Overhead Power Cables Market Overview:
Overhead Power Cables Market is projected to be worth USD 1,17,800 Million by 2030, registering a CAGR of 7.6% during the forecast period (2022 - 2030).
Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.
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Market Scope
Investments in Grid Interconnections to Influence Market Demand
Rise in grid interconnections owing to integration to renewable energy projects can drive demand for overhead power cables for safe supply of electricity. Investments in smart grids, power transmission & distribution lines, and adoption of smart energy management schemes can drive demand for overhead power cables. Huge demand for power in developing countries as well as support by respective governments can bode well for the market in the coming years.
Replacement of Legacy Infrastructure to be Beneficial to Market Growth
The huge demand for power coupled with increasing pace of industrialization can drive modernization efforts. Installation of smart grids can drive the demand for overhead power cables owing to its capacity in supplying large swathes of power over long distances.
Segmentation Analysis
High Voltage Power Cables to Fuel Market Revenue
High voltage power cables are expected to lead in revenue of the overhead power cables market due to extra layer of insulation in its design and ability to lower instances of power losses during transmissions. Increasing demand for power in industrial and residential areas coupled with modernization of transformers and grids can drive segment growth. HV power transmission lines can supply power in large volumes to industrial zones and information technology parks. China, Japan, Canada, the U.S., and Europe can be the biggest adopter of high voltage power cables owing to robust industrialization.
Industrial End-users to Lead in Overhead Power Cables Market
The industrial segment is expected to command demand for overhead power cables owing to setup of factories and development of industrial zones by governments to attract foreign investment. Shift of old transmission cables to high voltage cables for countries to increase their capacity to store renewable energy and maintain stable grids can drive segment growth.
Conductors to Attain Huge Demand
Conductors are expected to attain huge market demand due to plans by governments to electrify rural areas of countries. This is evident with the Brazil government’s plan for connecting high power demanding regions with newly developed power generation sources.
Regional Analysis
APAC to Dominate Global Overhead Power Cables Market
Asia-Pacific (APAC) is set to dominate the global overhead power cables market due to rapid migration of citizens to cities and increasing demand for power. Surge in construction of industrial, commercial, and residential zones as well as shift to renewable power sources can drive regional market growth. Need of power cables to transfer energy from power farms to main grids will bode well for the market.
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Competitive Analysis
Finolex Cables (India), Riyadh Cables Group Company (Saudi Arabia), Nexans (France), ABB (Switzerland), NKT Cables (Denmark), BRUGG Cables (Switzerland), KEI Industries (India) Prysmian Group (Italy), General Cables (U.S), Bahra Cables Company (Saudi Arabia), Encore Wire Corporation (U.S), and Polycab India (India) are prominent players of the global overhead power cables market.
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