LONDON--(BUSINESS WIRE)--The global high temperature cables market is expected to grow at a CAGR of 4% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global high temperature cables market for 2017-2021. The market is further categorized into two major end-user segments comprising of energy and transport, which together accounted for more than 73% of the market in 2016.
High temperature cables are used in applications where the temperature varies greatly, fluctuating between temperature extremities. The cables find their use in transport vehicle manufacturing, oil refineries, blast furnaces, nuclear power reactors, and wind turbines.
According to Anju Ajaykumar, a lead analyst at Technavio for engineering tools research, “The market is expected to grow at a steady rate during the forecast period owing to increased demand for high temperature cables in aerospace manufacturing and shipbuilding activities, oil explorations, processing of metals, and nuclear and wind power generation. The rise in the demand for electricity in developing economies such as India and China is one of the major driving forces of the market.”
Technavio’s research analysts segment the global high temperature cables market into the following regions:
- APAC
- EMEA
- Americas
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APAC: rapid urbanization and industrialization to fuel growth
The growing population and rapid urbanization and industrialization have led to the expansion of all industries across the region. Countries like China, India, and Japan are driving the growth in the region. Governments across APAC have opened the power generation sector in their respective country to private players, which has increased the efficiency of production and distribution of electricity and reduced the cost of power transmission.
Nuclear power generation is also expected to increase in the region during the forecast period. In Asia, as on January 2016, there were 128 nuclear power reactors in operation, and another 40 reactors were under construction while around 90 reactors were under planning stage. China, South Korea, and India are expected to experience the largest growth in terms of nuclear power generation during the forecast period. Asia-Pacific has also seen an increase in the use of travel services such as aircraft, railways, etc. Aircraft make wide use of high temperature cables for holding electrical components to the engine and for power supply distribution.
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EMEA: increase in shale gas exploration to spur demand
The high temperature cables market is EMEA is expected to grow at a modest rate during the forecast period. The growth is mainly attributed to the increase in shale gas exploration activities and increase in the number of nuclear power plants and wind turbine installations.
Along with oil refineries, increase in installed nuclear capacity has also added to the demand for high temperature cables. Russia happens to be the third-largest generator of nuclear power in the world with the fifth-largest installed capacity. These new installations are expected to create a demand for high temperature cables during the forecast period.
“This region also has a significantly higher share of automation in the automotive and aerospace industries as compared to other regions. Aerospace manufacturers are continuously increasing investments to increase aircraft production in the region, thus creating a demand for high temperature cables,” says Anju.
Americas: investments in electricity generation to boost growth of the market
The Americas has a substantial number of oil refineries. In fact, the region has some of the world’s largest refineries, with more refineries expected to come online during the forecast period along with many mergers and acquisitions activities. Electricity generation from wind power and nuclear power has also increased in the region. The US is the largest producer of nuclear power, accounting for nearly 30% of the worldwide nuclear electricity generation.
Similarly, investments in electricity generation from wind energy and expanding manufacturing base for aerospace and automotive sector in the region are expected to create a demand for high temperature cables.
The top vendors in the global high temperature cables market as highlighted in this market research analysis are:
- General Cable
- Nexans
- Prysmian Group
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