FRP Cable Tray Market to Reach USD 445.63 Million by 2027; Amplified Construction Funding to Foster Growth

The global FRP cable tray market size is expected to USD 445.63 million by 2027. The increasing construction activities for robust infrastructure in the developing nations is expected to encourage the growth of the market, mentioned in a report, titled “FRP Cable Tray Market Size, Share & COVID-19 Impact Analysis, By Type (Ladder, Channel, and Others), By End User (Chemicals, Oil & Gas, Power, Construction, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 253.48 million in 2019 and is expected to exhibit a CAGR of 7.7% between 2020 to 2027.

New Building Fund by Queensland Government to Incite Development 

The Palaszczuk Government announced a $200 million investment in the Building Acceleration Fund as part of its economic recovery plan to combat the impacts of COVID-19. The Building Acceleration Fund is a repackaging of the Catalyst Infrastructure Program (CIP) first launched in 2015. The fund will facilitate in funding infrastructure projects such as water, sewage, and roads. The catalytic infrastructure initiative is aimed at providing solutions for private sector spending and development. Construction of one of the largest industries in Australia, which will bolster the construction industry and economic recovery. The ongoing funding projects by the governments will subsequently improve the prospects of the market in the forthcoming years. The benefit of co-investment funds through interest-free loans can have a tremendous impact on the construction business, in turn, aiding the growth of the market.

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Infrastructure Development Initiatives to Support Business

The growing building expenditure among various nations in the public and private sectors will create business opportunities for the market in the foreseeable future. The growing cognizance about the effectiveness of FRP in managing huge substructures and superfluous cables will spur opportunities for the market. For instance, 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. Similarly, the rising utilization of FRP cable to curb the risks of electrocution is expected to foster the healthy growth of the market for FRP cable tray.

Expansion of Øglænd System Product Portfolio to Consolidate Market

The leading players such as Legrand, Øglænd System Group, Eaton Corporation, Schneider Electric, Sintex Industries Limited are focused on establishing a global presence through strategies such as product launches, acquisitions, and others. For instance, Øglænd System Group provides a complete range of fiber-reinforced polyester (FRP) and glass-reinforced plastic (GRP) with the minimal installation time and easy integration in multiple industries. In April 2019, the company launched Hilti Cable Transit Systems (CTS) for oil & gas and offshore wind applications across the Norwegian market.

The Report Lists the Main Companies in the FRP Cable Tray Market:

• Øglænd System Group (Norway)
• Aeron Composite Private Limited (India)
• Legrand (France)
• Sintex Plastics Technology Limited (India)
• Schneider Electric (France)
• FiberTech Composite Pvt. Ltd. (India)
• Ercon Composites (India)
• Eaton Corporation (Ireland)
• MP Husky Cable Tray & Cable Bus (U.S.)
• Sai Industries (India)
• Atkore International (U.S.)
• Sonal Group (India)

Further Report Findings:

• Regional Analysis: The market size in North America is predicted to witness an exponential growth rate owing to the surging industrial operations. The increasing growing investments for onshore and offshore reservoirs in the oil & gas industry will further enhance the market for FRP cable tray in North America.
• Leading Segment: The chemicals segment is expected to hold the lion’s share owing to the increasing production & processing capacities around the globe. The ladder type is expected to account for the maximum share in the forthcoming years owing to its complete assistance in span spacings, effective heat dissipation, and easy running in & out of cables.

The Market for FRP Cable Tray is Segmented into: