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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 electrical conductors market in the power industry is witnessing significant growth due to rising investments in power transmission and distribution (T&D) infrastructure and the increasing sales of power cables. The global power T&D sector is transforming with a focus on enhancing power quality, reliability, and efficiency. The demand for electrical conductors is escalating due to the expansion of power networks and the upgrading of existing infrastructure. However, challenges persist in the market, including the high cost of raw materials and the complexities involved in laying and maintaining electrical power cables, particularly in remote and harsh environments. These factors are expected to influence market growth and shape the competitive landscape.
The electrical conductors market in the power industry is experiencing significant growth due to the increasing demand for power generation from renewable energy sources such as solar, wind, and hydropower. The shift towards clean energy and electrification efforts in various sectors, including telecommunications, electronics, and transportation systems, is driving the market. Copper and aluminum are the most commonly used conductor materials in the power industry, but high-performance alloys are gaining popularity due to their superior electrical conductivity and durability. Mining and manufacturing of these conductor materials have environmental concerns, particularly regarding carbon footprint. Therefore, there is a growing focus on using safe and reliable conductors made from eco-friendly materials. Power networks, buildings, roads, and offshore wind energy projects require large quantities of electrical conductors. Transformers and submarine power cables are key applications of electrical conductors in the power industry. Smart grids, which enable efficient energy management and distribution, are expected to further boost the demand for electrical conductors.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The Power transmission segment is estimated to witness significant growth during the forecast period. Electric conductors play a crucial role in the power industry by enabling the transmission of electrical energy from power generation sources to end-users. The selection of conductor materials, including copper, aluminum, and high-performance alloys, is contingent upon various factors such as voltage requirements, transmission distance, and environmental conditions. The global energy landscape is undergoing significant transformations due to population growth, urbanization, industrialization, and electrification efforts in various sectors. Renewable energy sources like solar, wind, and hydropower are increasingly being integrated into power networks, necessitating the use of efficient, durable, and sustainable conductor materials. The power industry's shift towards clean energy and the expansion of power grids, cabling, and infrastructure projects require reliable and safe conductors to minimize carbon footprint and ensure uninterrupted power supply.
Furthermore, the growing EV market and charging infrastructure demand call for low-voltage wires and high-voltage cables. Wireless charging and smart cities are also driving the need for advanced conductor technologies. Mining and manufacturing processes are essential in the production of conductor materials, ensuring their availability and affordability. Overall, the power industry's evolution towards a greener transportation ecosystem and sustainable mobility necessitates the use of advanced conductor materials that offer high efficiency, durability, and sustainability.
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The Power transmission segment was valued at USD 18.18 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in the power industry is experiencing significant growth in the Asia-P Pacific (APAC) region due to the increasing demand for electricity driven by population growth and urbanization. With the power sector opening up to private players in many countries, infrastructure investments in grid modernization, renewable energy integration, and smart grids have become priority areas. High-performance conductor materials, such as high-temperature superconductors and carbon nanotubes, are gaining popularity for their eco-friendly and sustainable solutions. Environmental standards, including those related to carbon emissions, are driving the use of these advanced materials. Copper and aluminum prices, which are the primary raw materials for electrical conductors, have been volatile, leading to the exploration of alternative, cost-effective solutions.
Furthermore, China leads the market, accounting for over half of the share, with a strong focus on manufacturing capabilities and the implementation of smart grids, submarine power cables, transformers, and vehicle-to-grid systems. Offshore wind energy is another growing sector, requiring advanced electrical conductors for efficient power transmission. Our electrical conductors market for the power industry researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising investment in power (T&D) is the key driver of the market. The market is experiencing significant growth due to escalating investments in power transmission and distribution (T&D) networks. These networks are essential for efficiently transferring power to various electrical equipment throughout the power generation process. The expanding T&D market presents lucrative opportunities for key players in the electrical conductors industry. Moreover, the replacement of aging transformers and the increasing demand for renewable energy sources, such as solar, wind, and hydropower, are driving market growth. Technological advancements and government investments in research and development (R&D) to expand T&D networks for clean energy initiatives, including smart cities, power grids, and charging infrastructure for electric vehicles (EVs), further boost market expansion.
Furthermore, key conductor materials, such as copper, aluminum, and high-performance alloys, play a crucial role in ensuring the efficiency, durability, and sustainability of these systems. Urbanization, industrialization, and electrification efforts in developing countries are also contributing to the market's growth. Overall, the market is poised for continued expansion as the world transitions to a greener transportation ecosystem and focuses on reducing carbon footprints through clean energy sources.
An increase in sales of power cables is the upcoming trend in the market. The Electrical Conductors Market holds significant importance in the power industry, particularly in power generation, telecommunications, and electronics. Copper and aluminum are commonly used conductor materials due to their high electrical conductivity and efficiency. However, high-performance alloys are gaining popularity due to their durability and sustainability. With urbanization and industrialization driving electrification efforts, the demand for safe and reliable conductors is increasing. Mining and manufacturing processes require heavy-duty conductors, while renewable energy sources such as solar, wind, and hydropower necessitate specialized conductors for power transmission. The European Union has invested â¬530 million (USD598 million) to enhance its internal energy market and improve energy security.
Furthermore, these projects involve cross-border transmission of high loads of electricity, making power cables the optimal choice. Lightweight high-voltage direct current (HVDC) cables, such as those used in submarine power transmission, offer advantages over their alternating current (AC) counterparts. In the context of sustainable mobility, low-voltage wires are essential for EV charging infrastructure, including charging stations, charging networks, and wireless charging technologies. The growing EV market and the push towards a greener transportation ecosystem necessitate the development of sustainable and efficient conductors. Power networks and infrastructure projects require high-voltage cables to ensure the reliable and efficient distribution of electricity. Overall, the electrical conductors market is poised for growth, driven by the increasing demand for clean energy and the expansion of power grids in smart cities.
The challenges faced in laying and maintaining electrical power cables are a key challenge affecting the market growth. In the power industry, the selection and installation of electrical conductors play a crucial role in power generation, transmission, and distribution. The choice of conductor materials, including copper, aluminum, and high-performance alloys, impacts efficiency, durability, and sustainability. The installation process involves careful planning, as the selected path for cabling infrastructure must offer minimal risk, easy access for maintenance, and avoid damage. This challenge is compounded by the need to obtain permissions from various authorities, particularly when cables pass through multiple countries. Urbanization and industrialization, along with electrification efforts, drive the demand for reliable and safe conductors in power networks, smart cities, and industrial projects.
Furthermore, renewable energy sources, such as solar, wind, and hydropower, require specialized conductors to minimize carbon footprint and ensure clean energy transmission. The growing EV market and charging infrastructure, including charging stations, wireless charging, and EV charging networks, necessitate low-voltage wires and high-voltage cables. The sustainable mobility and greener transportation ecosystem further highlight the importance of efficient, durable, and eco-friendly conductors in power transmission and distribution.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
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.
3M Co. - The company offers electrical conductors namely ACCR high-capacity transmission conductors with a high strength, and lightweight aluminum matrix core.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing significant growth due to increasing power generation from renewable energy sources such as solar, wind, and hydropower. The demand for efficient, durable, and sustainable conductor materials, including copper, aluminum, and high-performance alloys, is on the rise in power networks, cabling, and infrastructure projects. Urbanization and industrialization are driving electrification efforts, leading to an increase in power grids and smart cities. The power industry's transition to clean energy sources is reducing the carbon footprint and promoting sustainable mobility through the development of charging infrastructure, charging stations, and wireless charging technologies for electric vehicles (EVs). The market is also witnessing advancements in EV charging networks and EV charging technologies.
Furthermore, mining and manufacturing processes for conductor materials are undergoing innovation to improve efficiency and reduce environmental impact. The market is focused on producing safe and reliable conductors to ensure the reliability of power transmission and distribution. The use of conductors in telecommunications, electronics, and other industries is also contributing to market growth. Overall, the market is expected to continue its growth trajectory, driven by the increasing demand for clean energy and sustainable mobility.
Market 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, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
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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
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