The power cable market size was valued at more than $110 billion in 2020. During the forecast period, the market is forecast to grow at a Compound Annual Growth Rate of more than 6% from 2021-2027.
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The electrical cable that transmits power and distributes electrical power is called a power cable. Electrical conductors are assembled using an over the sheath and generally attached to one another. A cable of this type can be permanently connected to a building, run overhead, buried, or exposed. Basically, there are three major components: conductors, dielectrics, and sheaths. Using high voltage lines, like at sea or over airfields, allows high voltages to reach places where overhead lines couldn’t reach.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Impacting: Power Cable Market
Global power cable market growth is primarily driven by the trend of renewable energy generation.
The increase in the share of renewable energy and alternative energy sources has been facilitated by the policies and initiatives of various authorities. Additionally, there is growing deployment of new power grid infrastructure that is expected to drive growth in the power cable market.
Power grid infrastructure is limited for transferring electricity in developing countries; thus, governments in such countries focus on establishing safe infrastructure for power transmission.
Covid-19 Impact: Power Cable Market
A significant impact of the Coronavirus outbreak has been observed on the global power cable industry.
There has been a slowdown and lack of workforce availability globally, which has led to the suspension of the electronics and semiconductor production facilities.
Power cable market revenue slowed as a result of disruptions caused by the covid-19 outbreak, and travel bans and facility closures caused workers to stay away from factories.
Since one-third of Asia and Europe has been under lockdown, the region has suffered severe revenue losses caused by the shutdown of manufacturing units.
Several industries have been adversely affected by the outbreak of Covid-19, including the production industry, manufacturing industry, and electrical cable market.
The negative impact Covid-19 will have only for a short time, and the market is expected to experience a robust recovery rate of power cable products post-pandemic, accompanied by a substantial surge in demand.
It is due to the fact that more and more market players have reassessed their strategies and are adjusting their supply chains rapidly.
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Regional Analysis: the Power Cable Market
Globally, power cable markets have been analyzed in Europe, Asia-Pacific, North America, and LAMEA. Asia-Pacific accounted for the majority of global market revenue in 2020, and it is expected to continue dominating the market in the coming years. It is due to the region’s presence of major manufacturers of power cables. Additionally, the electric demand has increased significantly in the region due to the urbanization of countries like India, Japan, China, and South Korea and the increase in population.
The global power cable market is expected to expand significantly during the forecast period. As renewable energy is increasingly used, overhead lines are being replaced with underground ones, and older grid infrastructure is being replaced in Europe, causing the demand for power cables to rise.
Key Market Players: the Power Cable Market
The major competitors in the power cable market are:
ABB
Brugg Cables
Riyadh Cable Group Company
Prysmian Group
Encore Wire Corporation
Nexans
NKT Cable
Finolex Corporation
General Cable
Polycab India
KEI Industries
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Segmentation Outlook: the Power Cable Market
The power cable market is segmented on the basis of Installation Type, Voltage, and End-Use.
Segmentation based on Installation Type
Overhead
Underground
Submarine
Segmentation based on Voltage
Low
Medium
High
Segmentation based on End Use
Residential
Commercial
Industrial
Utilities
Aim of the Report
This study aims to determine the market size of various segments and countries with forecast values for next ten years.
Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.
It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.
The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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