LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global power cables market is projected to grow to USD 107.55 billion by 2021, at a CAGR of close to 7% over the forecast period.
This research report titled ‘Global Power Cables Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Power cables are a collection of insulated conductors used for the transmission and distribution (T&D) of power. Currently, the global energy industry is witnessing an increasing wind capacity installations, which is creating a high level of demand for power cables, thereby driving the global market.
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Based on voltage, the report categorizes the global power cables market into the following segments:
- Low-voltage power cables
- Medium-voltage power cables
- High-voltage power cables
High-voltage power cables
“High-voltage power cables are used for the transmission of electricity from power plants until the distribution stations. High-voltage power cables generate the highest revenue for the global power cables market, occupying over 50% of the overall shares,” says Anju Ajaykumar, a lead analyst at Technavio for engineering tools research.
High voltage cables are widely adopted in the oil and gas, mining, and other industries for supplying electricity. These electrical cables have voltage ratings above 33 kV. The growth in this market segment is expected to originate from developing nations such as China, India, and Brazil.
Medium-voltage power cables
The medium-voltage power cables segment of the market is projected to grow swiftly, at a CAGR of over 7% through the forecast period. These electrical power cables have a power rating between 1kV and 33kV and are used mainly in commercial and industrial units. The swiftly progressing global economy is pushing firms towards innovation and expansion, leading to the growth of the manufacturing sector. Also, the combined overall growth of the BRICS countries will generate significant growth opportunities for the power cables industry.
Low-voltage power cables
“Low-voltage power cables are used mainly in residential complexes, where voltages up to 1kV is sufficient. This relatively smaller segment of the market is projected to be worth close to USD 17 billion by 2021,” says Anju.
The rising real estate investments and growing construction industry are driving the demand for low-voltage power cables. Swift economic growths in APAC, Latin America, and the Middle East is leading to the growth of the housing market, resulting in a direct increase in demand for power cables.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Prysmian Group
- General Cable
- Sumitomo Electric Industries
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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