|Numerous ambitious initiatives have been put in effect by the Indian government to drive the development of several domestic sectors over the coming years. The Smart Cities Mission, Make in India Campaign, Saubhagya Scheme as well as the Housing for All 2022 are some of the plans in place that would help in the expansion of the power utilities, manufacturing and public infrastructure verticals in the country. The cable tray market, being an ancillary industry, would thus experience a healthy growth during the forecast period owing to strengthening of these auxiliary sectors. However, the demand for metal-based cable trays might be stunted by the ever-fluctuating prices of crude steel.
According to 6Wresearch, Indian Cable Tray Market revenues are projected to grow at a CAGR of 7.8% during 2018-24. The setting up of new office spaces, hotels, healthcare facilities, refineries and power plants would prove to be beneficial for the growth of cable trays in future. Further, with transportation infrastructure receiving heavy allocations in the Union Budget for 2018-2019, the construction and power utilities sectors are predicted to be the key drivers behind the growth of Indian cable tray market over the next six years.
According to Ravi Bhandari, Assistant Manager, 6Wresearch, "Steel based cable trays are the largest contributor in the overall market in terms of revenues, owing to high strength, comparatively lower costs and widespread use across multiple domains."
"FRP cable trays are the second largest in terms of revenues, after steel, in the cable tray market in India. However, applications where exposure to harsh environments and risk of corrosion is higher, such as chemical plants and refineries, employ FRP cable trays extensively," Ravi further added.
According to Rachit Gulati, Research Associate, Research and Consulting, 6Wresearch, "Ladder type cable trays dominate the Indian's cable tray market on account of several desirable features which these offer, such as maximum free air flow, the convenience of rungs for tying cables down, quick installation and effective heat dissipation."
"With special emphasis being laid on strengthening the renewable energy sector in India, this domain is expected to be a key demand generator for cable trays in future. The setting up of new solar and wind power projects in the country would provide boost to the demand for cable trays from the renewable energy sector," Rachit further said.
Some of the prominent companies in the India cable tray market include - Indiana Group, Profab Engineers, Patny Systems, OBO Bettermann India and Ercon Composites.
"India Cable Tray Market (2018-2024)" provides an in-depth analysis with 70 figures and 11 tables, covered in more than 125 pages. The report estimates and forecasts the overall India cable tray market by revenue, material, type, thickness, regions and applications such as power utilities, construction, industrial and others. The report also offer insights on competitive landscape, company profiles, market drivers and restraints.