A power cable is used for transmission and distribution of electrical energy. It is an assembly of one or more electrical conductors, generally joined together with an over sheath. It may be installed as permanent wiring within buildings, run overhead, buried in the ground, or exposed. It primarily consists of three main components, such as conductor, dielectric, and sheath.
According to a new report published by Allied Market Research, titled, “Power Cable Market by Installation Type, Voltage, End Use, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global power cable industry size was valued at $143.01 billion in 2020, and is projected to reach $262.54 billion by 2030, registering a CAGR of 6.5%. Asia-Pacific is expected to be the leading contributor to the global market during the forecast period, followed by North America and Europe.
The global power cable market revenue is anticipated to witness significant growth during the period of forecast. The significant impacting factors include rise in trend of renewable energy generation around the globe and increase in deployment of new power grid infrastructure. For instance, surge in number of developing countries are experiencing limited availability of power grid infrastructure to transfer electricity; hence, governments in such countries are concentrating on establishing safe power grid infrastructure. Furthermore, rise in implementation of smart grids boosts growth of the market. However, the complexity in deployment planning of power cable along with the delays in authorization from governments is expected to hamper the growth of the market during the forecast period. On the contrary, upsurge in demand for power all over the world creates lucrative growth opportunities for the power cable market growth.
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The power cable market analysis is segmented on the basis of installation type, voltage, end use, and region. The installation type segment is further categorized into overhead, underground, and submarine. By voltage, the market is divided into low, medium, and high. According to the end user, the market is segmented into residential, commercial, industrial, and utilities. Region wise, the power cable market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for a significant share of the global market in 2020, owing to increase in the number of electrification project and rise in demand for uninterrupted power supply. The surge in demand for a reliable electricity supply has been one of the major concerns for both industrial and utility sectors to efficiently run operations in North America. In addition, increase in incorporation of renewable technologies coupled with an expansion of HVDC & UHVDC systems boosts the growth of the North America power cable market.
Covid-19 Impact Analysis
The COVID-19 has impacted severely on the global electrical and electronics sector, due to which production facility as well as new projects have stalled which in turn have the significant demand in the industries. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to slowdown in the growth of the power cable market in 2020.
Key Findings Of The Study
- The overhead segment is projected to be dominate installation type during the forecast period followed by underground.
- APAC and North America collectively accounted for more than 62.57% of the Power Cable market share in 2020.
- High voltage segment is anticipated to witness highest growth rate during the forecast period.
- China was the major shareholder in the Asia-Pacific power cable market size, accounting for approximately 43.43% share in 2020.
The key players profiled in the report include Prysmian Group, ABB, Nexans, General Cable, NKT Cable, Encore Wire Corporation, Finolex Corporation, Brugg Cables, Riyadh Cable Group Company, Polycab India, and KEI Industries. These players have adopted various strategies such as product launch, acquisition, collaboration, and partnership to expand their foothold in the power cable industry.
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