved virtual assistance.
However, cable tray systems require a variety of resources, including specialised installation methods, expert labour, precise measuring, and fitting tools. Such systems require additional components for installation, including supports, wall mounts, brackets, elbow fittings, and fasteners, which raises the overall cost of the system. Additionally, the installation of nuclear reactors, construction sites, and large projects that require specialised time, labour, and tools can delay the construction timetable and increase system costs. As worn-out parts or damage must be replaced, and the complete system may need to be checked frequently, the repair and maintenance of such systems can also be cost-effective. When cable trays are involved and can increase the time needed for the installation again, it becomes very difficult to inspect and locate the broken cables.
Impact of COVID-19 on Global Cable Tray Market
The COVID-19 epidemic affected manufacture and use of cable tray products worldwide and hampered their entire logistical process. Communities and businesses were negatively impacted by the COVID-19 pandemic. Numerous industries' growth has been severely constrained, but many other markets have been unaffected and have strong growth potential. The cable tray industry was negatively impacted by the COVID-19 epidemic because to the halt or reduction in production as well as the significant impact on the upstream raw material market.
Cable Tray Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; ABB, Atkore International, Basor Electric SA, Chatsworth Products, Eaton, Hubbell Incorporated, Legrand, MonoSystems, MP Husky Cable Tray & Cable Bus, Niedax Group, Øglænd System Group, Panduit, Schneider Electric, Snake Tray, Techline Mfg., WBT - PERFORMANCE CABLETRAY, WIREMAID USA, Others.
Global Cable Tray Market Segmentation:
By Type: Based on the Type, Global Cable Tray Market is segmented as; Channel Cable Trays, Ladder Type Cable Trays, Single Rail Cable Trays, Solid Bottom Cable Trays, Trough Cable Trays, Wire Mesh Cable Trays.
By Material: Based on the Material, Global Cable Tray Market is segmented as; Aluminum, Metal, Stainless Steel, Steel.
By Coating: Based on the Coating, Global Cable Tray Market is segmented as; Galvanized Coatings, Hot-dip Galvanized, Pre-galvanized.
By End User: Based on the End User, Global Cable Tray Market is segmented as; Construction, IT and Telecommunication, Manufacturing, Power, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.