Cable Tray Market Overview: Market Size, Major Drivers And Trends
Unpacking the growth drivers, innovations, and key players shaping the global cable tray market in 2023.
The Cable Tray Market: A Continuous Growth Journey
- Steady Growth: The global cable tray market is poised for growth, transitioning from $3.40 billion in 2022 to $3.66 billion in 2023, demonstrating a Compound Annual Growth Rate (CAGR) of 7.62%. The market is projected to continue expanding and is expected to reach $4.78 billion by 2027, maintaining its trajectory with a CAGR of 6.87%.
The Construction Sector: An Engine for Growth
The expanding construction sector is set to be a driving force in the growth of the cable tray market. Construction encompasses the activities and processes related to the installation and assembly of materials and equipment in accordance with approved construction plans and specifications. In this sector, cable trays play a pivotal role in facilitating organized cable management. They ensure protection, accessibility, and flexibility while adhering to cost-effectiveness and safety standards.
- Impressive Construction Growth: According to a report by the Office for National Statistics, in the fourth quarter of 2022, quarterly construction production increased by 0.3% compared to the third quarter of 2022 in the UK. Furthermore, after a record growth of 12.8% in 2021, annual construction production climbed by 5.6% in 2022 compared to the previous year.
Key Players Driving the Industry
Major players in the cable tray market are instrumental in shaping the industry’s landscape. Prominent companies in this market include Schneider Electric SE, ABB Ltd, Eaton Corporation plc, Lumen Technologies Inc., Legrand SA, Hubbell Incorporated, Atkore Inc, Cooper Industries Inc., nVent HOFFMAN, Thomas & Betts, RS Components Ltd., Basor Electric Inc., MP Husky USA, Techline Mfg., Ellis Patents Limited, United Electric Co-op Inc., Niedax Group, Unitrunk Limited, Chalfant Manufacturing Company, SnakeTray, Johnson Bros. Roll Forming Co., Vantrunk Ltd, Selco Manufacturing Corp., Acme Wire Products Co. Inc., Wieland Electric GmbH, Wiremaid Products Corp., and Oglaend System Group.
Innovation in Focus
- Product Innovation: Innovation is a key trend gaining traction in the cable tray market. Major companies in the sector are actively developing new products to meet evolving industry needs. For instance, Hermi, a Slovenia-based manufacturer of lightning protection components, recently launched the Hermi Fast Klick cable tray series. This product incorporates advanced proprietary boltless connection technology, reducing installation time and making it unique in the market. These cable trays can be effortlessly assembled and disassembled multiple times, without the need for tools or bolts.
Global Reach, Regional Significance
- Regional Influence: In 2022, Asia-Pacific was the largest region in the cable tray market, and it is expected to maintain its prominence as the fastest-growing region in the forecast period.
Diverse Market Segmentation
The cable tray market offers a wide range of options to cater to diverse preferences and requirements.
- Market Segments: The market is segmented based on the type of cable trays, including Ladder Type Cable Trays, Solid Bottom Cable Trays, Trough Cable Trays, Channel Cable Trays, Wire Mesh Cable Trays, and Single Rail Cable Trays. Additionally, the materials used for cable trays are categorized into Steel, Stainless Steel, Aluminum, and other material types. The finishing options include Galvanized Coatings, Pre-Galvanized, and Hot-Dip Galvanized. These cable trays cater to various applications across different industries, such as Power, Construction, Manufacturing, Information Technology (IT) and Telecommunication, and other applications.
Charting the Path Ahead
The cable tray market continues to evolve, offering a diverse range of products and solutions to meet the needs of various industries. As technology advances and the construction sector continues to thrive, cable trays play an essential role in organizing and safeguarding cables, ensuring seamless operations and safety across sectors worldwide. The market’s trajectory signifies that the journey of growth is far from over.
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The Cable Tray Global Market Report 2023 provides an overview of the cable tray market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The cable tray market forecast analyzes cable tray market size, cable tray market share, leading competitor and their market positions.
The Table Of Content For The Cable Tray Market Include:
1. Cable Tray Market Executive Summary
2. Cable Tray Market Segments
3. Cable Tray Market Size And Cable Tray Market Growth Rate
4. Key Cable Tray Market Trends
5. Major Cable Tray Market Drivers
25. Key Mergers And Acquisitions In The Cable Tray Market
26. Top Cable Tray Companies
27. Cable Tray Market Opportunities And Strategies
28. Cable Tray Market, Conclusions And Recommendations
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