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The global FRP cable tray market size was valued at USD 253.48 million in 2019 and is projected to reach USD 445.63 million by 2027, exhibiting a compound annual growth rate (CAGR) of 7.7% during the forecast period.
Cable trays are fabricated in various designs to withhold a bulk bunch of wires & cables laid in different structures to maintain the operational safety and aesthetic appeal of the location. The products are manufactured with different raw materials, including aluminum, steel, stainless steel, and reinforced plastic. These are installed as components to the support systems and allow easy heat dispersion for repair and replacements.
Lack of Funding to Continue Industrial Operations to Affect Industry During COVID-19
Unprecedented problems caused by novel coronavirus or Covid-19 pandemic have affected industrial operations all across the globe. Different nations have introduced several combat measures like social distancing recommendations and shutdown of various manufacturing & processing facilities. Cable trays are widely integrated across new establishments to contain the superfluous wires to prevent any chance of mishappenings.
Consequently, the deficits in capital intensive industries such as oil & gas, construction, chemicals, and many others has led to a significant delay in commissioning of new projects barring the installation of FRP cable trays. For instance, in April 2020, a Canadian chemicals company called Nova Chemicals announced to slow the expansion and construction works at its ethylene cracker and polyethylene plant by diminishing the required workforce by about 90% at the locations due to the COVID-19 pandemic. Additionally, the enterprise also stopped the renovation operations at one of its facilities and is unsure regarding the duration of construction delays at any of its sites owing to the ongoing challenges.
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Growing Industrial Operations in Corrosive Environment to Favor the Market Dynamics
The increasing production & processing capacities of chemical plants across the globe has resulted in the adoption of special products with efficient operations. Additionally, construction of new near sea structures and chemical facilities that necessitate the installation of Fibre-reinforced plastic (FRP) products to endure caustic atmosphere and winds. For example, in June 2020, BP published Statistical Review of World Energy 2020, stating that the total global oil refinery throughput equaled 82.99 million barrels per day (MBPD) in 2019, rising from 80.22 MBPD in 2019 observing about 3.2% increment.
Stringent Norms to Maintain Safe Operations Across Infrastructures to Offer Impetus
The growing concerns to safeguard the operations and personnel at workplaces, coupled with stern regulations to monitor the safety of electrical components to favor the market. Consequently, cable trays largely help in preventing the accumulation of harmful contaminants like dust and bacteria averting possibilities of electrocution of staff. For instance, sections 392.8, 392.9, 392.10, and 392.12 of the National Electrical Code (NEC) enforced by the United States National Fire Protection Association (NFPA) determine the designing and operational specifications of the cable trays.
Rapidly Increasing Energy Demand to Propel the Product Demand
The exponential rise in power across emerging economies, coupled with the development of new generation, distribution, and transmission networks, will favor the installation of the products. Additionally, positive targets to deploy green energy technologies such as hydro, wind, and solar are likely to fuel the market demand. For instance, In September 2020, the U.S. Energy Information Administration (EIA) forecasted that the global energy consumption would rise by around 50% by 2050 with the total intake in residential and commercial buildings rising from 91 quadrillion British thermal units (Btu) to 139 quadrillions Btu witnessing about 65% increase.
Mounting Construction Expenditures to Setup New Infrastructures to Complement Industry Landscape
The escalation of total spendings from different nations to fabricate advanced public and private establishments is set to foster the market of FRP cable trays. The products help to effectively manage a large number of wires in huge substructures, keeping a check on superfluous cables to mitigate any chances of electrocution. For example, in October 2019, the United Kingdom Office for National Statistics stated that the total national construction output for public infrastructure totaled around USD 13.45 billion in 2018, rising from USD 8.48 billion in 2017 with over 58.6% year-on-year increment.
Regression in Operational Characteristics with Elevating Temperature Conditions May Obstruct Market Growth
Easy obtainability of high strength alternatives to manufacture various cable support components coupled with low demand for FRP products can hinder the market. For instance, as per the U.S. National Electrical Manufacturers Association (NEMA), the total load-bearing capacity of FRP reinforced fiberglass products has decreased from 100% to about 52% as the temperature increases from 75 ⁰F to 200 ⁰F respectively. However, the industry players are continuously striving to test innovative products by introducing different composites & additives to cope up with the limitation.
