According to a new market report published by Lucintel, the future of the
energy cable market looks attractive with opportunities in the utilities, industrial, residential, and commercial sectors. The global energy cable market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $142.3 billion by 2025 with a CAGR of 4% to 6% from 2020 to 2025. The major growth drivers for this market are growth in electricity consumption due to industrialization, urbanization, electrification of rural areas, and increasing construction activities.
Browse 72 market data tables and 115 figures spread through 185 pages and in-depth TOC on “Energy Cable Market"
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In this market, low voltage, medium voltage, and high voltage energy cables are used for the transmission and distribution of electricity. Lucintel forecasts that low voltage cable is expected to remain the largest segment and it is also expected to witness the highest growth over the forecast period due to growth in construction as well as automotive sector, especially in China and India.
Within the energy cable market, utilities are expected to remain the largest end use market due to the continuous expansion in electrical infrastructure to fulfill growing electricity demand. The residential segment is expected to witness the highest growth in the forecast period supported by increasing construction activities and increasing demand for heating, cooling, and air-conditioning (HVAC) equipment.
Asia Pacific is expected to remain the largest market and is also expected to witness the highest growth over the forecast period. Economic expansion, industrialization, urbanization, and rural electrification projects, particularly in India and China, are leading the demand for energy cables.
Emerging trends, which have a direct impact on the dynamics of the industry, include the deployment of superconductors in power cables for improved performance and electron beam cross linking of power cable for durability and high current carrying capacity. Prysmian Group, Nexans S.A., Leoni AG, NKT S/A, Sumitomo Electric Industries Ltd, Encore Wire Corporation, and Southwire are among the major suppliers of energy cable.
Lucintel, a leading global strategic consulting and
market research firm, has analyzed growth opportunities in the energy cable market by product type, voltage type, end use industries, and region. Lucintel has prepared a comprehensive research report entitled “
Growth Opportunities in the Energy Cable Market 2020-2025: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the energy cable market by product type, voltage type, end use industries, and region as follows:
By Voltage Type [$B shipment analysis for 2014 – 2025]: