CABLE TRAYS MARKET ANALYSIS

Cable Trays MarketSize and Trends

Market Dynamics

Growth of cable trays market is driven by increasing demand from the construction industry, which in turn further surges rapid urbanization in emerging economies. Adoption of free or mixed economy policy by government has led to growth of the private sector, which in turn has created more job and business opportunities in emerging economies. This has led to rapid urbanization in these countries. The cable trays are used to hold the complex wiring system in commercial and industrial construction sector. For instance, according to the United Nations’ World Urbanization Prospects 2018, 55% of the global population currently lives in urban areas, which is expected to increase to 68% by 2050. Growth of the world’s population could add another 2.5 billion people to urban areas by 2050, with close to 70% of this increase taking place in Asia Pacific.

Furthermore, increasing energy consumption and growing electronics & telecommunication industry is expected to drive growth of the global cable trays market. For instance, according to a report titled ‘A Comparative Analysis of Residential Energy Consumption in Urban and Rural China: Determinants and Regional Disparities’ published in the International Journal of Environmental Research and Public Health in November 2018, residential energy consumption in China increased from 32,891.11 Mt coal in 2007 to 54,208.66 Mt coal in 2016, with annual average growth of 5.7%.