Power Cable Market from Key End-use Sectors to Surge in the Near Future

 

• A power cable is an electrical cable through which the generated power is used at the end-use point.
• Power cables are available in various load-carrying capacity, materials, and voltage range, which differentiates them. These cables can be installed by an underground and overhead laying network.
• Power cables are divided into three cable types that include high voltage cable, medium voltage cable, and low voltage cable
• Power cables are majorly used for transmission and distribution of electrical energy in power utility and other applications
• Power cables are used in residential, commercial, oil & gas, power utility, and mining applications, and in the renewable energy field

Rise in Demand for Power Cables for Use in Power Utility Applications

• Power cables are largely used in power utility applications, owing to rise in deployment of new power grid infrastructure to fulfill the demand for electricity in places deprived of the same
• Multiple developing countries across the globe are experiencing limited availability of power grid infrastructure to transfer electricity. Governments of these countries are increasingly focusing on establishing safe power grid infrastructure at a rapid pace in order to fulfill this requirement.
• For instance, in January 2017, Switzerland based ABB, an automation company, signed a US$ 640 Mn deal to deliver a long distance power transmission link in India to provide reliable electricity to over 80 million people. For this mega project, the company teamed up with India’s national electricity grid operator Power Grid Corporation of India Limited
• The presence of multiple large scale manufacturers of power cables coupled with their variations in product offerings is expected to have a positive impact on the growth of the global power cable market
• Demand for power cables for power utility applications is growing as a result of these factors, which is expected to drive the global power cable market during the forecast period.

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Asia Pacific to Lead the Power Cable Market

• In terms of region, the global power cable market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
• Asia Pacific is anticipated to dominate the global power cable market throughout the forecast period, as a large number of manufacturers of power cables operate in the region
• Additionally, many well-established players based in Asia Pacific are focusing on development of new technology in power cables which is expected to boost the power cable market in the region during the forecast period
• The power cable market in North America and Europe is expected to expand at a substantial rate during the forecast period. On the other hand, the market in Middle East & Africa and South America is estimated to expand at a moderate pace during the forecast period.

Key Players Operating in the Global Power Cable Market

The global power cable market was highly fragmented in 2019. Major players operating in the global market are focusing on technological advancement and expansion to meet the rising demand for power cables. Moreover, manufacturers are signing partnerships for the development of innovative products.

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Key players operating in the global power cable market are listed below:

• ABB
• Bahra Cables Company
• BRUGG Cables
• Encore Wire Corporation
• Finolex Cables
• General Cable
• KEI Industries
• Nexans
• NKT Cables
• Polycab India