Increasing investments in renewable energy projects boosting the global power cable market
The underground HVDC power cables are being considered as a viable alternative to transmit high-voltage power over long distances. HVDC power systems are proving to be economical for long-distance bulk power delivery. Directives are being issued by various regulatory authorities to create an internal energy market and improve energy security. Such projects are intended to end energy isolation and remove the factors that hinder the growth of the internal energy market. HVDC cables are regarded as the ideal option as these projects would include cross-border transmission of high loads of electricity. Additionally, the lightweight of HVDC cables makes them a preferred option over their AC counterparts, especially in submarine power transmission. These are some of the important findings of the latest comprehensive research report that has been released by Persistence Market Research which is titled as ‘Power Cable Market: Global Industry Analysis 2013-2017 and Forecast 2018-2026’. This research report presents a deep insight into the global power cable market and discusses the qualitative factors that are responsible for the growth of this market and also discusses the factors which hinder the growth of this market. This research report also presents a detailed quantitative assessment of the various segments and sub-segments of the global power cable market and also presents information on the various regional markets spread all over the globe. As per the numbers given in this report, the global power cable market is estimated to be valued at US$ 7,015.8 Mn in 2018 and is forecasted to reach a valuation of US$ 11,504.7 Mn in 2026 end, exhibiting a CAGR of 7.2% during the period of assessment 2018-2026.
Global Power Cable Market: Dynamics
Due to rapid industrialization in the developing countries and rapid urbanization all over the world, there is an increase in the sales of power cable in the market. Industrialization in these countries leads to an increasing power and energy consumption, which leads to increasing sales of power cables in such markets. Industrialization in the developed countries is also leading to a demand for the replacement of the aging power cables and installation of efficient power cables. In addition, urbanization is also fuelling the growth of the global power cable market as rapid urbanization leads to the requirement and consumption of more electricity, and for this purpose, more number of distribution networks need to be deployed. Due to the increasing consumption of energy due to the factors related to urbanization and industrialization, there is going to be a rapid growth in the global power cable market.
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A volatile and unstable power cable market has widespread repercussions for the manufacturers of power cables. From rising energy costs to unexpected fluctuations in raw material price levels, unforeseen obstacles are destabilizing supply chains and making it difficult for the manufacturers to remain stable. With supplies of raw materials becoming harder to secure, the volatility in commodity prices is there to stay. This leads to the manufacturers passing on the additional costs along to the consumers who are already reluctant to spend. These factors are likely to hinder the global power cable market.
Global Power Cable Market: Segmentation and Forecast
The global power cable market is segmented on the basis of voltage handling, end-use industry, by material and by region.
- The high voltage segment was valued at US$ 2,393.4 Mn in 2017.
- The power transmission segment was valued at US$ 2,073.6 in 2017 and is forecasted to reach a valuation of US$ 3,985.1 Mn in 2026 end, reflecting a CAGR of 7.7% during the period of assessment.
- The aluminum segment is estimated to account for 64 percent of the market value share in the year 2018.
- China is expected to account for a 7.7% CAGR and hold 20.2% of market share of global power cable market in 2018.
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Global Power Cable Market: Competition Landscape
This research report gives comprehensive information on some of the leading players that are functioning in the global power cable market in the competition landscape section. Some of the companies that have been included in this section are Prysmian Group, Nexans SA, General Cable Technologies Corporation, Sumitomo Electric Industries Ltd., Fujikura Ltd., NKT AS, Encore Wire Corporation, Elmeridge Cables Limited, Southwire Company LLC and Furukawa Electric Ltd.