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ENERGY & POWER

Energy Cable Market Segmentation by Type (Low, Medium, and High Voltage Cable); by Voltage (<240 V, 240 V-1 KV, 1-15 KV, 15-100 KV, 100-250 KV, and Above 250 KV); by Application (Utility, Industrial, Residential, and Commercial) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Energy Cable Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • June 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.

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. 

Global-Energy-Cable-Market-Overview

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.  CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Global-Electricity-Consumption

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.

 

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