LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global overhead cables market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The research study by Technavio on the global overhead cables market for 2017-2021 provides a detailed industry analysis based on the voltage requirement (high voltage, medium voltage, and low voltage) and geography (APAC, EMEA, and the Americas).
Overhead cables are used for the transmission and distribution of electric power and are installed overhead between electric poles. Technavio analysts forecast the global overhead cables market to grow to USD 80.6 billion by 2021, at a CAGR of nearly 6% over the forecast period.
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The top three emerging trends driving the global overhead cables market according to Technavio heavy industry research analysts are:
- Increased demand from GCC countries
- Expanding railway industry
- Growth in nuclear power generation
Increased demand from GCC countries
“Various GCC countries such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, have seen a decent overall economic growth. The economic growth, combined with population growth, are creating additional electricity demands and thereby overhead cables,” says Anju Ajaykumar, a lead analyst at Technavio for unit operations research.
The manufacturing, entertainment, tourism, and education sectors have gained momentum, which is adding to the growth of the region's economy. Megacity projects to increase modern infrastructure, rising immigration, and economic developments are positively impacting the market growth.
Expanding railway industry
Power cables are widely adopted for power transmission infrastructure for rail systems. Various technological innovations, the growing population, and expanding metropolitan areas have resulted in the increased demand for railways. In addition, incorporating digital models into railways has fueled a considerable increase in demand for railway services. These developments trigger the need for additional electricity for smooth operation, thereby driving the demand for overhead cables.
Growth in nuclear power generation
The nuclear power sector is slowly gaining momentum with the advent of the latest nuclear technology. Nuclear energy currently caters to about 75% of the electricity demand in France, and nearly 20% of the total energy generated in the US. Also, emerging APAC economies are investing heavily in increasing their reliance on nuclear energy to meet their growing demand for electricity.
“China, the UAE, and the Middle East are also investing towards the generation of nuclear power to cater to their rising energy requirements. Such developments will create a demand for overhead cables in both the power plants and energy supply lines, thereby driving market growth,” says Anju.
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