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The overhead cables market share is expected to increase by USD 17.67 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.1%.
This overhead cables market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers overhead cables market segmentation by type (high voltage, medium voltage, and low voltage) and geography (APAC, Europe, North America, South America, and Middle East and Africa). The overhead cables market report also offers information on several market vendors, including ABB Ltd., Brugg Kabel AG, Dubai Cable Co Pvt, Encore Wire Corp, Furukawa Electric Co. Ltd., Jiangsu Zhongtian Technology Co Ltd, KEC International Ltd, KEI Industries Ltd, LS Cable and System Ltd., Nexans SA, NKT AS, Prysmian Spa, Riyadh Cables Group of Companies, Schneider Electric SE, Southwire Co. LLC, Sumitomo Electric Industries Ltd, Synergy Cables Ltd., Tratos Cavi S.p.A., and Universal Cables Ltd. among others.
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Based on our research output, there has been a negative impact on the market growth during and post-COVID-19 era. The increased renewable power generation is notably driving the overhead cables market growth, although factors such as fluctuating raw material prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the overhead cables industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Overhead Cables Market Driver
One of the key factors driving growth in the overhead cables market is the increased renewable power generation. Overhead power cables are used at large to transmit electricity generated from power plants. The growing concerns about shifting to renewable energy sources have led to an increase in electricity generation from wind turbines, solar power, and others. This has led to the demand for new installations of overhead cables. Renewable energy is the fastest-growing source of electricity generation. The amount of electricity generated from renewable energy sources is growing by more than 2.5% per year. Countries across the globe are focusing on establishing solar projects to develop renewable or clean energy, which is utilized by various industries. A rise in the number of projects across the world will boost the growth of the global overhead cables market.
Key Overhead Cables Market Trend
The increased demand from GCC countries is an overhead cable market trend that is expected to have a positive impact in the coming years. GCC countries, such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, have seen decent overall economic growth. Sectors such as manufacturing, entertainment, tourism, and education have gained momentum and are adding to the growth of the region's economy. There has also been an increase in the electricity demand from these countries, leading to an increase in the application of overhead cables. Megacity projects, modern infrastructure, rising immigration, and economic developments have increased over the years. These developments are expected to create demand for overhead cables, which will boost the growth of the global overhead cables market.
Key Overhead Cables Market Challenge
The fluctuating raw material prices will be a major challenge for the overhead cables market during the forecast period. The primary raw materials used to manufacture an overhead power cable are aluminum and copper. All power cable vendors incur a major part of their manufacturing cost for acquiring these raw materials. Volatile prices of copper and aluminum, as well as other necessary raw materials, including fuel and energy, lead to significant volatility in the cost of sales or revenue for cable manufacturers. Vendors try to recover the instability in the cost of metals via negotiated price changes in the final product. If vendors are unable to raise the amount due to the presence of stiff competition among the market players, their gross revenue decreases. Thus, fluctuating raw material prices may hinder the growth of the market
This overhead cables market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global overhead cables market as a part of the global electrical components and equipment market within the global electrical equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the overhead cables market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the overhead cables market encompasses successful business strategies deployed by the key vendors. The overhead cables market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
abb.com - The company offers overhead cable solutions to support construction, design, and maintenance requirements.
abb.com - Under the electrification segment, the company manufactures and sells electrical products and solutions which are designed to provide safe, smart, and sustainable electrical flow from the substation to the socket.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The overhead cables market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the overhead cables market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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34% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for overhead cables in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The growing population, rapid industrialization, urban migration, and higher living standards have led to increased demand for electricity in APAC. This will facilitate the overhead cables market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 outbreak slowed down the growth of the overhead cables market in APAC. This is due to the implementation of nationwide lockdowns in major producing countries such as India, China, Japan, and South Korea. However, the initiation of vaccination drives led to the lifting of lockdowns in 2021. This has resulted in the resumption of manufacturing activities, which has increased the demand for overhead cables in APAC. Therefore, the regional overhead cables market is expected to grow during the forecast period.
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The overhead cables market share growth in the high voltage segment will be significant during the forecast period. High-voltage overhead cables are usually used for the transmission of electricity generated from power plants to substations and end-users. The T&D infrastructure upgrade, growing power generation capacity and increased use of renewable sources to generate electricity are creating the demand for high-voltage cables.
This report provides an accurate prediction of the contribution of all the segments to the growth of the overhead cables market size and actionable market insights on the post-COVID-19 impact on each segment.
Overhead Cables Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.1% |
Market growth 2022-2026 |
$17.67 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.02 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 34% |
Key consumer countries |
US, China, India, Japan, UK, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ABB Ltd., Brugg Kabel AG, Dubai Cable Co Pvt, Encore Wire Corp, Furukawa Electric Co. Ltd., Jiangsu Zhongtian Technology Co Ltd, KEC International Ltd, KEI Industries Ltd, LS Cable and System Ltd., Nexans SA, NKT AS, Prysmian Spa, Riyadh Cables Group of Companies, Schneider Electric SE, Southwire Co. LLC, Sumitomo Electric Industries Ltd, Synergy Cables Ltd., Tratos Cavi S.p.A., and Universal Cables Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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