Energy Power Cable Market to be dominated by Underground Cables Segment through 2028

Introduction of New Renewable Resources for Power Generation to drive Global Energy Power Cable Market in the forecast period, 2023-2028.

According to TechSci Research report, “Global Energy Power Cable Market - By Region, Competition, Forecast & Opportunities, 2028”, Global Energy Power Cable Market is anticipated to grow at a 6.86% CAGR in the forecast period, 2024-2028. 

Based on Application, Utilities Segment Will Dominate the Market Owing to Demand for Electricity In New Locations, In terms of end-user, the market is segmented into residential, commercial, industrial, and utility. The utilities segment is expected to lead the market owing to setting up new ones to suffice the demand for electricity in places deprived of the same. Utilities are also being constructed to the introduction of renewable and specifically solar and wind. These require utilities to store and transmit the generated power. Also, in several countries, the replacement of the aging grid infrastructure has been carried out, which drives the market for utilities. The residential sector holds the highest customer base for the consumption of electricity and therefore is expected to show healthy growth. Industrial and commercial sectors will also grow at a good pace during the forecast period. 

Browse over XX market data Figures spread through 180 Pages and an in-depth TOC on "Global Energy Power Cable Market.”

Based on Region, Asia Pacific region is expected to dominate the market for Energy Power Cable during the forecast period. The power supply cables market size in Asia Pacific stood at USD 60.96 billion in 2019. The demand for electricity has witnessed a tremendous hike in the region following the constant rise in population and urban migration in countries like China, India, South Korea, Asia Pacific USD 6 Billion and Japan. This has led to the construction of new industrial, residential homes and commercial complexes, which has opened the doors for market growth. Another important factor that has influenced the growth of the market in Asia Pacific is the efforts put in acquiring maximum energy from renewable sources. Following Asia Pacific, North America and Europe are among the other hotspots for the market. Growth in renewable energy adoption, replacement of older grid infrastructure, switch from overhead lines to underground lines, expanding oil and gas exploration activities, more mining activities are among the major factors driving the growth of this industry. Countries such as the US, UK, Germany, Italy, and Spain are the key contributors to the market. Latin America and the Middle East and Africa also hold immense opportunities for the market with growing industries like oil and gas and electrification plans in many countries. The spread of Covid-19 has certainly impacted the global industry and, on a bigger scale, the power industry. As in Europe, solar is looked upon as long term power generation source the interruption in the supply of required solar material from China has led to a delivery bottleneck and therefore delays in many planned projects.

Major companies operating in the Global Energy Power Cable market are:

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

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“The global Energy Power Cable market is driven by several key factors that shape its growth and development. On account of the rising acceptance of renewable energy, the market for these power cables has received rapid pace during the past decade. The green energy goals set up by organizations of several countries and the global aim to reduce the usage of fossil fuel are the primary factors responsible for the market’s growth. As the main objective is the preservation of a sustainable environment, governing ozone layer reduction, along with declined global warming, renewable energy sources are believed to be the solution to these global issues. Numerous nations across the world have seen to be making heavy investments in offshore wind, onshore wind, solar and others, which creates scope for development in this market. For example, China is the leading country in terms of in wind energy, with more than 33% of the total world’s capacity. It claims that the world's biggest onshore wind farm, with a capacity of 7,965MW in Gansu Province is five times bigger than the second positioned country. This is expected to drive the power cables market growth in the near future. The use of these products in energy harnessing projects and infrastructure development activities will lead to a wider product adoption across the world. The rising concerns surrounding global warming and climate change will have a positive impact on the growth of the market in the foreseeable future.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Energy Power Cable Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Installation (Overhead, Underground and Submarine) By Cable Type (Low Voltage Cable, Medium Voltage Cable, High Voltage Cable), By Voltage (Up to 240V, 240V-1kV, 1kV-15kV, 15kV-100kV, 100kV-250kV, Above 250kV), By Application (Residential, Commercial, Industrial and Utility), By Region, Competition, 2018-2028”, has evaluated the future growth potential of global Energy Power Cable market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Energy Power Cable market.

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