Power cable: Key market research findings
- Increase in sales of HVDC power cables
- Development of smart grids
Technavio has released a new market research report on the global power cable market, which is expected to grow at a CAGR of 8% between 2016 and 2020. The power utility sector is the major end-user of power cables, where the power cables are deployed to carry electric power efficiently, from the generation of electricity to transmission and distribution. APAC dominates the global power cable market, accounting for 57% of the overall market share. Increased private participation in the power transmission and distribution market has boosted the demand for power cables in this region.
Global power cable market: Voltage level segmentation
Source: Technavio, 2016
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“High voltage direct current (HVDC) underground power cables have become viable options for long distance and high voltage safe power transfer. HVDC cables are getting extensive usage in those areas which require high loads of electricity, especially in renewable power projects. Moreover, due to their light weight and dimensions, HVDC light cables are preferred over their AC counterparts, especially in submarine power transmission,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research
Owing to the growing adoption of smart grids, vendors are focusing on the development of power cables that can serve the smart grid network. For instance, the Prysmian Group has developed the eco-sustainable MV cable, P-Laser, which offers enhanced reliability, operational, and environmental benefits. Vendors are also focusing on other parameters such as elasticity, efficiency, and ease of usage while producing eco-friendly power cables. Eco-friendly power cables are fire-resistant, have lower emissions of poisonous fumes, and are non-corrosive with the absence of halogens such as chlorine and fluorine that are widely used in insulating power cables.
The major vendors in the global power cable market are General Cable, Nexans, Prysmian and Sumitomo Electric. The power cable manufacturing industry is mature and cost driven. Intense comaptition prevail in the market in terms of price, quality, the range of products, inventory, delivery time, customer service, the environmental impact of the products, and the ability to meet customer’s requirements.
A more detailed analysis is available in the Technavio report, Global Power Cable Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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