Global Power Cable Market Insights by Key Players, Market Size, Region-wise, and Country-wise Trends, and Global Market Growth Forecast to 2028
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Global Power Cable Market, a MarketResearch.biz report, is in-depth study of the current status of the market and future opportunities. The global power cable market is expected to be valued at US$ XX Mn in 2019 and is expected to reach a value of US$ XX Mn in 2028. The global power cable market report has been segmented on the basis of voltage, application, and region & country.
A power cable is a cable that is used in power grid for transmission and distribution of electrical energy from one point to another. Power cables are installed permanently, and either run overhead or are buried underground.
Market Dynamics: Driving and Challenging Factors
Increasing urbanization and industrialization globally is leading to growing demand for power, and increasing need to supply power in an efficient and safe manner is expected to lead to higher adoption of power cables. This is a major factor expected to drive growth of the target market to a significant extent. In addition, demand for power cables is expected to increase as they are important component that needs to be integrated into renewable energy supply grid in order to transfer green power from main source to various end-points. Furthermore, growing popularity of smart grids to distribute power with minimum loss and better load management is expected to support growth of the target market in the coming years.
Increasing initiatives by government of various developed and developing countries for electrifying rural and remote areas is expected to result in higher adoption of power cables to form a systematic grid. For instance, according to a report published by India Brand Equity Foundation, in March 2017, the Power Ministry launched an application named GARV-II to provide real-time data related to rural electrification regarding all un-electrified villages in India. A total of 16,064 villages out of 18,452 un-electrified villages in India have been electrified up to January 2018, as part of the target to electrify all villages by May 1, 2018. In addition, on 17 July 2018, The U.S. Department of Energy (DOE) issued the first loan guarantee solicitation for the Tribal Energy Loan Guarantee Program (TELGP) under DOE's Loan Programs Office, to help provide US$ 2 Bn in partial loan guarantees to support economic opportunities for Native America and Alaska Native communities through energy development projects and activities.
However, growing cost of energy or power, coupled with unexpected fluctuation in prices of raw material are some of the factors that could restrain growth of global power cable market to a certain extent.
Among the segments based on voltage, the high voltage segment is expected to contribute highest revenue share in the global power cable market over the forecast period, owing to rising advancements in the lancing products.
Among the segments based on application, the underground segment is expected to account for major revenue share in the target market in next 10 years. Underground power cables have certain advantages such as lesser probability of fault occurrence and smaller voltage drops which accounts for their growing popularity.
The Asia Pacific market is expected to account for significant revenue share in the global power cable market over the next 10 years. Growing population, increasing industrialization and urbanization, and rising standard of living are factors augmenting demand for electricity and are major factors expected to drive growth for the target market in countries in the region. China, India and Southeast Asia are major markets that are expected to contribute significant revenue shares in the Asia Pacific market.
The North America market is estimated to register significant growth rate over the forecast period, attributable to rapidly growing industrialization, rising demand for power from residential, commercial and industrial sectors in countries in the region, which in turn is expected to propel demand for power cables and drive market growth in the region. In addition, initiative undertaken by the government of the countries in North America for replacing old power grid infrastructure with new ones is another major factor expected to support growth of the North America market to a significant extent. For Instance, as per a report published in 2014 by The U.S. Department of Energy (DOE), 70% of transformers are 25 years old or older, and 60% of circuit breakers are more than 30 years old compared to useful life of 25 years and 20 years respectively. Additionally, of the 450,000 transmission miles in the US, it is estimated that 70% are 25 years old or older and approaching the end of their useful life. This critical situation is driven by a lack of investment in transmission infrastructure, which declined 44% from 1980 to 1999, while electricity uses simultaneously increased by 58%.
Global Power Cable Market: Segmentation
Segmentation, by voltage:
- High Voltage
- Medium Voltage
- Low Voltage
Segmentation, by Application:
Segmentation, by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Prysmian Group
- General Cable
- NKT A/S
- Sumitomo Electric Industries
- L S Cable & Systems
- Southwire Company
- Hangzhou Cable Company
- TPC Wire & Cable
- HENGTONG GROUP
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