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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.
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 –
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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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.
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.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by voltage
PART 07: Geographical segmentation
PART 08: Decision framework
PART 09: Drivers and challenges
PART 10: Market trends
PART 11: Vendor landscape
PART 12: Key vendor analysis
PART 13: Appendix
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