Posted On: 2021-06-08
Bangladesh acquired the largest market revenue share among both the countries in the overall Sri Lanka and Bangladesh cable tray and ELPS market – 6Wresearch
Growing manufacturing sector, strengthening construction sector and expanding power utilities sector are the key factors driving the demand for cable tray and ELPS market in Sri Lanka & Bangladesh. Further, rising awareness among employers towards employee’s workplace safety is also augmenting the demand for the product in commercial establishments for both the countries.
According to 6Wresearch, Sri Lanka And Bangladesh Cable Tray And ELPS Market size is projected to grow at a CAGR of 8.0% during 2021-27. Sri Lanka’s cable tray and ELPS market is at the nascent stage owing to a smaller number of players in the market which would give a boost to the products’ growth in the above said country. Whereas, in Bangladesh, cable tray and ELPS market is in the middle of the growth stage on account of larger number of domestic market players and greater variety of products available in the country. Moreover, due to COVID-19, nationwide lockdown was imposed, which gave a of halt in the activities of manufacturing establishments in both the countries due to which cable trays and ELPS registered negative growth. Although, cable tray and ELPS market witnessed growth in Q1 2021 as both the economies resumed their operations, and the same trend is expected to prevail in the coming years owing to growing construction projects in the countries, especially in the residential and commercial segments.
According to Eshita Goel, Research Analyst, 6Wresearch, “Among all cable tray material types, steel cable tray captured the largest market revenue share in 2020 and is expected to register maximum growth in future years, owing to its growing usage in commercial and power utility projects of both the countries.”
“Steel cable tray is less expensive and provides almost similar performance as compared to its counterparts due to which it is the most commonly used cable tray in both the countries owing to the price sensitiveness of consumers.”, Eshita further added.
According to Dhaval Chaurasia, Research Associate, 6Wresearch, “On the basis of ELPS types, earthing system dominated the market revenue share for the year 2020 on account of government initiatives taken in Sri Lanka as well as Bangladesh which makes it compulsory to install such system in any constructed building.”
“However, lightning protection systems are projected to register maximum growth due to rising number of death toll by lightning strikes which is creating awareness among people to install these protection systems. This is expected to bring to a spurring growth in lightning protection systems in coming years.”, Dhaval further added.
Some of the major companies in Sri Lanka and Bangladesh cable tray and ELPS market include ABB, Legrand, Cirprotec, Speedwell Technology and Gersan Elektrik.
“Sri Lanka and Bangladesh cable tray and ELPS market (2020-2026)” report provides an in-depth analysis with 61 figures and 23 tables, covered in 131 pages. The report estimates and forecast the overall Sri Lanka and Bangladesh cable tray and ELPS market by material types, by types, by applications, by regions and by countries. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.