Research Nester has released a report titled “DC Electric Cable Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the DC electric cable market in terms of market segmentation by application, by insulation type, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global DC electric cable market is segmented by end user into utilities & power grids, IT & telecom, automotive & transportation, electronics and others, out of which, utilities & power grids segment is anticipated to hold the largest market share on the back of rising demand for cost efficient distribution systems coupled with the rising trend of smart grid electricity distribution systems. Moreover, rising need for DC cables in the deployment of solar panels and in the production of electric automobiles is also anticipated to promote significantly towards the growth of the segment in the global DC electric cable market. In the statistics by the International Energy Association (IEA), electric car deployment in the world peaked to 3.29 million from 0.23 million in-between 2013-2018.
The global DC electric cable market is anticipated to record a robust CAGR during the forecast period, i.e. 2020-2028. Increasing urbanization and rapidly growing building infrastructure, growing deployment of solar panels, increasing deployment of HVDC transmission and rise in the number of electronic devices, along with growing need to deploy safe and secure electrical wiring in electrical distribution systems to prevent from fire related occurrences are some of the factors anticipated to contribute towards the growth of the global DC electric cable market during the forecast period. In the statistics by the National fire Protection Association (NFPA), around 67% share of home fire occurred from wiring and related equipment in-between 2012-2016.
Regionally, the global DC electric cable market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia Pacific is expected to hold the largest market share on the back of rising investments for renewable energy sources, thereby impacting positively the demand for the deployment of HVDC cables in T&D and for solar cables in the deployment of solar panels. In the statistics by the International Renewable Energy Agency (IRENA), investments for renewable energy in Asia and Oceania peaked to USD 150 billion from USD 81.6 billion in-between 2011-2018.
Growing Concern for Power Loss in Power Distribution Systems
In the statistics by the U.S. Energy Information (EIA), electricity transmission and distribution losses as a percentage in the U.S. peaked to 5.12% from 4.67% in-between 2015-2017.
Growing concern for losses occurred due to loss of power in T&D is anticipated to raise the demand for the deployment of HVDC cable instead of HVAC cable transmission systems. Numerous benefits offered by HVDC cables for long distance transmission, such as, lower power loss, lower investment costs, low reactive power in interconnectors, and others are some of the factors owing to which power distribution companies are accepting to deploy greater number of HVDC cables instead of HVAC cables. Furthermore, similar concern observed in the deployment of solar panels is helping to raise the demand for DC solar cables, which is known to provide lower efficiency loss in-between the solar panel and the solar charge controller. Such factors are anticipated to drive the growth of the global DC electric cable market throughout the forecast period.
However, concerns regarding lack of awareness amongst consumers for DC cables is anticipated to hamper the growth of the global DC electric cable market.
This report also provides the existing competitive scenario of some of the key players of the global DC electric cable market, which includes company profiling of ABB Ltd. (SWX: ABBN), Sumitomo Electric Industries, Ltd. (TYO: 5802), KEI Industries Limited (NSE: KEI), Prysmian Group (BIT: PRY), Nexans (EPA: NEX), Qingdao Hanhe Cable Co. Ltd. (SHE: 002498), Polycab (NSE: POLYCAB), Jiangnan Group Limited (HKG: 1366), Hengtong Group, and LS Cable & System Ltd. (KRX: 006260). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global DC electric cable market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.