Power transmission cables carry electricity from the point of electricity generation to end users. An in-depth report published by Market Research Future (MRFR) projects that the global power transmission cables market is anticipated to register a CAGR of 6.5% over the forecast period 2014-2022.
Various factors are playing an instrumental role in the expansion of the Power Transmission Cables Market. Augmented demand for superconducting, high-temperature cables from the power utility sector is the foremost factor boosting the growth of the market. Power transmission cables are capable of transmitting and distributing 5-10 times more power than copper or aluminum cable. These cables transmit energy at a higher voltage, which results in energy saving. The growing emphasis on energy efficiency and sustainability goals ranking as one of the major global concerns, power transmission cables have garnered many accolades.
Growing urbanization and electrification of rural areas is also proving to be beneficial for the growth of the market. Various developed countries are revamping their existing grid infrastructure and moving towards smarter and energy efficiency solutions. The economic upturn in multiple emerging economies has resulted in subsequent initiation of rural area electrification projects by the government. Such projects require massive amounts of power transmission cables for the construction of grid and power infrastructure. Moreover, regulatory bodies of multiple countries are implementing new systems to alleviate the problem of power failure, especially in industrial areas that have proven to be propitious for market growth.
Furthermore, growing interest in green energy sources and expansion of the renewable sector has created an encouraging atmosphere for the growth of the market. In addition, the growing adoption of HVDS and UHVDC over traditional HVAC systems are likely to uplift the growth of the power transmission cables.
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Shandong DingChang Tower Co. Ltd., General Cable Technologies Corp., Kalpataru Power Transmission Ltd., Zhejiang Shengda Steel Tower Co. Ltd., Nexans S.A., KEC International Ltd., Sumitomo Electric Industries Ltd., Prysmian S.p.A., Nanjing Daji Iron Tower Manufacturing Co. Ltd., and Southwire Co. LLC are the significant players operating in the global power transmission cables market.
The power transmission cables market has been segmented based on installation, voltage, and users.
By installation, the power transmission cables market has been segmented into overhead, underground, and submarine. The overhead segment has gained traction in recent years. Overhead cables are not restricted by landscape, can carry much more power as compared to underground cables. They are being broadly used owing to their cost effectiveness. In addition, overhead cables do not require sheathing and insulation.
By user, the power transmission cables market has been segmented into utility and underground.
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By region, the power transmission cables market has been segmented into North America, Latin and Central Americas, Europe, the Middle East & Africa (MEA), and Asia Pacific (APAC).
The APAC market accounts for the foremost share of the global power transmission cables market and is likely to maintain its dominance over the forecast period. It is anticipated to be the fastest growing market, as well. The developing economies of the region are investing massively on power infrastructure and are expanding their electric grid structure, which is reflecting positively on the growth of the market.
North America is a noteworthy market for power transmission cables and has secured the second spot in the global market. The region is increasingly upgrading its existing grid infrastructure, which is a key factor boosting the growth of the market. Growing investment in infrastructure paired with accelerated industrial activity has further driven the market growth in North America.
Europe power transmission cables market accounts for an advantageous share of the market and is spurred by heightened focus on energy efficiency and regulatory requirements pertaining to the same. High investment in improving the power transmission framework has induced substantial demand within the market.
The MEA market is estimated to be the second fastest growing market over the forecast period. Huge investment in infrastructural activities has subsequently driven power transmission cables.
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Following are major Table of Power Transmission Cables Market:
- Global Market Overview, Drivers, Restraints and Opportunities, Segmentation overview
- Global Market competition by top Players
- Analysis by Regions
- Consumption by Regions
- Consumption, By Types, Revenue and Market share by Types
- Consumption, By Applications, Market share (%) and Growth Rate by Applications
- Complete profiling and analysis of Players
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Marketing Strategy Analysis, Distributors/Traders
- Global Market Effect Factors Analysis
- Global Power Transmission Cables Market Forecast
- Global Market Research Findings and Conclusion, Appendix, methodology and data source
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