FRP Cable Tray Market Size to Rise Worth USD 445.63 ...

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The FRP Cable Tray market is set for remarkable growth, with an anticipated valuation of USD 445.63 million by the end of the forecast period, marking a robust CAGR of 7.7%. According to a detailed report by Fortune Business Insights, increasing use of fiber-reinforced plastic (FRP) in marine structures, known for its durability and corrosion resistance, is expected to unlock new avenues for market expansion. The market was valued at USD 253.48 million previously.

Driving Factors and Constraints

Rising Energy Demands Fueling Market Growth

The escalating global energy requirements are poised to provide significant impetus to the FRP Cable Tray market. The ongoing development of advanced generation, distribution, and transmission systems is projected to sustain market growth. The shift towards renewable energy sources like hydro, solar, and wind energy is also anticipated to enhance the adoption of FRP products. For instance, a report from the U.S. Energy Information Administration (EIA) indicated that global energy consumption could increase by 50% by mid-2030, with residential and commercial sectors projected to rise from 91 quadrillion British thermal units (Btu) to 139 Btu. Additionally, the burgeoning oil and gas sector is likely to contribute positively to market progress in the coming years.

Snapshot of the FRP Cable Tray Market

Market Insights:

• Forecast Period: 2023-2030
• CAGR: 7.7%
• Projected Market Size: USD 445.63 million
• Past Market Size (2022): USD 253.48 million
• Report Pages: 250
• Segments: Type, Application, Geography

Regional Insights

Asia Pacific Region Poised for Market Leadership

The Asia Pacific market is projected to dominate due to accelerating urbanization and industrial development. Government initiatives promoting chemical plant formations and infrastructure development will spur growth. Furthermore, the increasing requirement for hydrocarbons will benefit market expansion in this region. Europe is anticipated to witness brisk growth driven by an increasing focus on clean energy production and the construction of both residential and commercial establishments.

Impact of COVID-19:

The pandemic significantly affected industries worldwide, disrupting production and supply chains due to various lockdowns. Nevertheless, as the situation stabilizes, the market is expected to gradually recover, with revised reports assisting companies in navigating the post-COVID landscape.

For further insights regarding the pandemic's short- and long-term effects on the market, please refer to: FRP Cable Tray Market Report.

Key Market Developments

Recent Agreements:

In February 2023, Ercon Composites signed a deal to supply a full suite of GRP cable management systems to a desalination facility in Oman, encompassing various GRP fasteners and components.

Leading Players in the Market:

• 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)

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