LONDON--(BUSINESS WIRE)--The global cable tray market is expected to post a CAGR of close to 9% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increasing adoption of communication and automation technologies is one of the key drivers expected to trigger the market growth in the forthcoming years. Rising penetration of automation and robotics in the industrial sector has augmented the deployment of electrical equipment including associated wire and communication cables. Most automated solutions such as industrial control systems need to be connected to diverse industrial field instruments by power and communication cables. Therefore, the deployment of effective cable management systems including the cable trays has been gaining momentum across the globe.
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As per Technavio, the increasing focus on high-speed network connectivity will have a positive impact on the market and contribute to its growth significantly over the forecast period. The cable tray market research report also analyzes other important trends and market drivers that will affect the market growth over 2019-2023.
Global Cable Tray Market: Increasing Focus on High-speed Network Connectivity
The advent of 5G telecommunication technology is anticipated to play a key role in the global cable tray market. 5G is expected to address the mobile connectivity issues for IoT devices in future as they offer low-latency and high bandwidth communication between devices and networks. This is further expected to increase the deployment of cellular base stations in urban, rural, and suburban areas. These base stations are eventually expected to deploy cable tray systems to structure the cables traversing in the base stations. Furthermore, the increasing deployment of cellular base stations to provide high-speed network connectivity will also accelerate the demand for cable trays in base stations and the telecommunication industry. Thus, growing investments in the development of high-speed network infrastructure will eventually drive the demand for cable trays in the forthcoming years.
“Increasing use of cloud-based servers, rising number of M&A activities, surging number of smart grid projects, and the growing adoption of automation and communication technologies are some other key factors that will contribute to the growth of the cable tray market size during the forecast period,” says a senior analyst at Technavio.
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Global Cable tray Market: Segmentation Analysis
This market research report segments the global cable tray market by end-user (commercial, industrial, and residential) and geographical regions (APAC, North America, Europe, South America, and MEA).
APAC led the market in 2018, followed by North America, Europe, South America, and MEA respectively. APAC accounted for the largest cable tray market share in 2018 and is expected to dominate the market during the forecast period. This can be attributed to the increase in spending on commercial and industrial infrastructure projects in emerging economies including India, China, Vietnam, and the Philippines. Furthermore, other factors such as the increasing investments in smart cities and rising number of data centers in APAC will offer enormous growth potential for cable tray vendors operating in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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