FRP Cable Tray Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

FRP Cable Tray Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of FRP Cable Tray Market

The FRP cable tray market size was valued at USD 253.48 million in 2019, and the market is now projected to grow to USD 696.78 million by 2032, exhibiting a CAGR of 8.36% during the forecast period of 2020-2032.

Unprecedented problems initiated by new coronavirus or Covid-19 pandemic have affected industrial processes all across the world. Diverse nations have presented numerous combat measures like social isolation recommendations and closure of numerous manufacturing & processing amenities. Cable trays are extensively incorporated across new establishments to comprise the superfluous wires to inhibit any chance of mishappenings.

The exponential rise in power across emerging economies, coupled with the development of new generation, distribution, and transmission networks, will favour the installation of the products. Additionally, positive objectives to deploy green energy technologies such as hydro, wind, and solar are expected to fuel the market demand.

The rising concerns to protect the operations and personnel at workstations, tied with stern regulations to monitor the safety of electrical modules to favour the market which will enhance the FRP cable tray market growth. Accordingly, cable trays mostly benefit in preventing the accumulation of harmful pollutants like dust and bacteria preventing risks of electrocution of staff.

Comprehensive Analysis of FRP Cable Tray Market

The market can be segmented in various ways, depending on the focus of analysis such as by type, and by application. Based on type, the global FRP cable tray market segmentation is categorized into the ladder, channel, and others. Based on the application, the industry is segregated into chemicals, oil & gas, power, construction, and others.

Asia Pacific region is dominating the FRP cable tray market share due to prompt urbanization and industrialization, tied with rising energy demand.

The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include 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) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In June 2019, A UK based chemical company called Ineos declared an investment of about USD 1.8 billion to build three new plants across Saudi Arabia. The construction of new chemical services is expected to reveal novel prospects for the incorporation of FRP products to withstand extremely caustic environments

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD Million)

SegmentationBy Type

Ladder

Channel

Others

By Application

Chemicals

Oil & Gas

Power

Construction

Others

By Geography

North America (U.S. and Canada)

Europe (U.K., Germany, France, Italy, Spain, Russia, and Rest of Europe)

Asia Pacific (China, India, Japan, Australia, Southeast Asia, and Rest of Asia Pacific)

The Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)

Latin America (Brazil, Mexico, and Rest of Latin America)


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