The global 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.
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.
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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.
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
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
Table of Content
Chapter 1: Global Power Cable Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Power Cable market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Power Cable Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Power Cable market Size Forecast (2023-2032).
Continue….
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(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Power Cable market revenues on a global, regional, and country level, projecting trends until 2032. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Power Cable market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Power Cable market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Power Cable business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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