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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.
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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:
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
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 14.05% from 2023 to 2030 |
Unit | Value (USD Billion) |
Segmentation | By Material, Type, End-User, and Region |
Segmentation | By Material
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By Type
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By End-User
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By Region
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