LONDON--(BUSINESS WIRE)--The new cable tray market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the demand for automation & communication technologies”, says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the cable tray market size to grow by USD 2.08 billion during the period 2020-2024.
Cable Tray Market Segment Highlights for 2020
- The cable tray market is expected to post a year-over-year growth rate of 3.23%.
- Based on the end-user, the commercial spaces segment led the market in 2019. This is due to the extensive use of cable trays in commercial spaces such as office buildings, malls, warehouses, data centers, and educational institutions.
- The market growth in the segment will be significant over the forecast period.
- 37% of the growth will originate from the APAC region.
- The growth of the market in APAC will be driven by the increasing spending in commercial and industrial infrastructure projects such as smart cities and data centers.
- China, Japan, and India are the key markets for the cable tray market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The cable tray market size is expected to accelerate at a CAGR of over 7% during the forecast period.
- The cable tray market is segmented by End-user (commercial, industrial, and residential) and Geography (APAC, North America, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., Atkore International Group Inc., Chatsworth Products Inc., Eaton Corp. Plc, Hubbell Inc., Legrand SA, OBO BETTERMANN Holding GmbH & Co. KG, Schneider Electric SE, TransDelta International Industries LLC, and voestalpine AG
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.