The new report by Expert Market Research titled, ‘Global FRP Cable Tray Market Analysis, Size, Price, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global FRP cable tray market, assessing the market based on its segments like type, application, and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 7%
- Forecast Market Size (2028): USD 477.42 million
The market for FRP cable tray has seen substantial growth due to factors such as increasing energy demand. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the FRP cable tray market. However, the damage caused by coronavirus has suspended operations in various industries around the world.
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The global economy has been adversely impacted by the halt in production and processing facilities. Constraints in capital spending and new projects in the oil and gas, manufacturing, chemicals, and other industries would limit demand for FRP cable trays, thus hindering market growth during the pandemic. Whereas the surging demand for electricity around the world is expected to have a great effect on the market for FRP cable trays. The rising creation of new generation, distribution and transmission networks would strengthen the market’s healthy growth.
FRP Cable Tray Industry Definition and Major Segments
Fiberglass reinforced plastic (FRP) cable trays are manufactured in various types to withhold a bulk bunch of wires and cables laid in different structures in order to maintain the operational safety and aesthetic appeal of the location. Different raw materials, including titanium, steel, and reinforced plastic, are processed for the products.
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Based on the type, the industry is divided into:
Based on the application, the industry is divided into:
- Oil and Gas
On the basis of regional markets, the industry is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
FRP Cable Tray Market Trends
Geographically, due to rapid urbanisation and industrialisation, the size of the market in the Asia Pacific is expected to lead the global market during the forecast period. Increasing government funding for the construction of chemical infrastructures and plants will help support business development. Inflated demand for hydrocarbons is expected to stimulate prospects for the regional market. Due to the growing trend for renewable power generation,
Europe is expected to experience a high growth rate. High hydrocarbon production in offshore locations such as the North Sea is expected to boost the regional market. In addition, growing residential and commercial building construction will further promote the demand in Europe. The imposition by the European Union of stringent rules for improving efficiency would increase the market for FRP cable in Europe. The rising inclination towards green technologies such as hydro, wind, and solar would facilitate the adoption of FRP products. For instance, in September 2020, the U.S. Energy Information Administration (EIA) forecast that the global energy demand will escalate by 50 percent by 2050 with the total intake in residential and commercial buildings increasing from 91 quadrillion British thermal units (Btu) to 139 Btu. Besides, the booming oil and gas industry is expected to uplift the market in the forthcoming years.
Key Market Players
The major players in the market are:
- Sintex Group
- Ercon Composites
- Oglaend System Group
- MP Husky
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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