Overhead Power Cables Market Research Report Information by Product Type (Conductors, Fittings, and Fixtures), by Voltage (High, Medium, and Low), by Users (Commercial, Industrial, and Residential), and by Region - Forecast to 2030

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), The market was valued at USD 64.11 billion in 2021. Power Cables help in generating energy that is being used by endpoints. The cables are designed in a way to carry loads.

A power cable is a type of coaxial wire that is used to transmit and distribute electricity. It's a grouping with one or more conductive materials that are usually held connected by an over sheathing. These wires can be carried above, hidden in the earth, or visible as permanently cabling within structures. Circuit, insulator, and sheathing are the three key parts of a circuit. It communicates voltage levels to areas where power lines are impractical, such as at the ocean and airports.

The worldwide power strip business is increasing due to an increase in the tendency of renewable electricity throughout the world. Encouragement from different authorities, and also monetary support, have resulted in significant growth in the use of sustainable power sources. Furthermore, the expansion of the power line industry is aided by the increased adoption of innovative electric grid equipment.

The end-use application decides the use of specific types of cable. Different types of materials are used for manufacturing cables, out of which copper and aluminum are commonly used elements.  In recent times, there has been a high demand for electricity due to increased infrastructural projects.

Overhead Power Cables Market COVID-19 Analysis

The pandemic has impacted industries globally positively and negatively. Besides food, health, and pharmaceuticals industries have witnessed growth while other sectors have been severally impacted. In this view, construction and reconstruction projects globally are halted. Owning to national and international lockdowns along with norms of social distancing.

Since construction and reconstruction activities are not part of essential services, hence the operations are completed halted. In addition to this, production units have been operating on partial capacities. Also, there has been an acute gap within the supply chain of raw materials due to national lockdowns.The pandemic is expected to impact overhead power cables' market value in the short run.

Overhead Power Cables Market Dynamics

Drivers

In the high voltage cables type, the market growth in 2016 was estimated to be USD 28.77 billion. It is estimated by the year 2021, the market value will reach USD 64.11 billion with a CAGR of 6.72%. Thus, indicating growth for overhead power cables market value in the upcoming years.

Renewable power generation sources are the main driversfor overhead power cables' market size. There have been changes in building codes, which have increased the demand for power cables in the renewable energy sector. The government and international agencies have laid down targets to increase the usage of green energy.

In addition to the green energy targets, another market driver will be the replacement of conventional grid infrastructure. There has been the introduction of cutting-edge technologies that further promotes adequate functioning of companies in utility sectors. Nations are planning to implement smart grids for conserving energy. Along with the replacement of transmission and distribution services that are expensive and energy-consuming.

Opportunities

Power Cables are majorly used to transmit power which ranges from generation to consumption. The deployment of power lines has increased over the past few years. Owing to rapid industrialization and urbanization. Many countries like India have been focusing to provide 100% electrification to all its region.

This will provide opportunities for the overhead power cables industry to expand its market in high-growth regions. Also, new end-user companies are expanding their operations and exponential rates.  For Example, automobile manufacturers have expanded their business globally due to increasing demands. Small and Medium-scale industries are increasing due to initiatives and incentives set by the government. These factors will fuel power cables demand, thereby influencing overhead power cables market growth.

Restraints

Exploration activities create environmental damage due to which international funding has been reduced. This will impact the raw material market for power cables.Also, the power cables market faces high price volatility in varied types of cables. This will further pose supply chain gaps, which will change the overhead power cables market outlook. 

Challenges

Deploying power cables requires approval with detailed planning from the government authorities. The companies are requiring to plan the deployment in a way that does not impact other functions of the society. Efficient planning includes risk factors like accidents and impacts on the environment.

The project is delayed due to the long- time the government for approving the projects. This will pose challenges for manufactures in the overhead power cable industry to reach higher growth targets.

