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The global cable trays market size is anticipated to reach USD 5.46 Billion by 2026. The growth is attributable to the rising demand for the product resulting from properties such as high durability and prolonged life. According to a report published by Fortune Business Insights, titled “ Cable Tray Market Size, Share & Industry Analysis, By Type (Ladder, Solid Bottom, Trough, Channel, Wire Mesh, Single Rail), By End-User (Power, Construction, Manufacturing, IT & Telecom, Others), By Material (Steel, Aluminum, Stainless Steel), and Regional Forecast, 2019-2026,” the market was valued at USD 2.75 Billion in 2018. Furthermore, the global market is projected to exhibit a healthy CAGR of 9.06% from 2019 to 2026.
Cable trays are used as an enclosure for power transmission lines. Cable trays are used to improve safety in cases where power cables pass over public places or commercial and industrial areas. The ability of cable trays to reduce short circuits and other risks associated with over voltage and over current has fuelled the demand for this product. Additionally, properties such as low maintenance costs and prolonged life of these products will contribute to the rising demand, which, in turn, will aid the growth of the cable trays market in the coming years.
Increasing Product Launches Will Enable Fast-paced Growth
The report encompasses several factors that have contributed to the growth of the global cable tray market in recent years. Among these factors, Fortune Business Insights has identified the increasing number of product launches as one of the primary factors that have contributed to market growth. In 2018, Snake Tray announced the launch of a new product with the ability to function as a cable containment system for utility applications.
The Solar Snake Max possessed the ability to handle high voltage cables to enhance power transmission. Moreover, the product had the ability to reduce the overall installation time. The aforementioned factors have created a high demand for the products and will help Snake Tray generate high cable tray market revenue in the coming years.
Similarly, Thomas and Betts, another leading company in the cable trays industry, announced the launch of a new cable tray combo clamp. This product was found to speed up the installation time and reduce the overall time and cost involved in the power transmission process.
The Asia Pacific to Emerge as the Leading Region
Based on regional demographics, the report classifies the global cable tray market into North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, Asia Pacific is likely to hold a dominating cable tray market share in the coming years.
Developing industrial infrastructures, combined with the growing demand for new power generation plants will aid the growth of the cable tray market in this region. The cable tray market in the Asia Pacific was valued at USD 1.06 Billion in 2018 and is likely to grow at a healthy rate in the coming years.
Some of the leading companies that are operating in the global cable trays market are:
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/cable-tray-market-101529
The global cable trays market is segmented based on:
Value (USD Billion)