Rise in trend of renewable energy generation, surge in deployment of new power grid infrastructure, and increase in implementation of smart grids drive the growth of the global power cable market.
PORTLAND, Ore., Sept. 2, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Power Cable Market by Installation Type (Overhead, Underground, and Submarine), Voltage (Low, Medium, and High), and End Use (Residential, Commercial, Industrial, and Utilities): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global power cable industry generated $143.01 billion in 2020, and is estimated to reach $262.54 billion by 2030, witnessing a CAGR of 6.5% from 2021 to 2030.
Drivers, restraints, and opportunities
Rise in trend of renewable energy generation, surge in deployment of new power grid infrastructure, and increase in implementation of smart grids drive the growth of the global power cable market. However, complexities related to deployment planning of power cable hinder the market growth. On the other hand, upsurge in demand for power present new opportunities in the coming years.
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Covid-19 Scenario
- Production facilities in the electronics and semiconductors sector have been stopped due to lockdown measures, unavailability of the workforce, and disrupted supply chain across the globe. This affected the production volumes of power cables.
- The demand from applications sectors such as residential, commercial, and utility decreased significantly due to stoppage of new construction, deployment, and maintenance activities during the lockdown. However, the demand is expected to regain during the post-lockdown.
- Market players have been reassessing their business strategies to ensure continuity and adopting various quick response strategies to stabilize the supply chain to ensure abundant raw material availability and seamless distribution.
The overhead segment to maintain its lead position during the forecast period
Based on installation type, the overhead segment accounted for the highest share in 2020, holding for around three-fifths of the global power cable market, and is estimated to maintain its lead position during the forecast period. This is attributed to surge in usage in overhead transmission and distribution lines. However, the submarine segment is expected to witness the highest CAGR of 10.6% from 2021 to 2030. This is due to rise in requirement for transmission of electricity generated using offshore wind power generation facilities.
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The residential segment to continue its leadership status during the forecast period
Based on application, the residential segment held the highest share in 2020, accounting for nearly one-third of the global power cable market, and is projected to continue its leadership status during the forecast period. This is due to increase in demand for electricity in the residential sector along with rise in construction activities of new residential homes. However, the utility segment is expected to manifest the fastest CAGR of 7.9% from 2021 to 2030, owing to requirement for power transmission at high voltages with proper insulation and conductors.
Asia-Pacific, followed by Europe and North America, to continue its dominant share by 2030
Based on region, Asia-Pacific, followed by Europe and North America, contributed to the highest market share in 2020, accounting for more than two-fifths of the global power cable market, and is expected to continue its dominant share in terms of revenue by 2030. This is due to presence of leading market players in the region. However, LAMEA is expected to register the largest CAGR of 8.2% during the forecast period, owing to surge in demand for high-quality power cables with the need to eliminate power cuts and improve the reliability of power delivery.
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Leading market players
- Prysmian Group
- ABB
- Nexans
- General Cable
- NKT Cable
- Encore Wire Corporation
- Finolex Corporation
- Brugg Cables
- Riyadh Cable Group Company
- Polycab India
- KEI Industries
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