Allied Market Research published a report on Power Cable Market by Distribution Type, Voltage Rating, and End Use: Global Opportunity Analysis and Industry Forecast, 2022–2031. According to the report, the power cable market was valued at $148.6 billion in 2021, and is estimated to reach $277.8 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031.
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The rise in the trend of renewable energy generation drives the power cable market growth. Encouraging policies and initiatives of various governments and incentives have led to a considerable increase in the share of renewables as well as alternative sources of energy. In addition, an increase in the deployment of new power grid infrastructure boosts the growth of the power cable industry.
According to the power cable market analysis, the overhead segment dominated the power cable industry size in 2021 with a CARG of 5.5%. Further, up to 37 kV and 37 kV to 100 kV segments collectively accounted for around 74.1% market share in 2021. The rise in demand for digital infrastructure solutions across residential and commercial sectors has significantly propelled the growth of up to 37 kV and 37 kV to 100 kV segments in the year 2021.
Region-wise, Asia-Pacific holds a significant share of the global power cable industry. The adoption of the industry 4.0 initiative to boost the digital infrastructure across manufacturing/production & related industries and value creation processes, is expected to propel the growth of the power cable industry in this region.
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Competitive Analysis:
The company profile section of the power cable market report covers strategic developments, business overview, product offerings, and financial performance of the companies. It also highlights the strategies adopted by companies such as products launch, agreements, partnerships, acquisitions mergers, collaborations, joint ventures, research & development investment, and regional expansion in the past few years.
Some of the major key players of the global power cable market include,
- ABB Ltd
- Belden Incorporated
- Encore Wire Corporation
- Finolex Cables
- KEI Industries Limited
- LAPP North America
- Nexans
- NKT A/S
- Prysmian Group
- TPC Wire & Cable Corp
Europe accounts for the second largest share in the global power cable market and is expected to witness significant growth during the forecast period. An increase in the adoption of renewable energy, a rise in the switch from overhead lines to underground lines, and the replacement of older grid infrastructure in the European region fuel the demand for the power cable.
Moreover, the surge in urbanization and industrialization technologies across industrial sectors in Asia-Pacific is anticipated to boost the growth of the power cable market trends in this region. Moreover, the surge in demand for power cord solutions across industrial sectors in developing countries in the Asia-Pacific region such as India, South Korea, Japan, and others are anticipated to boost the growth of the power cable industry in this region.
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Key Findings of the Study
- In 2021, the overhead segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 60.2% during the forecast period.
- The up to 37 kV and 37 kV to 100 kV segments together accounted for around 74.1% of the power cable market share in 2021.
- The up to 37 kV segment is projected to grow at a CAGR of 5.5% during the forecast period.
- Asia-Pacific contributed the major share of the power cable industry, accounting for more than 41.6% share in 2021.
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