New York, Sept. 13, 2021 (GLOBE NEWSWIRE) -- Power Transmission Cables Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Power Transmission Cables Market Research Report, Installation, Voltage, Users and Region - Forecast till 2028” the market grow at a rate of 6.5% during the forecast period 2021-2028.
Competitive Analysis
List of the Key Companies Profiled in the Power Transmission Cables Market Research Report are –
- General Cable Technologies Corp.
- KEC International Ltd.
- Southwire Co. LLC.
- Nexans
- ABB
- Finolex Cables
- General Cables
- Zhejiang Shengda Steel Tower Co. Ltd.
- Kalpataru Power Transmission Ltd.
- Nexans SA
- Prysmian S.p.A.
- Shandong DingChang Tower Co. Ltd.
- Nanjing Daji Iron Tower Manufacturing Co. Ltd.
- Sumitomo Electric Industries Ltd.
- others.
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The power transmission cables market is experiencing several strategic approaches, such as collaborations, mergers & acquisitions, expansion, and product launches. Industry leaders are making huge investments in research & development activities and fostering their expansion plans.
For instance, recently, on Aug.24, 2021, A banking consortium consisting of the National Bank of Egypt, Bank Du Caire, the Commercial International Bank, and the National Bank of Kuwait announced signing a joint financing contract worth LE 4 BN with the Egyptian Electricity Transmission Company. The financing comes to contribute to the investment cost of some of the Egyptian Electricity Transmission Company projects.
The projects are the implementation & expansions of new & existing transformer stations, the implementation of cables & lines for the power transmission, and the purchase of new transformers & the cells needed for high voltage electric power transmission at the level of the Republic. The Ministry of Electricity & Renewable Energy is working to improve and develop the transmission and distribution networks.
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Growing Investments in Renewable Power and T&D are Major Market Trends
Additionally, the increasing electrification activities worldwide substantiate the consumption of power transmission cables. Technological advances and increasing demand for cabling technology boost the power transmission cables market shares. The market growth is also driven by the growing construction projects, T&D lines, and infrastructure development projects, creating vast market demand.
Growing dependence on renewable energy generation and infrastructural activities influences the market revenues. Robust growth in the construction industry and distributed energy resources create substantial market demand. Furthermore, the increase in renewable energy generation and rising investments in power generation boost market growth.
Price Volatility & Demand-Supply Gap in Key Raw Materials Affect Market Growth
Fluctuating prices and the demand-supply gap in raw materials required for the production of power transmission cables are major factors impeding the market growth. Nevertheless, the high demand for medium voltage and developments in transmission & distribution networks would support the market during the assessment period.
Also, the increasing demand for electricity and integration of the sustainable electrical network for supporting ongoing infrastructural activities would accelerate the growth of the market coupled with the.
COVID-19 Impact
The onset of COVID-19 pandemic hit the power transmission cables industry severely, causing huge revenue loss. Manufacturers faced many problems, such as obtaining raw materials and attracting workers from quarantines required to produce and deliver end products. This further impacted the power transmission cables industry hugely.
Besides, the pandemic-driven lockdown put a brake on production, which spiked overall product prices and lowered the market demand. Also, electrification jobs, mainly in the governmental and industrial sectors, were postponed due to strict lockdown mandates. However, the power transmission cables market is rapidly returning to normalcy, witnessing a steadily increasing demand, especially from industrial sectors.
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Segmentation
The power transmission cables market report is segmented into voltage, installations, end-users, and regions. The voltage segment is sub-segmented into high voltage, medium voltage, and low voltage power transmission cables. The installation segment is sub-segmented into overhead installation, underground installation, and submarine installation.
The end-user segment is sub-segmented into utility services and industrial sectors. By region, the analysis is segmented into Americas, Europe, Asia Pacific, and the rest-of-the-world.
Regional Analysis
North America dominates the global power transmission cables market. Factors such as stringent norms for enhanced energy efficiency and expansion of smart grid networks drive the power transmission cables market growth. Besides, increasing retrofit and reimbursement of existing grid infrastructure in the region boost the power transmission cables market size. The huge expansion of micro-grid networks is another key factor propelling the region’s power transmission cables market shares.
Segmentation of Market covered in the research:
Power Transmission Cables Market Information Report by Installation (Overhead, Underground and Submarine), by Voltage (High and Medium), by Users (Utility and Industrial) and by Region - Forecast to 2028
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The power transmission cables market outlook appears extremely promising. Factors such as the growth in grid infrastructures and investments in expanding power transmission worldwide stimulate the power transmission cables market size. The market witnesses continual demand from the utilities, industrial, commercial, and residential sectors. These factors would foster the demand for power transmission cables.With the continually rising refurbishing activities of aging grid infrastructures worldwide, the market is projected to grow even faster during the next six years.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
