Pune, India, May 21, 2021 (GLOBE NEWSWIRE) -- The global power cables market size is projected to reach USD 272.88 billion by 2027. Furthermore, it was valued at USD 168.28 billion in 2019 and is estimated to showcase a decent CAGR of 6.8% during the forecast period. This vital piece of information is published by Fortune Business Insights™, in its report, titled, “Power Cables Market, 2020-2027.” As per our research, the increasing demand for electricity coupled with fresh infrastructure assignments and rapid development of other renewable sources of power generation are likely to boost the demand for power cables in the long term. According to an article published in the PV magazine, in the U.S., around 100 MW-plus solar projects have begun development and are situated in the most unforeseen places. This is likely to foster market growth during the forecast period.
Report Coverage
We have instigated an exclusive research approach that involves statistics triangulation based on the popular bottom-up and top-down methods. Our researchers have led thorough primary study to authenticate the estimated size of the power cables industry. The data utilized to depict the shares for multiple segments at the national, regional, and global levels is obtained from widespread interviews with innumerable stakeholders. Our analysts have also derived information from paid databases, industry journals, SEC filings, and many such related sources.
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Segmentation
On the basis of installation, the global power cables market is divided into overhead, underground, and submarine power cables. By cable type, the market is classified into low voltage cables, medium voltage cables, and high voltage cables. On the basis of voltage, the market is categorized into up to 240V, 240V-1kV, 1kV-15kV, 15kV-100kV, 100kV-250kV, and above 250kV. In terms of region, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
By application, the market is further bifurcated into residential, commercial, industrial, and utility. The utilities segment is expected to lead the market owing to setting up new ones to suffice the demand for electricity in places deprived of the same. Whereas, the residential segment held a share of 32.3% of the total market size as of 2019.
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Drivers and Restraints
Introduction of New Renewable Resources for Power Generation Steers the Market Growth
On account of the rising acceptance of renewable energy, the market for these power cables has received rapid pace during the past decade. The green energy goals set up by organizations of several countries and the global aim to reduce the usage of fossil fuel are the primary factors responsible for the market’s growth. As the main objective is the preservation of a sustainable environment, governing ozone layer reduction, along with declined global warming, renewable energy sources are believed to be the solution to these global issues. Numerous nations across the world have seen to be making heavy investments in offshore wind, onshore wind, solar and others, which creates scope for development in this market. For example, China is the leading country in terms of in wind energy, with more than 33% of the total world’s capacity. It claims that the world's biggest onshore wind farm, with a capacity of 7,965MW in Gansu Province is five times bigger than the second positioned country. This is expected to drive the power cables market growth in the near future.
Regional Insights
Asia Pacific to Lead the Market Backed by High Demand for Electricity
The power cables market share of Asia Pacific is estimated to be the largest in the future and stood at USD 60.96 billion in 2019. The surging demand for electricity has observed a remarkable hike in this region on account of the persistent growth in population rate and rapid urban immigration in countries such as China, Japan, India, and South Korea. This has resulted in creation of new industrial spaces as well as residential spaces along with commercial towers that have paved a path for market growth.
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North America and Europe are the other trending regions for the market to develop. Major factors promoting growth of this market include heavy adoption of renewable energy, upgradation of old grid structure, alteration from overhead supply lines to underground lines, escalating oil and gas survey activities, increased mining deeds and many others. Leading countries such as the U.S in North America and in the Europe region, UK, Italy, Spain, and Germany contribute mainly to the market.
Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Power Cables Industry
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Power Cables Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Installation
- Overhead
- Underground
- Submarine
- Market Analysis, Insights and Forecast – By Cable Type
- Low Voltage Cable
- Medium Voltage Cable
- High Voltage Cable
- Market Analysis, Insights and Forecast – By Voltage
- Up to 240V
- 240V – 1kV
- 1kV – 15kV
- 15kV – 100kV
- 100kV – 250kV
- Above 250kV
- Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Industrial
- Utility
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Competitive Landscape
Agreements between Key Companies to Enhance Market’s Condition
Established players in the market believe that with the right set of strategies, one can dominate the market in terms of income and create a reputed image for their brand. These efficient strategies include, launching products, signing merger and partnership agreements and acquiring other companies. For instance, in November 2019, Nexans SA announced the successful acquisition of a supply agreement for two years from MHI Vestas for Wind link cable kits. The bond states about the aground wind turbines and shields Vestas fitting around China, the USA, China and Brazil. This will further foster demand for power cables in the foreseeable future.
Industry Development
April 2020: TenneT offered Jan De Nal Group the deal for supplying and installing high voltage cables for fortifying a network connection of the Dutch offshore wind farms West Alpha and the Hollandse Kust Noord.
List of Key Players Covered in the Power Cables Market Report
- Prysmian Group (Italy)
- ABB (Switzerland)
- Nexans (France)
- General Cable (US)
- NKT Cables(Denmark)
- Encore Wire Corporation (US)
- Finolex Cables (India)
- Bahra Cables Company(Saudi Arabia)
- BRUGG Cables (Switzerland)
- Riyadh Cables Group Company (Saudi Arabia)
- Polycab India (India)
- KEI Industries (India)
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