Cable Tray Market to Surge at 14.05% over 2023 to 2030; ABB Invested USD 13 Million in Capacity Expansion to Strengthen Industry Fo

The global cable tray market size stood at USD 4.13 billion in 2022. The market value is slated to rise from USD 4.81 billion in 2023 to USD 12.07 billion by 2030 at a CAGR of 14.05% during 2023-2030. The surge is driven by the rapid expansion in the usage of digital technologies and the soaring demand for advanced warehousing and distribution centers.

Fortune Business Insights™ presents this information in its report titled “Cable Tray Market Size, Share & COVID-19 Impact Analysis, By Material (Steel, Aluminum, and Stainless Steel), By Type (Ladder, Solid Bottom, Trough, Channel, Wire Mesh, and Single Rail), By End-User (Power, Construction, Manufacturing, IT and Telecom, and Others), Regional Forecasts, 2023-2030”.

Industry Growth Impacted due to Decline in Product Demand amid Coronavirus Pandemic

The COVID-19 pandemic had a negative impact on market growth considering the halt on the global supply chain and shutdown of trade activities. However, the rising investment in infrastructure development and government stimulus packages helped the revival of the product demand. Such steps are set to favor industry expansion in the coming years.

ABB Announced a USD 13 Million Investment to Improve Production Capacity

In September 2022, ABB announced a USD 13 million investment in its Quebec-based Installation Products Division Iberville manufacturing unit. The move is focused on establishing an R&D facility and enhancing production capacity.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/cable-tray-market-101529

Surging Renewable Energy Demand to Propel Industry Expansion

The cable tray market growth is being propelled by the rising demand for renewable sources of energy such as wind, hydroelectric power, and solar power. These require compound wiring systems for supplying electricity. This factor is anticipated to drive market expansion over the study period.

However, the industry expansion may be affected by the increasing requirement of various materials, such as brackets, elbow fittings, fasteners, wall mounts, and support, during the installation of cable tray systems.

Industry Players Launch New Products to Secure Competitive Edge

Leading market players are developing and launching new products for strengthening the positions of their businesses. Besides, many companies are adopting various strategies to expand their geographical footprints. These comprise partnership agreements, collaborations, and the formation of alliances.

Key Players Profiled:

• Atkore International Group Inc. (U.S.)


• Hubbell Incorporated (U.S.)


• ABB (Switzerland)


• Eaton (Ireland)


• Legrand (France)


• MP Husky Cable Tray & Cable Bus (U.S.)


• OBO BETTERMANN GmbH & Co. KG (Germany)


• Basor (Spain)


• Niedax MonoSystems, Inc. (U.S.)


• Snake Tray (U.S.)


• WIREMAID USA (U.S.)


• Oglænd System Group (Norway)


• Techline Mfg. (U.S.)


• Chatsworth Products (U.S.)


• Panduit (U.S.)


• nVent (U.S.)


• SUPERFAB INC (India)

Notable Industry Development

February 2020 – nVent Electric plc shared plans to acquire all assets of WBT LLC. The U.S.-based WBT business manufactures high-quality cable tray systems that will be marketed as part of the nVent CADDY product line within the Electrical and Fastening Solutions segment and nVent HOFFMAN product line within the Enclosures segment.

Further Report Findings

• The Asia Pacific market share is expected to dominate over the forecast period. The region held a key share in the global market driven by the growing investment in infrastructure development in regional economies.


• The North America market is slated to expand at a considerable pace over the projected period. The rise is driven by the expanding renewable energy sector in the region.


• The Europe market is estimated to record substantial growth over the forecast period. The surge is propelled by the increasing development of smart grids in the region.


• Based on material, the market is classified into steel, aluminum, and stainless steel. The aluminum segment accounted for a key share in the market and is estimated to expand at a substantial pace over the projected period. The rise is impelled by the soaring deployment of the product for durability, corrosion resistance, and other properties.


• By type, the market is fragmented into ladder, solid bottom, channel, trough, wire mesh, and single rail. The wire mesh segment is poised to expand at an appreciable pace over the study period. The expansion is driven by the growing usage of the product in data centers.

 Table of Segmentation