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IN THE NEWSJune 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.
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.
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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.
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.
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:
Our in-depth analysis of the global energy cable market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are growing consumption of electricity worldwide and increasing adoption of renewable energy sources.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
Complex planning associated with the deployment of energy cables is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities to the market owing to the surge in demand for electricity and rising urban migration in the region.
The major players in the market are Fujikura Ltd., LS Cables & System Ltd., Furukawa Electric Co., Ltd., Prysmian SpA, NKT A/S, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, voltage, application, and by region.
The low voltage cable segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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