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FRP Cable Tray Market to Reach USD 445.63 Million by 2027; Rising Energy Consumption to Propel Market, states Fortune Business Insights™

Written by Customer Service on . Posted in Mergers And Acquisitions.

Pune, Sept. 14, 2020 (GLOBE NEWSWIRE) — The global FRP cable tray market size is expected to reach USD 445.63 million by 2027, exhibiting a CAGR of 7.7% during the forecast period. The increasing application of Fibre-reinforced plastic (FRP) products in sea structures with endurance and non-corrosive abilities will create new opportunities for the market, states Fortune Business Insights in a report, titled “FRP Cable Tray Market Size, Share & COVID-19 Impact Analysis, By Type (Ladder, Channel, and Others), By End User (Chemicals, Oil & Gas, Power, Construction, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 253.48 million in 2019.Click here to get the short-term and long-term impact of COVID-19 on this market.

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The coronavirus incident has triggered immense damage to all the industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.To get to know more about the short-term and long-term impacts of COVID-19 on this market, please visit:The report on FRP cable tray market involves:Extensive study of the market sizeImportant insights into the industrySignificant developments of competitorsCoronavirus influence on the marketMain regions holding the maximum share
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Market Driver:Ever-increasing Energy Demand to Spur Sales OpportunitiesThe surging power demand around the world is expected to have an excellent impact on the FRP cable tray market. The growing development of new generation, distribution, and transmission networks will bolster the healthy growth of the market. The rising inclination towards green technologies such as hydro, wind, and solar will facilitate the adoption of FRP products. For instance, in September 2020, the U.S. Energy Information Administration (EIA) estimated that the global energy consumption will escalate by 50% by 2050 with the total intake in residential and commercial buildings rising from 91 quadrillion British thermal units (Btu) to 139 Btu. Besides, the flourishing oil & gas industry is expected to uplift the market in the forthcoming years.Halt on New Projects to Adversely Affect Market Stake Amid CoronavirusThe disruption caused by coronavirus has suspended operations in various industries around the world. The halt on manufacturing & processing facilities has negatively impacted the global market. The constriction on capital investment and new projects in oil & gas, construction, chemicals, and other industries will limit the demand for FRP cable trays, in turn, retarding the growth of the market during the pandemic.
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Regional Analysis:Development of Chemical Plants to Augment Growth in Asia PacificThe market size in Asia Pacific is expected to lead the global market during the forecast period owing to the rapid urbanization and industrialization. The growing government support for the establishment of chemical infrastructures and plants will further aid the expansion of the market. The inflated demand for hydrocarbons is expected to spur opportunities for the market in the region. Europe is expected to witness a rapid growth rate owing to rising proclivity towards clean power generation. The high production of hydrocarbon in offshore locations such as the North Sea is likely to boost the market in the region. Moreover, the growing construction of residential and commercial buildings will further promote the market in Europe. The imposition of strict guidelines by the European Union to enhance production will elevate the market in Europe.Key Development:February 2018: Ercon Composites signed in an agreement to deliver its complete range of GRP cable management systems to a desalination plant in Oman. The products include GRP fasteners and othersLists OF Key Companies in the FRP Cable Tray 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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About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Contact Us:
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