Global Energy Cable Market Highlights 2022 – 2030
The global energy cable market is estimated to garner a sizeable revenue and grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. 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.
Get more information on this report: Download Sample PDF
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.
Major Macro-Economic Indicators Impacting the Market Growth
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Global Energy Cable Market Regional Synopsis
On the basis of geographical analysis, the global 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 region is estimated to gather the largest share and witness the highest growth over the forecast period 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.
The global energy cable market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global energy cable market includes the following segments:
By Type
- Low Voltage Cable
- Medium Voltage Cable
- High Voltage Cable
By Voltage
- <240 V
- 240 V-1 KV
- 1-15 KV
- 15-100 KV
- 100-250 KV
- Above 250 KV
By Application
- Utility
- Industrial
- Residential
- Commercial
Growth Drivers
- Growing Consumption of Electricity Worldwide
- Increasing Adoption of Renewable Energy Sources
Challenges
- Complex Planning Associated with the Deployment of Energy Cables
Top Featured Companies Dominating the Market
- Fujikura Ltd.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- LS Cables & System Ltd.
- Furukawa Electric Co., Ltd.
- Prysmian SpA
- NKT A/S
- ABB Ltd, Switzerland
- Sumitomo Corporation
- Belden Inc.
- Leoni AG
- Nexans S.A.
