LOS ANGELES, June 20, 2019 (GLOBE NEWSWIRE) -- The global power distribution cables market was worth US$ 90700 mn in 2018 and the report suggests that the market will reach US$ 152100 mn by 2025, registering a moderate CAGR of 7.7%. Urbanization and rapid construction have spiked the growth of the global power distribution cables market.
QY Research analysts have published a detailed report of the market, titled “Global Power Distribution Cables Market Report, History and Forecast 2014-2025.” The research report details the trajectory of the overall market for the forecast period.
Global Power Distribution Cables Market: Drivers
Urbanization and rapidly growing construction activities are the major factors driving the market. These have influenced the energy and power demand in residential, commercial, and industrial sectors creating a massive demand for global power distribution cables. Growing investments to develop rural areas has also created a demand for power distribution cables. Supportive government policies encouraging efficient power distribution is expected to lend additional impetus to the global market.
The global power distribution cables market has certain drawbacks as well. The most significant one is the unstable supply and cost of raw materials. The soaring labor prices, stringent government policies, and unstable mining condition act as a burden for the global power distribution cables market.
Global Power Distribution Cables Market: Segment Analysis
The global power distribution cables market is segmented on the basis of type and application. In terms of type, the market is segmented as HV, MV, and LV. In terms of application, the market is segmented as overland, underground, and submarine. Though there was a time when overland cables were in vogue, currently the underground power cable are gaining traction.
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Global Power Distribution Cables Market: Regional Analysis
On the basis of region, the global power distribution cables market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific region holds a major share in the global market as the emerging economies of India and China are undergoing massive transformation.
Global Power Distribution Cables Market: The Key Players
The key players studied in the global power distribution cables market are Sumitomo Electric, Prysmian Group, Nexans, General Cable, Furukawa, Leoni, Southwire, Fujikura, Baosheng Group, LS Cable & Systems, Jiangnan Cable, Far East Cable, Hitachi, Hengtong Group, Xignux, Encore Wire, Qingdao Hanlan Cable, NKT, KEI Industries, Shangshang Cable, Finolex, and Volex. With technological up-gradation, global leaders are looking for a better solutions and innovative ideas to conserve electricity with efficient supply.
For example, Sumitomo Electric is working with University of L'Aquila and Optoscribe to jointly organize the world's first multi-core fiber (MCF) testbed for space-division multiplexed (SDM) fiber-optic communications in a real-field environment in the city of L'Aquila, as part of INCIPICT project. MCF is known to be an optical fiber with multiple cores in a glass cladding and is considered as one of the most promising SDM transmission technologies to get over the limitations of conventional single-core fiber communication systems. Such initiatives are always fruitful for a company to prove its strength in global competition.
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