The global overhead power cables market 2020 analysis is a specialized and in-depth study of the overhead power cables market with a special focus on the global market trend analysis conducted by Market Research Future. The report presented indicates that the market has steadily recovered its valuation amid the COVID-19 outbreak. During this situation, the study predicts that the market would inflate at a significant rate during the forecast period 2014-2022.
The industry players of global overhead power cables market include Southwire Co. LLC, General Cable Technologies Corp., KEC International Ltd., Zhejiang Shengda Steel Tower Co. Ltd., Nexans S.A., Kalpataru Power Transmission Ltd., Shandong DingChang Tower Co. Ltd., Prysmian S.p.A., Nanjing Daji Iron Tower Manufacturing Co. Ltd., and Sumitomo Electric Industries Ltd.
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Top Impacting Factors
Overhead power cables are termed to be essential equipment used to carry and transmit the electricity throughout the transmission and distribution network. The factors such as rising enclosure of renewable power resources, up-gradation of aging grid infrastructure result, and high quality and uninterrupted electricity are highly reliable in the growth course of the overhead power cables market.
MRFR also focuses that rapid industrialization and urbanization are the foremost factors in the global overhead power cables market. The necessitate for power is expanding as the worldwide populace is developing. Thus, new systems are being constructed. Furthermore, more established systems are also being refreshed and redesigned. In the meantime, vitality creation techniques need to constrain CO2 discharges, and the systems themselves need to wind up more proficiently. These indicate towards overhead power cables, and due to these reasons, the market is taking a stimulus jump in grabbing a robust position, globally.
Global initiatives such as various government schemes are cheering the use of green energy sources combined with the fast growth of renewable and sustainable energy resources. These are recorded to lead to an increase in the demand for power cables and gain higher valuation for the future timeframe. With the spreading out of green energy projects, the associated requirement of grid extension and grid reinforcement also aids the market worldwide. The displacement of electricity production with the production plants located at a greater distance from the consumption area will drive the industry to grow further.
Segmentation of Market
The report analyses the following segments in the global power cables market, such as product types, voltage, and users.
Depending on product types segment, the market has included conductors, fittings, and fixtures.
Depending on the voltage segment, the market has included high, medium, and low.
Depending on the voltage segment, the market has included commercial, industrial, and residential.
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The Asia Pacific acquired the most significant share within the overhead power cables market and is expected to retain its majority by 2022. This region is anticipated to be the fastest-growing market for overhead power cables. China and India countries will drive the market owing to factors like mounting growth in transmission and distribution network. The Asia Pacific held the largest share within the overhead power cables market and is expected to retain its majority by 2022. The electricity demand in the year 2018 grew by nearly twice as fast as compared to the overall demand for energy globally. It was the fastest growth in electricity demand since 2010, as demand rosed by 4% in 2018. In 2018, global power consumption stood at about 22,572 TWh. The power consumption is proposed to rise in the coming years that will reach 26,330 TWh in 2024. Countries such as China and the US were the largest overhead power cables markets and acquired 70% of the global demand growth.
Also, considerable investments in overhead power cables infrastructure by Saudi Arabia and other countries are anticipated to motivate the market in the Middle East. The Middle East is anticipated to be the second-fastest increasing market for transmission cables.