Pune, India, June 21, 2022 (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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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2019-2027 |
| Forecast Period 2019 to 2027 CAGR | 6.8% |
| 2027 Value Projection | USD 272.88 billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 168.28 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 180 |
| Segments covered | By Installation, By Cable Type, By Voltage, By Application |
| Growth Drivers | Increasing Number of Company Mergers Will Bode Well for Market Growth |
| Asia Pacific to Account for the Highest Share; Rising Demand for Electricity in Several Countries to Aid Growth |
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.
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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.
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.
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List of companies profiled in the Power Cables Market:
- 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)
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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.
Global Power Cables Market Segmentation:
By Installation
- Overhead
- Underground
- 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
- Utility
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