According to the latest market study released by Technavio (London), 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.
As defined by the report, "power cables are a collection of insulated conductors used for the transmission and distribution (T&D) of power." Top vendors highlighted by Technavio’s research analysts in the report include: Prysmian Group; Nexans; General Cable; NKT and Sumitomo Electric Industries. Based voltage, the report categorizes the global power cables market into segments for low-voltage, medium-voltage and high-voltage power cables.
Rising real estate investments and a growing construction industry are driving the demand for low-voltage power cables, states Technavio. 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, finds the researcher. “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,” notes Anju Ajaykumar, a lead analyst at Technavio for engineering tools research.
The medium-voltage power cables segment of the market is also 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," notes the analyst. "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 [Brazil, Russia, India, China and South Africa] countries will generate significant growth opportunities for the power cables industry."
High-voltage power cables are used for the transmission of electricity from power plants until the distribution stations. 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. "High-voltage power cables generate the highest revenue for the global power cables market, occupying over 50% of the overall shares,” concludes Technavio's Anju. High voltage cables are widely adopted in the oil and gas, mining, and other industries for supplying electricity, notes the analyst.
The 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. The report also includes up to date analysis and forecasts for various market segments and all geographical regions. Technavio emphasizes, "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."