Copyright © 2024 Research Nester. All Rights Reserved
Energy Cable Market size is projected to witness around 6.2% CAGR during the forecast period i.e., between 2024-2036.
The growth of the market can be attributed to the increasing electricity consumption across the world, rising urbanization and industrialization and growing adoption of renewable sources for power generation. The energy consumption around the globe in 2019 was around 173,300 terawatt-hours, up from about 166,800 terawatt-hours in 2018. Along with these, introduction of advanced technologies in the grid infrastructure coupled with escalating replacement of old grid infrastructure with new one, are also expected to drive growth to the market in the upcoming years. In addition, intensifying demand for power supply with varying voltages from several industries such as manufacturing, automobile and pharmaceutical is projected to provide ample growth opportunities to the market in the near future.
Growth Drivers
Challenges
|
2023 |
|
|
Forecast Year |
2024–2036 |
|
CAGR |
6.2% |
|
Regional Scope |
|
The market is segmented by type into low, medium and high voltage cable, out of which, the low voltage cable segment is anticipated to hold the largest share in the energy cable market on account of high infrastructural development in the residential sector, and rising requirement to create accommodation for migrating people in urban areas. The growing introduction of electronic devices is also predicted to boost the growth of this market segment in the future. Furthermore, on the basis of application, the utility segment is assessed to acquire the largest market share over the forecast period owing to the increasing set up of new utilities to meet the rising demand for electricity, and growing usage of solar and wind energy around the world. In the year 2019, solar energy worth around 724 TWh was generated, which increased to a large extent since 2018, accounting to about 529 TWh of energy in that year.
Our in-depth analysis of the global market includes the following segments:
|
Type |
|
|
Voltage |
|
|
Application |
|
On the basis of geographical analysis, the energy cable market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific is estimated to dominate majority revenue share by 2036, on the back of surge in demand for electricity and rising urban migration in countries such as India, China, Japan and South Korea. According to the Census of India, out of the total intra-state and inter-state migrations of 98 million during the last decade, 36 million Indians moved to urban areas. Additionally, growing number of government initiatives to obtain maximum energy from renewable sources is also projected to drive market growth in the region in the coming years. Moreover, the market in North America is also expected to observe noteworthy growth during the forecast period, which can be credited to the rise in data consumption and increasing investments by telecom companies to develop effective fiber networks.
June 15, 2021: Nexans was awarded a multi-million-euro contract to supply 800 km of underground cables for making vital power connections for the Viking Wind Farm. A power of 30 KV will be supplied by the cables for linking the wind turbine arrays together and for exporting power to the main substation.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?