DC Electric Cable Market to Grow with a CAGR of 5.19% through 2028
Increasing demand for electricity and growth of
renewable energy generation are likely to drive the market in the forecast
period.
According to TechSci Research report, “DC Electric
Cable Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global DC Electric Cable Market stood at
USD 122.08 billion in 2022 and is anticipated to grow with a CAGR of 5.19% in
the forecast period.
One significant driver of the DC
Electric Cable market is the rapid expansion of renewable energy sources,
particularly solar and wind power. The global shift towards cleaner and more
sustainable energy solutions to combat climate change and reduce carbon
emissions has spurred immense growth in renewable energy projects. DC Electric
Cables are instrumental in transmitting power generated by solar panels and
wind turbines from remote, energy-rich locations to urban centers and
industries where electricity is consumed. Renewable energy projects are often
established in areas with abundant natural resources, such as deserts and
offshore wind farms. DC Electric Cables are favored in such scenarios because
they offer lower energy losses during long-distance transmission compared to
traditional alternating current (AC) cables. Governments and utility companies
worldwide are investing heavily in these renewable energy initiatives, further
driving the demand for DC Electric Cables. As renewable energy continues to gain
momentum and play a pivotal role in global energy portfolios, the DC Electric
Cable market is poised for sustained growth.
The electrification of transportation is
another compelling driver propelling the DC Electric Cable market forward. With
a growing emphasis on reducing greenhouse gas emissions and dependence on
fossil fuels, electric vehicles (EVs) have emerged as a promising solution. To
support the widespread adoption of EVs, a robust charging infrastructure is
essential, and DC Electric Cables play a pivotal role in enabling fast and
efficient EV charging. DC fast-charging technology, which relies on DC Electric
Cables, is particularly crucial for EV adoption as it significantly reduces
charging times compared to conventional alternating current (AC) charging. As
automotive manufacturers introduce a wide range of electric vehicles, from
compact cars to commercial trucks, the demand for DC Electric Cables in EV
charging infrastructure continues to surge.
Governments and policymakers worldwide
are promoting EV adoption through incentives, subsidies, and the expansion of
charging networks. These initiatives are driving the need for DC Electric
Cables to support the growing EV fleet and foster the transition towards
cleaner and more sustainable transportation options. Consequently, the DC
Electric Cable market is experiencing substantial growth as a result of the
electrification trend in the automotive sector.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global DC
Electric Cable Market.”
The Global DC Electric Cable Market is segmented into
application, insulation type, end user and region.
Based on application, The Solar Panels segment had the
largest market share in 2022 & expected to maintain it in the forecast
period. The global solar energy sector has experienced exponential growth over
the past decade. Solar power has become increasingly cost-effective, making it
an attractive choice for both residential and commercial applications. This
growth has led to a substantial demand for DC Electric Cables, which are
integral to solar energy systems. Solar panels generate electricity in the form
of direct current (DC). To be used in homes and businesses, this DC electricity
must be converted to alternating current (AC). DC Electric Cables are essential
for transmitting the DC power from the solar panels to inverters, where the
conversion to AC occurs. This makes DC Electric Cables a fundamental component
of solar energy installations. DC Electric Cables are preferred in solar
applications because they offer lower energy losses during the transmission of
DC power. This is particularly crucial in solar systems where maximizing energy
yield and efficiency is a top priority. DC cables help minimize energy losses,
ensuring that a higher percentage of the electricity generated by solar panels
is delivered to the grid or used on-site. Solar installations come in various
sizes and configurations, from small residential rooftop systems to
utility-scale solar farms. DC Electric Cables are versatile and scalable,
allowing them to be used in a wide range of solar applications. Whether it's a
single solar panel on a home's roof or a vast solar array in a desert, DC
Electric Cables are used to connect and transmit the generated power. Many
governments and regions have introduced incentives and policies to promote
solar energy adoption. These policies can include feed-in tariffs, tax credits,
and rebates for solar installations. Such incentives drive the demand for solar
panels and, consequently, the DC Electric Cables needed to connect them.
Based on end user, The Utilities & Power Grids
segment had the largest market share in 2022 and is projected to experience
rapid growth during the forecast period. High-voltage direct current (HVDC)
transmission systems are a critical component of power grids, especially for
long-distance and intercontinental electricity transmission. HVDC systems rely
heavily on DC Electric Cables for efficient power transfer. These projects are
essential for overcoming the limitations of alternating current (AC) transmission,
such as higher energy losses over long distances. The scale and importance of
HVDC projects have significantly contributed to the dominance of Utilities
& Power Grids in the DC Electric Cable market. Utilities are increasingly integrating
renewable energy sources, such as wind farms and solar power plants, into their
grids. DC Electric Cables are crucial for connecting these remote renewable
energy installations to the existing grid infrastructure. Given the global
emphasis on transitioning to cleaner energy sources and reducing carbon
emissions, the demand for DC Electric Cables in renewable energy integration
projects has been substantial. Many countries are investing in grid
modernization initiatives to enhance the efficiency, reliability, and resilience
of their electrical grids. DC Electric Cables play a significant role in these
modernization efforts, especially in upgrading aging infrastructure and
incorporating advanced technologies like smart grids and energy storage
systems. As governments prioritize grid modernization for a more robust and
efficient energy distribution system, Utilities & Power Grids remain a
dominant market for DC Electric Cables. The construction of cross-border
electrical interconnections is crucial for regional and international energy
trading. These interconnections often rely on HVDC transmission systems and,
consequently, DC Electric Cables for electricity exchange between neighboring
countries or regions. Cross-border energy projects are common in Europe, Asia, and
other regions, bolstering the demand for DC Electric Cables. Utilities and
power grid operators prioritize energy security and reliability. DC Electric
Cables are favored for their efficiency and ability to minimize energy losses
during transmission, contributing to a more reliable power supply. This
emphasis on energy security has led to continued investment in DC Electric
Cables for grid enhancements and upgrades.
Major companies operating in the Global DC
Electric Cable Market are:
- ABB Ltd
- Prysmian Group
- Nexans S.A.
- NKT A/S
- LS Cable & System Ltd
- Hitachi Ltd
- Mitsubishi Electric Corporation
- Sumitomo Electric Industries, Ltd.
- Furukawa Electric Co/ Ltd
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“The Global DC Electric Cable market is expected to
rise in the upcoming years and register a significant CAGR during the forecast
period. The
global demand for electricity is expected to grow significantly in the coming
years, driven by population growth and economic development. This is driving
the need for new and upgraded power transmission and distribution
infrastructure, including DC electric cables. Renewable energy sources, such as
solar and wind power, are increasingly being deployed around the world. DC
electric cables are well-suited for transmitting electricity from renewable
energy sources to the grid, as they can transmit large amounts of power over
long distances with low losses. Many of the world's power grids are aging and
need to be upgraded and expanded to meet the growing demand for electricity. DC
electric cables can be used to upgrade existing AC grids and to build new HVDC
grids. Therefore, the market of DC Electric Cable is expected to boost in the
upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“DC Electric Cable Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By
Application (Battery, HVDC Transmission, Solar Panels, Electronic Devices), By Insulation
Type (PVC, XLPE, HPTE, Mass Impregnated Paper, Mass Impregnated Polypropylene
Laminate Paper), By End User (Utilities & Power Grids, IT & Telecom,
Automotive & Transportation, Electronics), By Region, By Competition”, has evaluated
the future growth potential of Global DC Electric 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 make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global DC Electric Cable Market.
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