The new report by Expert Market Research titled, ‘Global Power Cables Market Growth, Size, Share, Price Trends, Industry Analysis, Report and Forecast 2020-2025’, gives an in-depth analysis of the global power cables market, assessing the market based on its segments like materials, voltage, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.The key highlights of the report include:
Market Overview (2015-2025)
1. Historical Cables Market Size (2019): USD 149 Billion
2. Global Cables Market Forecast CAGR (2020-2025): 4.10%
3. Forecast Cables Market Size (2025): USD 190.77 Billion
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The fast-growing population, coupled with an increase in urbanisation is driving the global power cables market. As the global economy is growing, there is a projected increase in infrastructure projects, which is expected to support the global market for power cables. Growing urbanisation would also increase the electrification needs, which will contribute to the growth of the industry. The move to underground cables is also expected to help boost the global demand for power cables, with funding from numerous policy initiatives. The industry also depends on continuous grid preserving and upgrading the old infrastructure. These factors are likely to aid the global power cables market in the coming years.
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Industry Definition and Major Segments
Power cables are electrical cables containing one or more electrical conductors that carry a sheath. This is primarily used for the transmission of electric power. Power cables are installed in buildings or placed overhead or underground as part of a permanent wiring.
By material, the industry can be divided into:
Based on voltage, the market can be segmented into:
1. Low Voltage
2. Medium Voltage
3. High Voltage
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On the basis of applications, the industry can be categorised into:
1. Power Transmission
By regions, the market is segmented into:
1. North America
3. Middle East and Africa
4. Asia Pacific
5. Latin America
Global initiatives, including various government schemes supporting the utilisation and rapid growth of renewable and sustainable energy resources of green energy sources, would contribute to the increased demand for cables. Power cables are commonly used in offshore wind projects with high voltage cables for the transmission of large amounts of electricity. The related demands for grid extension and infrastructure stabilization would also benefit the sector globally, with the growth of renewable energy projects. The move to the generating facilities located farther from the consumption area would further drive the industry growth. These market trends are likely to propel the market growth further.
Key Market Players
The major players in the market are General Cables (Prysmian Group), Nexans Group, Belden Inc., Sumitomo Electric Industries, Ltd, Furukawa Electric Co., Ltd, LS Cables & System Ltd., KEI Industries Ltd., The Okonite Company Inc., International Wire Group, and Hitachi Cables, Ltd. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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