Pune, June 15, 2020 (GLOBE NEWSWIRE) -- The global power cables market size is projected to reach USD 272.88 billion by the end of 2027. The increasing demand for energy and power across the world will lead to a wider product adoption. According to a report published by Fortune Business Insights, titled “Power Cables Market Size, Share & Industry Analysis, By Installation (Overhead, Underground and Submarine) By Cable Type (Low Voltage Cable, Medium Voltage Cable, High Voltage Cable), By Voltage (Up to 240V, 240V-1kV, 1kV-15kV, 15kV-100kV, 100kV-250kV, Above 250kV), By Application (Residential, Commercial, Industrial and Utility), and Regional Forecast, 2020-2027,” the market was worth USD 168.28 billion in 2019 and will exhibit a CAGR of 6.8% during the forecast period, 2020-2027
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A power cable is used in transmission of electrical energy in several applications. The increasing demand for these products is attributable to the growing applications across diverse industries. The presence of several large scale power cable manufacturers, coupled with the variations in product offerings, will have a positive impact on the growth of the market in the coming years. The increasing awareness regarding the depletion of non-renewable sources and the focus on renewable energy sources will lead to a wider product adoption across the world. The use of these products in energy harnessing projects and infrastructure development activities will lead to a wider product adoption across the world. The rising concerns surrounding global warming and climate change will have a positive impact on the growth of the market in the foreseeable future.
Increasing Number of Company Mergers Will Bode Well for Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and acquisitions has made the highest impact on market growth. The high investment in the deployment of solar and wind projects and the role of power cables in these projects is a primary reason why companies are collaborating with vendors. In April 2020, Larsen and Toubro announced that it has bagged multiple contracts from the Indian government for several power transmission and distribution projects across the country. The contract is said to worth an amount ranging from Rs 1000 crores to Rs 2500 crores. The contract is aimed at transforming high voltage overhead cable lines into underground cables; a factor where power cables will play a huge role. This will not just help the growth of the company, but will have a positive impact on the growth of the market in the coming years.
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Asia Pacific to Account for the Highest Share; Rising Demand for Electricity in Several Countries to Aid Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The rising population and the increasing demand for power and energy will lead to a wider product adoption. The increasing efforts put in to harness renewable energy sources such as solar and wind will create several opportunities for the companies operating in the market. The presence of several large scale companies in this region will also contribute to market growth. As of 2019, the market in Asia Pacific was worth USD 60.96 billion and this value is projected to increase further in the coming years. Besides Asia Pacific, the market in North America will also witness considerable growth driven by the efforts taken to maximize the production and use of solar energy in several utilities.
List of Key Companies Profiled in the Power Cables Market Research Report are:
- Prysmian Group (Italy)
- ABB (Switzerland)
- Nexans (France)
- General Cable (US)
- NKT Cables(Denmark)
- Encore Wire Corporation (US)
- Finolex Cables (India)
- Bahra Cables Company(Saudi Arabia)
- BRUGG Cables (Switzerland)
- Riyadh Cables Group Company (Saudi Arabia)
- Polycab India (India)
- KEI Industries (India)
Industry Developments:
April 2020: LS Cable & System announced that it has secured a contract from Netherlands based TeneT for the supply of submarine cables. The contract is worth 100.74 million Euros.
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Power Cables Industry
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Power Cables Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Installation
- Overhead
- Underground
- Submarine
- Market Analysis, Insights and Forecast – By Cable Type
- Low Voltage Cable
- Medium Voltage Cable
- High Voltage Cable
- Market Analysis, Insights and Forecast – By Voltage
- Up to 240V
- 240V – 1kV
- 1kV – 15kV
- 15kV – 100kV
- 100kV – 250kV
- Above 250kV
- Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Industrial
- Utility
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Hybrid Cables Market Size, Share and Global Trend By Cable Type (Fiber Optics Cables, Coaxial Cables, Copper Cables, Others), By Power Transmission Type (AC Power, DC Power), By Application (Onshore, Offshore), By End-Use Industry (Telecommunication, Power Transmission, Oil & Gas, Railways, Medical, Others) and Geography Forecast till 2026
Oil & Gas Cables Market Size, Share & Industry Analysis, By Cable Type (Variable Frequency Drive, Fiber optics, Copper, Type P, Type E, Others), By Sheath Material (Polyethylene, Polyvinyl Chloride, Thermoplastic Elastomer, Fluorinated Ethylene Propylene, Others), By Application (Pump Equipment, Drilling, Pipeline Management) and Regional Forecast, 2019-2026
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