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.
Want more information on this market? View a market snapshot before purchasing the report
Technavio reports answer key questions relating to market size and growth, drivers and trends, top vendors, challenges, and more. Technavio also offers customization on reports based on specific client requirement.
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.
Browse Related Reports:
- Global Power Transformers Market 2017-2021
- Global Gas Compressors Market 2017-2021
- Global Gas Turbines Market for Power Industry 2017-2021
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like engineering tools; test and measurement; and tools and components. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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.
If you are interested in more information, please contact our media team at media@technavio.com.
