Asia-Pacific accounted for a major share of the global power cable market in 2020 and is expected to dominate the market in terms of revenue during the forecast period, owing to presence of leading manufacturers of power cables in the region. In addition, the demand for electricity has seen significant growth in the region due to increase in population as well as urbanization across the countries such as China, India, Japan, and South Korea.
Shantanu Sachan
Lead Analyst, Semiconductor and Electronics
According to a new report published by Allied Market Research, titled, “Power Cable Market by Installation Type, Voltage, End Use, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global power cable industry size was valued at $143.01 billion in 2020, and is projected to reach $262.54 billion by 2030, registering a CAGR of 6.5%. Asia-Pacific is expected to be the leading contributor to the global market during the forecast period, followed by North America and Europe.
A power cable is used for transmission and distribution of electrical energy. It is an assembly of one or more electrical conductors, generally joined together with an over sheath. It may be installed as permanent wiring within buildings, run overhead, buried in the ground, or exposed. It primarily consists of three main components, such as conductor, dielectric, and sheath.
The global power cable market revenue is anticipated to witness significant growth during the period of forecast. The significant impacting factors include rise in trend of renewable energy generation around the globe and increase in deployment of new power grid infrastructure. For instance, surge in number of developing countries are experiencing limited availability of power grid infrastructure to transfer electricity; hence, governments in such countries are concentrating on establishing safe power grid infrastructure. Furthermore, rise in implementation of smart grids boosts growth of the market. However, the complexity in deployment planning of power cable along with the delays in authorization from governments is expected to hamper the growth of the market during the forecast period. On the contrary, upsurge in demand for power all over the world creates lucrative growth opportunities for the power cable market growth.
The power cable market analysis is segmented on the basis of installation type, voltage, end use, and region. The installation type segment is further categorized into overhead, underground, and submarine. By voltage, the market is divided into low, medium, and high. According to the end user, the market is segmented into residential, commercial, industrial, and utilities. Region wise, the power cable market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for a significant share of the global market in 2020, owing to increase in the number of electrification project and rise in demand for uninterrupted power supply. The surge in demand for a reliable electricity supply has been one of the major concerns for both industrial and utility sectors to efficiently run operations in North America. In addition, increase in incorporation of renewable technologies coupled with an expansion of HVDC & UHVDC systems boosts the growth of the North America power cable market.
Covid-19 Impact Analysis
The COVID-19 has impacted severely on the global electrical and electronics sector, due to which production facility as well as new projects have stalled which in turn have the significant demand in the industries. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to slowdown in the growth of the power cable market in 2020.
Key Findings Of The Study
The key players profiled in the report include Prysmian Group, ABB, Nexans, General Cable, NKT Cable, Encore Wire Corporation, Finolex Corporation, Brugg Cables, Riyadh Cable Group Company, Polycab India, and KEI Industries. These players have adopted various strategies such as product launch, acquisition, collaboration, and partnership to expand their foothold in the power cable industry.
Talk to David (Europe)
Talk to Sona Padman (Americas)
5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91 2066346060
Fax: +1(855) 550-5975
Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com
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
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that matter to your business. Stay updated on the area that interests you.
Buy Full Version
"Power Cable Market"
Purchase Enquiry
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers