Global Power Cables Market 2017-2021

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Overview of the global power cables market

Technavio’s market research analyst predicts the global power cables market to grow steadily at a CAGR of around 7% by 2021. One of the primary drivers for this market is the rise in sales of high-voltage, direct current (HVDC) power cables. The HVDC underground power cables have become viable options for long distance and high-voltage safe power transfer. HVDC power systems provide a viable option for long-distance bulk power delivery. Also, the European Commission has selected energy projects to build cross-border infrastructure to create the internal energy market and enhance the security of energy supply. For these projects, high loads of electricity are required to be transferred from one country to another. This would significantly increase the use of HVDC power cables in the coming few years. Moreover, the rising need to connect renewable energy to the grid network, many renewable power projects, including offshore wind power plants and solar energy plants will contribute to the growth of the HVDC power cable market, which in turn will propel the growth of the global power cables market during the forecast period. 

One of the latest power cable trends gaining traction in the market is the development of smart-grid. Smart grids bring a convergence of analog or digital information, computer-based remote control, and automation to electricity networks. These systems incorporate automated software and electronic hardware such as meters, switches, and relays that guarantee smooth and appropriate T&D of electricity by upgrading and controlling operational processes over a network. This rising popularity of smart grid will directly induce an immense demand for power cables. This will undoubtedly influence vendors in the future to focus on the development of efficient power cables to serve the smart grid network. Consequently, the power cables demand will increase significantly across the globe in the coming years.

Competitive landscape and key vendors

The global power cables market is highly fragmented due to the presence of well-diversified international, regional, and local vendors. Several regional vendors provide highly customized power cables at a price lower than global players. According to this power cables industry research report, the increased product extensions, technological innovations, and M&A are expected to intensify the competition in the next four years.

Leading vendors in the market are –

• Prysmian Group
• Nexans
• General Cable
• NKT
• Sumitomo Electric Industries

Other prominent vendors in the power cables market include L S Cable & Systems, Southwire Company, Hangzhou Cable Company, TPC Wire & Cable, HENGTONG GROUP, Belden, Encore Wire, Finolex, and KEI Industries.

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Segmentation by voltage and analysis of the power cables market

• High Voltage
• Medium Voltage
• Low Voltage

During 2016, the high voltage power cables dominated the power cables market and accounted for a major part of the overall power cables market share. The use of high voltage power cables to provide electricity in oil and gas, mining and other industrial applications is the key contributor to the dominance of this segment in the global market. Also, transmission activities are expected to increase due to growing demand for electricity from developing nations, including China, India, and Brazil. This will further support the growth of this segment in the global power cables market.

Geographical segmentation and analysis of the power cables market

• Americas
• APAC
• EMEA

In this power cables market outlook, analysts have estimated the APAC will dominate the power cables market share during the forecast period. Growing population, urban migration, and high living standards have increased the demand for electricity. This increase in the demand for electricity has largely contributed to the growth of the power cables market in the region.

Key questions answered in the report include

• What will the power cables market size and the growth rate be in 2021?
• What are the key factors driving the global power cables market?
• What are the key power cable market trends impacting the growth of the market?
• What are the challenges to market growth?
• Who are the key vendors in the global power cables market?
• What are the market opportunities and threats faced by the vendors in the global power cables market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global power cables market?

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