Energy Cable Market Size

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.