Power Cable Market Expected to Reach $277.8 Billion By 2031: Allied Market Research

Growing trend of renewable energy generation and alternative sources of energy, increase in the deployment of new power grid infrastructure, increased use of smart grids, ongoing technological advancements, and surge in the demand for submarine power cables drive the growth of the global power cable market. Region-wise, the market in Asia-Pacific is expected to dominate the market in terms of revenue during the forecast period.

Portland, OR, Jan. 11, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global the power cable market generated $148.6 billion in 2021, and is estimated to reach $277.8 billion by 2031, witnessing a CAGR of 6.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market. 

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Report Coverage and Details: 

Report Coverage 

Forecast Period   2022–2031 
Base Year   2021 
Market Size in 2021   $148.6 Billion 
Market Size in 2031  $277.8 Billion 
CAGR  6.4% 
No. of Pages in Report  270 
Segments Covered  Distribution Type, Voltage Rating, End Use, and Region 
Drivers  Growing trend of renewable energy generation and alternative sources of energy 
Increase in the deployment of new power grid infrastructure 
Increased use of smart grids 
Ongoing technological advancements and surge in demand for submarine power cables 
 Opportunities  An upsurge in the demand for power globally 
Restraints  The complexity of planning the deployment of power lines and the amount of time it takes for regulatory approvals 

-19 Scenario: 

  • During the outbreak of the COVID-19 pandemic, the demand for power cable decreased as cable manufacturing facilities were temporarily shut down to curb the spread of the disease. This affected the supply chain of the market due to shortage of materials and finished goods. 
  • Lack of business continuity caused a negative impact on the revenue and shareholder returns, leading to financial disruptions in the market. 
  • Moreover, a power cable is one of the most important components used across various applications and end users such as electric grid, housing, transportation, broadband, and others, which all witnessed a significant decline in their manufacturing due to shut down in factories. These factors moderately impacted the demand and prices of power cables during the forecast period. 

The report offers a detailed segmentation of the global power cable market based on distribution type, voltage rating, end use, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years. 

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Based on distribution type, the overhead segment held the largest share of around three-fifths of the global power cable market in 2021, and would maintain its leadership in terms of revenue through 2031. However, the submarine segment is estimated to witness the fastest CAGR of 10.3% during the forecast period. The report also studies the underground segment. 

Based on voltage rating, the up to 36 kV segment was the largest in 2021, capturing more than half of the global power cable market, and would rule the roost through 2031. However, the 351 kV and above segment is estimated to witness the fastest CAGR of 10.0% during the forecast period. The report also analyzes the 37 kV to 100 kV, 101 kV to 250 kV, and 251 kV to 350 kV segments. 

Based on end use, the residential segment was the largest in 2021, grabbing nearly one-third of the global power cable market. However, the utilities segment is estimated to dominate in terms of revenue and witness the fastest CAGR of 7.7% during the forecast period. The report also studies the commercial and industrial segments. 

Based on region, the market in Asia-Pacific was the largest in 2021, accounting for more than two-fifths of the global power cable market and would maintain its dominance in terms of revenue during the forecast period. However, the market in LAMEA would manifest the highest CAGR of 7.9% from 2022 to 2031. The other regions analyzed in the study include North America and Europe. 

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Leading players of the global power cable market analyzed in the research include Riyadh Cables Group Company, Prysmian Group (General Cable), LAPP North America, Nexans S.A., Brugg Cables, NKT A/S, FINOLEX CABLES LIMITED, Encore Wire Corporation, Polycab India Ltd., KEI Industries Ltd., TPC Wire & Cable Corp, ABB Ltd., and Belden Incorporated. 

The report analyzes these key players of the global power cable market. These players have adopted various strategies such as acquisition, contracts, collaborations, partnerships, product launches, product developments, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player. 

Key Benefits For Stakeholders: 

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the power cable market analysis from 2021 to 2031 to identify the prevailing power cable market opportunities. 
  • Market research is offered along with information related to key drivers, restraints, and opportunities. 
  • Porter's five forces analysis highlights buyers' and suppliers' potency to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network. 
  • An in-depth analysis of the power cable market segmentation assists in determining the prevailing market opportunities. 
  • Major countries in each region are mapped according to their revenue contribution to the global market. 
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 
  • The report includes an analysis of regional and global power cable market trends, key players, market segments, application areas, and market growth strategies. 

Power Cable Market Key Segments: 

By Distribution Type: 

  • Submarine 
  • Overhead 
  • Underground 

By Voltage Rating: 

  • Up to 36 kV 
  • 37 kV to 100 kV 
  • 101 kV to 250 kV 
  • 251 kV to 350 kV 
  • 351 kV and Above 

By End Use: 

  • Residential 
  • Commercial 
  • Industrial 
  • Utilities 

By Region: 

  • North America  (U.S., Canada, and Mexico) 
  • Europe  (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, and Rest of Europe) 
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, and Rest of Asia-Pacific) 
  • LAMEA  (Latin America, Middle East and Africa) 

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 


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