Ladder Type Trays to Hold Significant Share Owing to Efficient Designs and Better Load Bearing Capacities
Based on type, the global FRP cable tray market segmentation is categorized into the ladder, channel, and others. The ladder-type segment is projected to lead the market during the forecast due to its extended support in span spacings, effective heat dissipation, and easy running in & out of cables. Additionally, channel type products are also set to observe substantial growth rate owing to different factors such as economic cable management alternatives and the limited requirement for maintenance with a limited number of cables.
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Increasing Construction Expenditures to Augment the Industry Size
Based on the application, the industry is segregated into chemicals, oil & gas, power, construction, and others. The rising energy requirements to suffice the daily residential, commercial, and industrial needs are set to favor the power segment outlook. Furthermore, the oil & gas segment is anticipated to observe considerable growth opportunities owing to the increasing exploration of old and new hydrocarbon assets across the globe. Consequently, growing building activities to renovate the prevailing substructures coupled with creating the new ones to support national objectives is likely to augment the construction segment landscape.
Asia Pacific FRP Cable Tray Market Size, 2016-2027 (USD Million)
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The market has been analyzed across five key regions, comprising North America, Asia Pacific, the Middle East & Africa, Europe, and Latin America. Asia Pacific is anticipated to hold a significant portion of the FRP cable tray market share owing to rapid urbanization and industrialization, coupled with growing energy demand. Increasing investments by government and private bodies to boost the chemical infrastructures are set to favor the regional expansion further. Additionally, increasing hydrocarbon production across the Southeast Asian nations is also likely to favor the territory.
Huge government and organization targets to install clean power generation methods along with the development of hydrocarbon reserves in offshore locations such as the North Sea is set to fuel the Europe FRP cable tray market. Additionally, growing construction activities to develop residential and commercial infrastructures coupled with stringent guidelines by the European Union to maintain the energy efficiency of the buildings is likely to add to the market size.
The market in North America is favored mainly with the presence of long-standing FRP cable tray manufacturers along with growing industrial operations. Additionally, the regional expansion is supported by the growing investments by various oil & gas majors in exploring onshore and offshore reservoirs along with discovering new conventional and unconventional reserves.
Øglaend System Group is Focused on Expanding its Product Line and Utilize its Channels to Market New Products
The FRP cable tray market has witnessed a large number of small and large key players delivering products for numerous applications shaping the competitive landscape. These participants are significantly operating at country and regional levels limiting the companies to cater to needs overseas effectively. However, some of the company profiles for established organizations such as Legrand, Eaton Corporation, Schneider Electric, Sintex Industries Limited, among others, possess a significant integration with local sales partners to hold substantial presence globally.
oglænd System Group offers a complete range of fiber-reinforced polyester (FRP) and glass-reinforced plastic (GRP) with the minimal installation time and easy integration in multiple industries. Furthermore, the company is also concentrating on delivering a high-performance assortment with efficient corrosion resistance for extreme conditions. For instance, in April 2019, it launched its Hilti Cable Transit Systems (CTS) for installations in shipping, oil & gas, and offshore wind applications across the Norwegian market.
The global market report for fRP cable tray presents a comprehensive assessment of the industry by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views to formulate the market research report. Furthermore, the report covers a detailed analysis and information as per market segments including types, applications, and regions, helping our readers to get a comprehensive overview of the global industry.
An Infographic Representation of FRP Cable Tray Market
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Value (USD Million)
Fortune Business Insights says that the global FRP Cable Tray market size was USD 253.48 million in 2019 and is projected to reach USD 445.63 million by 2027.
In 2019, the Asia Pacific market value stood at USD 91.79 million.
Registering a CAGR of 7.7%, the market will exhibit steady growth over the forecast period (2020-2027).
The ladder type cable tray segment is anticipated to hold a significant share and dominate the market during the forecast period.
Growing construction expenditures, coupled with increasing investments to explore hydrocarbon reserves, are some of the major factors driving the growth of the market.
Legrand, Atkore International, Eaton Corporation, and Øglænd System Group, among others, are the key players operating in the industry.
Asia Pacific dominated the market in terms of share in 2019.
High capacity to endure caustic environments without loosening its load-bearing strength is likely to augment the adoption of these products across chemical plants.
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