Power Transmission Cables market to register a high growth of around 6.5% CAGR in the next six years. This information has been gathered in the latest study conducted by Market Research Future. The six years indicated forecast period, which is 2022-2030.
Top Impacting Factors
The study revealed that the global power transmission cable market trends is ready to witness significant growth over the forecast period in support of rising investment in renewable energy worldwide over the past few years. The rising demands for power transmission to offshore installation, such as connectivity of conventional grid to offshore wind power installations, connectivity to islands, and power transmission to offshore oil gas installations, are some of the factors driving the growth of power transmission cables market.
At the same time, more factors such as rising demand for underground transmission cables mainly in urbanized economies such as the U.S. and Australia have focused on reducing transmission and distribution losses are anticipated to fuel the growth of the global power transmission cables market in the forecast period.
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Furthermore, the need for a sustainable supply of electricity in several industrialized nations is also influencing the escalation of the power transmission cables market. Besides, the rising investments to launch a sustainable network along with improvements in the way to the integration of grid integration of renewable systems, as well as vast existence of distributed power systems, is highly boosting the growth of the power transmission towers and cables market.
MRFR also finds that several giant players are actively focusing on the development of new efficient designs of cable systems. This is likely to have a positive impact on the overall expansion of the global power transmission cables market in the forecast period. In the case of point, back in May 2016, Prysmian Group, a prominent supplier of innovative solutions for power grids, published about its successfully developed and tested a novel 7000 kV MI-PPL, along with 600 kV extruded cable systems. These were specially designed for high voltage direct current applications.
Segmentation of Market: Power Transmission Cables
The global level segmental analysis of the power transmission cable protection is done for segments of installation, by voltage, and by users.
Depending on the installation segment, the market has included overhead, underground, and submarine.
Depending on the voltage segment, the market has included high and medium.
Depending on the users segment, the market has included utility and industrial.
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Region-Wise Analysis
The power transmission market, regionally, has been studied for the regions of the Americas, Asia Pacific, Europe, and the Rest of the World.
Among these, Asia Pacific recorded to have the largest share within the Power Transmission cables market and is now anticipated to retain its majority by the year 2022. The highest growth of the market could be witnessed in the countries of China and India. These are the main drivers for the growth of the market in the Asia Pacific region.
The North American region was earlier the second largest market for power transmission cables in 2014. The growth of the market in the current time can be witnessed to take speed. This is attributed to the escalating focus on renewable energy as a source of power generation, mainly in the U.S., where constant expansion in the use of high voltage direct current (HVDC) technology and superconductors is observed.
In the current time, massive investments in power transmission infrastructure by Saudi Arabia and other countries had created a high expectancy to drive the market in the Middle East. The Middle East is studied to be the second fast-growing market for transmission cables in the coming years.
Top Market Players
The top players of global power transmission cables manufacturers, as per the report is listed as Southwire Co. LLC, General Cable Technologies Corp., KEC International Ltd., Zhejiang Shengda Steel Tower Co. Ltd., Prysmian S.p.A., Kalpataru Power Transmission Ltd., Nexans S.A., Nanjing Daji Iron Tower Manufacturing Co. Ltd., Shandong DingChang Tower Co. Ltd., and Sumitomo Electric Industries Ltd.
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