Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Australia Cable Tray Market | Size, Forecast, Growth, Share, Trends, Industry, Companies, Revenue, Outlook, Analysis, Value & COVID-19 IMPACT: By Material Types, By Types, By Thickness, By Applications" report has been added to ResearchAndMarkets.com's offering.
The Australia cable tray market had steady growth driven by urbanization, developments in the residential, commercial, and industrial sectors. However, in the year 2020 country witnessed a downturn due to the COVID-19 pandemic, which led to a contraction in the economy. The pandemic had significant repercussions on various industries, causing decrease in investments and uncertainty, and also slowing down commercial construction projects such as One Sydney Harbour - Barangaroo, Collins Arch - Melbourne, and Adelaide Casino Expansion - South Australia. The power sector, a major consumer of cable trays, also faced a decline as Australia's net energy supply dropped by 6.9% in 2020-21 to 23,930 PJ, energy exports decreased by 7% to 18,338 PJ, and industry energy end use declined by 4.3% to 2,676 PJ.
According to the report, Australia's Cable Tray Market size is anticipated to grow at a CAGR of 8.3% during 2023-2029. Annually, the Australian construction industry holds a value of approximately US$112 billion, contributing around 9% to the country's GDP. In February 2021, Infrastructure Australia (IA) introduced a robust infrastructure priority list, encompassing 44 new infrastructure proposals, marking a significant addition. This list for 2021 comprises a record-breaking 163 major infrastructure proposals, categorized as Priority Projects, High Priority Initiatives, and Priority Initiatives.
Moreover, in May 2021, the Australian Government announced an additional allocation of approximately US$11.3 billion to further bolster infrastructure projects as part of its Federal Budget. Notably, the Australian Budget for October 2022-23 allocates an unprecedented A$25 billion to support clean energy and renewables projects, demonstrating a strong commitment towards the government's net zero target by 2050, providing a clear sense of direction and backing. The growing construction sector would generate a higher demand for these efficient cable management solutions, propelling manufacturers and suppliers to cater to the rising requirements, thereby boosting the growth of Cable Tray Market in Australia.
Market by Material Types
By material types, steel cable tray holds the major share in Australia cable tray market owing to their wide applicability in industries, such as power generation, petrochemicals, manufacturing, and commercial construction. The similar segment will continue to grow in the industry. Aluminium tray segment can also rise in the years to come.
Market by Types
Due to its high load-bearing capacity and wide range of applications in heavy industries such as power generation, oil and gas, and petrochemicals, ladder cable tray has emerged as the dominant type, capturing a significant share in the Australia Cable Tray Industry.
Market by Thickness
Rising industrial and commercial sector on account of developmental projects would drive 1.5 - 2.5mm cable tray market in the forecast years. These cables are preferred in Australia due to its ability to carry cables, pipes etc. under varying loading conditions.
Market by Applications
Backed by the government major infrastructure projects such as WestConnex motorway, the Sydney Metro and Melbourne metro tunnel projects; construction sector is expected to register highest growth in the forecast years in cable tray market.
Key Attractiveness of the Report
- COVID-19 Impact on the Market
- 11 Years Market Numbers
- Historical Data Starting from 2019 to 2022
- Base Year: 2022
- Forecast Data until 2029
- Key Performance Indicators Impacting the Market
- Major Upcoming Developments and Projects
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Material Types
- Steel Cable Tray
- Stainless Cable Tray
- Aluminum Cable Tray
- FRP Cable Tray
By Types
- Ladder Cable Tray
- Trough & Perforated Cable Tray
- Solid Cable Tray
- Single Rail Cable Tray
- Channel Rail Cable Tray
- Wire Mesh Rail Cable Tray
By Thickness
- Below 1.5 MM
- 1.5-2.5 MM
- Above 2.5 MM
By Applications
- Power Utilities
- Construction
- Industrial
- Other Applications
Companies Mentioned
- Legrand Australia
- B&R Enclosures Pty Ltd
- Atkore Unistrut
- EzyStrut Cable & Pipe Supports
- Electrix International Ltd
- Kounis Group Pty Ltd
- Brilltech Engineers Pvt Ltd
- Flexistrut Australia
- Burndy Cable Support System
- Cableaway Pty Ltd
For more information about this report visit https://www.researchandmarkets.com/r/7i0ts3
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