Enjoy complimentary customisation on priority with our Enterprise License!
The electrical conductors market for the power industry size is forecast to increase by USD 13.8 billion, at a CAGR of 6.78% between 2023 and 2028. The market growth analysis depends on several factors such as the rising investment in power (T&D), the growth in offshore wind energy, and the increasing investments in renewable energy projects.
The report includes a comprehensive outlook on the Electrical Conductors Market for the Power Industry, offering forecasts for the industry segmented by Application, which comprises power transmission, power distribution, and power generation and others. Additionally, it categorizes Type into power cables, transformer, busbar, and submarine power cables, and covers Regions, including APAC, Europe, North America, South America, and Middle East and Africa. The market report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Electrical Conductors Market for the Power Industry Forecast 2024-2028
To learn more about this report, Request Free Sample
Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Fossil fuels are one of the major contributors to emissions globally, and as of 2020, more than two-thirds of electricity generated worldwide was from fossil fuels. An increase in environmental stewardship has shifted the focus to cleaner fuel sources such as nuclear and renewables. Renewable energy capacity worldwide has grown tremendously, supported by lucrative government policies, incentives, and rebates. This has led to a significant increase in the share of renewables and alternative sources of energy in the global energy mix.
Moreover, a total of 260 GW of new renewable power capacity was generated globally in 2020, which accounted for two-thirds of the total capacity addition. This was backed by a strong market for solar photovoltaic (PV.) It is expected that solar PV will dominate the annual capacity additions for renewables. Moreover, countries across the globe are rapidly adding renewable capacity to reduce their dependence on coal and other polluting fuels. Bringing these capacity additions will give rise to the need for appropriate infrastructure to transmit this electricity, hence driving market growth during the forecast period.
Align with market trends and analysis, the surging global demand for clean, sustainable energy has propelled a substantial increase in wind turbine installations, both onshore and offshore. Factors like government policies promoting clean energy, reduced wind power generation costs, and technological advancements drive this growth. According to the Global Wind Energy Council (GWEC), onshore and offshore wind capacities reached 568.41 GW and 23.14 GW in 2020.
Moreover, declining installation costs, marked by a one-fifth decrease in offshore and one-third in onshore costs from 2010 to 2020, fuel this trend. Ongoing investments and R&D efforts have led to larger, more efficient turbines, enhancing wind power plant reliability. The demand for electrical conductors, crucial in wind turbine operations, is expected to rise in tandem with growing installations, driving the global electrical conductors market for the power industry.
Aluminum and copper are the primary raw materials used in electrical conductors. These raw materials account for a significant share of the manufacturing cost of electrical conductors. the volatility in the prices of copper, aluminum, and other raw materials, such as energy and fuel, results in fluctuations in the cost and revenue for electrical conductor manufacturers.
Moreover, the instability in the cost of raw materials is often recovered by negotiated changes in the price of the final product. However, in such instances, the changes in the selling price may lag behind metal price variations by a particular period. This delay happens as considerable time is required to implement the necessary modifications to the customer pricing strategy. Thus, such factors may impede market growth during the forecast period.
The power transmission segment will account for a major share of the market's growth during the forecast period.? Power transmission is the movement of energy from the place of generation to the location where it is applied to perform useful work. Electric conductors allow the transmission of heat or light from one source to another. These conductors are essential for reliable and safe transmission of electrical power over long distances and form the backbone of electrical grids. The choice of electric conductors used in power transmission completely depends on factors such as voltage requirements, transmission distance, environmental conditions, and cost considerations.
Customised Report as per your requirements!
The power transmission segment was valued at USD 18.18 billion in 2018. Global energy demand continues to grow due to population growth, urbanization, industrialization, and the integration of electrification into different sectors such as transportation and heating. In addition, factors such as including overhead power lines, underground cables, and electrical wiring in buildings and industrial facilities surge the demand for power transmission. Therefore, the power transmission segment is expected to grow in the global electrical conductors market for the power industry during the forecast period.
Based on type, the market has been segmented into power cables, transformer, busbar, and submarine power cables. The power cables segment will account for the largest share of this segment.? A power cable is primarily an assembly of one or more electrical conductors, mainly held together with an overall sheath. Power cables are used for the transmission and, in some cases, for the distribution of large quantities of electrical power. The power utility sector is the major end-user of power cables. Right from the generation of electricity to transmitting the power and finally distributing it to consumers, power cables are deployed by utility companies to carry electric power efficiently. High-voltage and medium-voltage power cables are used for transmission purposes, while low-voltage power cables are used for the distribution of electricity to consumers. Electrical conductors are used mostly in power cables. Thus, it is expected that the power cables segment will flourish during the forecast period.
For more insights on the market share of various regions Download Sample PDF now!
North America is estimated to contribute 32% to the growth by 2027. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. Another region offering significant growth opportunities to companies is APAC. APAC experiences surging electricity demand, driven by rapid urbanization, rising living standards, and a growing population. Several countries in the region, including China, Japan, South Korea, India, Thailand, Pakistan, and Australia, witness increased power needs. China dominates the electrical conductors market, with a majority market share.
Furthermore, the region's economic growth necessitates a consistent power supply, leading to augmented investments in transmission and distribution (T&D) networks. China and India, in particular, are leaders in T&D infrastructure investments. Initiatives like China's investment in ultra-high-voltage power cables and India's focus on expanding T&D networks contribute to the growing demand for electrical conductors. Hence, such factors are expected to drive market growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Apar Industries Ltd., Cabelte SA, Calmont Wire and Cable Inc., CMI Ltd., CTC Global Inc., Diamond Power Infrastructure Ltd., Finolex Cables Ltd., Furukawa Electric Co. Ltd., Gupta Power Infrastructure Ltd., HELUKABEL Romania Srl, Hi tech Conductors Pvt Ltd., KEI Industries Ltd., Lamifil NV, Nexans SA, Prysmian Spa, Saudi Cable Co., Sumitomo Electric Industries Ltd., Taihan Cable and Solution Co. Ltd., and Sterlite Power Transmission Ltd.
Technavio electrical conductors market for the power industry market forecast an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The electrical conductors market for the power industry analysis and report forecasts market growth and forecasting by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2018 to 2028.
Electrical Conductors Market For The Power Industry Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market Growth 2024-2028 |
USD 13.8 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.14 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Apar Industries Ltd., Cabelte SA, Calmont Wire and Cable Inc., CMI Ltd., CTC Global Inc., Diamond Power Infrastructure Ltd., Finolex Cables Ltd., Furukawa Electric Co. Ltd., Gupta Power Infrastructure Ltd., HELUKABEL Romania Srl, Hi tech Conductors Pvt Ltd., KEI Industries Ltd., Lamifil NV, Nexans SA, Prysmian Spa, Saudi Cable Co., Sumitomo Electric Industries Ltd., Taihan Cable and Solution Co. Ltd., and Sterlite Power Transmission 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 market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.