New York, US, Jan. 17, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Power Distribution Cables Market Research Report by Installation, by Voltage, by Users and by Region - Global Forecast to 2030”, the global market is poised to touch a valuation of USD 3,62,011.1 Million by 2030, growing at a 9.9% CAGR during the assessment period (2022-2030).
Power Distribution Cables Market Outlook
The global power distribution cables market is poised to garner notable gains in the coming years. Government initiatives to boost the power grids' operational efficiency will support market growth. Increasing renewable energy grid integrations are key trends boosting the power distribution cables market demand. Also, growing smart grid implementations worldwide, led by increasing regulatory targets, are major growth propellers for the market. Growing electrification activities worldwide increase the market size, consuming a large amount of power distribution cables.
With vast investments in power distribution projects, the power distribution cables market looks extremely promising. Moreover, the growing uptake of smart grid technology and grid upgrade activities across well-developed economies accelerates the market share. Also, advances in computer technology, AI-enabled monitoring, and ongoing digitalization help drive more efficient power distribution.
Key players active in the power distribution cables market are,
- Spina Group (Italy)
- Prysmian Group (Italy)
- Brugg Kabel AG (Switzerland)
- CAE Groupe (France)
- Cavotec (Switzerland)
- General Cable Corporation (US)
- SAS Brockskes (Germany)
- and ConCab Kabel Ltd. (Germany)
Get a Free Sample PDF Brochure:
https://www.marketresearchfuture.com/sample_request/1767
The continually increasing demand for underground cables that can offer greater resilience & lower maintenance needs without getting affected by severe weather conditions creates significant opportunities. Also, changing power grid management patterns and increased share of renewable energy sources substantiate power distribution cables market shares.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 3,62,011.1 Million |
| CAGR during 2022-2030 | 9.9% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Increase in industrialization & Urbanization |
| Key Market Drivers | Increasing need of electricity, power transmission networks Rising demand for renewable energy |
Browse In-depth Market Research Report (185 Pages) on Power Distribution Cables Market:
https://www.marketresearchfuture.com/reports/power-distribution-cables-market-1767
Industry Trends
Emerging regions demonstrate significant potential for the power distribution cables market. Rapidly developing regions invest significantly in projects to enhance power distribution, substantiating the market demand. Also, the global economic rebound and increasing measures to upgrade grid infrastructure in developing nations further define the growing market landscape.
Furthermore, growing upgrade activities in aging transmission & distribution infrastructures and grid & transformer technologies positively impact the market value. However, installing power distribution cables requires huge investments, which impedes the market growth. Also, the vast investment required to manage utility control centers affects the market growth, delaying power distribution cable installation projects.
Improving renewable energy infrastructure and the rapid move to net zero are key market trends. However, upgrading aging power networks needs vast funds, which might affect market growth negatively. Nevertheless, upgrades in the power sector would support the market growth throughout the assessment period.
Geographical Analysis
The Asia Pacific region dominates the global power distribution cables market. Factors such as rapid expansions in industrialization, infrastructure activities, and growing construction & renewable sectors increase the region's power distribution cables market shares. Besides, the growing power utility industries and OEMs in this region escalate the power distribution cables market value.
Rising upgrades in existing distribution infrastructures to support the growing electricity demand foster the power distribution cables market size. Moreover, large investments in developing and upgrading smart grid infrastructures in the region increase the power distribution cables market value. Growing power distribution activities in Australia, Indonesia, and India drive regional market growth.
Ask for a Discount:
https://www.marketresearchfuture.com/check-discount/1767
Segments
The global market is segmented into installations, voltage, end-users, and regions. Of these, the installation segment comprises overhead, underground, and submarines. The voltage segment comprises low, medium, high, and extremely high voltage.
Among these, the medium-sized voltage segment is estimated to account for the highest market share, witnessing huge demand in telecom device substations, commercial infrastructures, hospitals, universities, and other constructed structures. Medium-voltage wires are also extensively used for high-voltage power distribution and supplies.
The low voltage segment is expected to account for a sizable market share due to the increasing use of cables and wires in automation, lighting, sound and security, video surveillance, and others. The high-voltage cable segment is expected to generate high revenues, headed by expanding smarter grid upgrade activities supported by various government initiatives and funding. Extreme high-voltage power cables are used in airports, railways, steel, nuclear, thermal power, and others.
Further, the end-user segment comprises defense, construction, power transmission, IT & telecommunication, oil & gas, automotive production, and others. Of these, the construction segment demonstrates significant gains due to growing residential and commercial infrastructures. The region segment comprises North America, Europe, APAC, and Rest-of-the-World.
Competitive Landscape
The highly competitive global power distribution cables market appears fragmented, with many players forming a competitive landscape. Market players take several strategic approaches to maintain their market positions and gain a competitive advantage, such as collaborations, mergers & acquisitions, expansion, and product launches. They also make strategic investments to drive their research & development activities and expansion plans.
Considering current market opportunities, power distribution cable manufacturers substantially invest in innovative product developments and improve their existing product line efficiencies. They are forming alliances with key financers and shareholders involved in the refinancing. These factors, as a result, are expected to boost the power distribution cables market size cumulatively.
Talk To Expert:
https://www.marketresearchfuture.com/ask_for_schedule_call/1767
For instance, on Jan. 11, 2023, Prysmian Group, a leading global manufacturer of energy and telecom cable systems, recently announced a partnership with Avalanche Andretti Formula E for the 2022/2023 ABB FIA Formula E World Championship. The partnership will enable Prysmian to provide solutions to support power transmission and information across the Team's sustainable electrification efforts.
Cables are key enablers of efficient power distribution, energy transition, and electrification. They are also extensively used in the e-mobility industry for car electrification, charging infrastructures, and related grid integration. Prysmian Group is the first cable manufacturer to partner with a Formula E team, strengthening their value proposition and promoting innovation in the strategic e-mobility sector.
Related Reports:
Submarine Power Cable Market Research Report: Information by Type, Voltage, Conductor Material, End-Use and Region - Forecast till 2030
Power Electronics Market Research Report: By Component, Wafer Type, Wafer Material, Wafer Size, Application - Forecast till 2027
Power Rental Market Information By Fuel Type, By Application, By End-User - Forecast to 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding 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.