Cumulative Growth Analysis- Countries in global contexts are expanding to offshore power projects for fulfilling the electricity demand.  This will improve the demand for high voltage cable types. The power cable industry is majorly dominated by power and telecommunications. In the energy sector, power cables are highly used which is followed by telecommunications. It is estimated that growing demand in the energy sector will drive the market for power cables. In this view, the electricity demand has increased from the year 2018 by nearly twice. It is being assumed that US and Chinese markets will be the highest demanding regions for power. Thus, constituting 70% of the total demand from the globe. 

Overhead Power Cables Market Insights Value Chain Analysis

Power cables are majorly used as conductors for distributing and transmitting electrical energy. The power cables are designed with conductors, insulation materials, PVC sheaths, and others. The use of different materials is done for high durability to prevent exploitation from industries and the environment. The use of power cables is extensively done in submarines for purpose of transmission. They are also used in underground and overhead utility networks.

Also, the regulatory framework requires industries and residential for reducing carbon emissions. Many countries have established green building codes that have improved the demand for power cables. There has been shifting from conventional to smart grids which are expected to fuel overhead power cables market size.

Overhead Power Cables Market Outlook Segment Overview

Overhead power cables market size is segmented into further subsections listed below.

• By Product Type- The segmentation of product type includes conductors, fittings, and fixtures.


• By Voltage- The market segment for voltage types includes high, medium, and low. In this view, the high voltage segment will drive the highest growth in regions like S., Canada, Japan, Europe, and China.


• By end-user- It includes user segmentation the includes commercial, industrial, and residential.

Overhead Power Cables Market Regional Analysis

In the year 2019, it was recorded that the Overhead Power Cables Market size was valued at USD 60.96 billion. The electricity demand from the year 2018 has increased due to an increase in urbanization and industrialization in Asian- Pacific regions. In countries like Japan, China, Korea, and India high urban migration is witnessed. Due to which construction activities for industrial, residential, and commercial spaces have been increased. Also, in Asian- Pacific, there has been an increasing shift to renewable sources of energy. This will lead to the Overhead power cables market growth.  Following Asia- Pacific, Europe, and North America will be the highest growth owing to stringent laws on environmental damage. Also, these regions will invest in construction and reconstruction activities. Due to which the overhead power cables market size will expand.

Overhead Power Cables Market Competitive Landscape

The overhead power cables market is highly competitive as companies try reaching customers located globally. A list of competitors are given below

• Prysmian Group (Italy)


• Nexans (France)


• NKT Cables (Denmark)


• Encore Wire Corporation (U.S)


• ABB(Switzerland)


• General Cables (U.S)


• Finolex Cables (India)


• BRUGG Cables (Switzerland)


• Bahra Cables Company (Suadi Arabia)


• Polycab India (India)


• KEI Industries (India)


• Riyadh Cables Group Company (Suadi Arabia)

Industry News

Despite the COVID-19 situation, the world demand for Overhead Cabling, which was anticipated to be worth US$60.9 billion in 2020, is expected to expand to US$81.2 billion by 2026, with a CAGR of 5% throughout the study years. The worldwide power cable segment was worth $143.01 billion in 2020 and is expected to grow at a CAGR of 6.5 per cent to $262.54 billion by 2030. Power cable market movements in North America, Europe, Asia-Pacific, and LAMEA have already been studied by location. In 2020, Asia-Pacific accounts for a substantial portion of the international economy and is likely to continue to do so.

Prysmian Group, ABB, Nexans, General Cable, NKT Cable, Encore Wire Corporation, Finolex Corporation, Brugg Cables, Riyadh Cable Group Company, Polycab India, and KEI Industries are among the main companies covered in the power cable research report. To gain a presence in the power line sector, companies have used techniques, including product launches, cooperation and partnerships, joint ventures, and acquisitions.

In the year 2019, has received agreements from MHI Vestas to supply Windlink cable kits for approximately two years. The contract serves areas of Vestas Installation projects like China, Europe, the USA, and Brazil. The cable kits include low and medium-voltage cables. In the year, 2020, Jan De Nal Group was awarded supply and installation of high voltage power cables in the Dutch offshore.

Report Overview

Overhead power cables market report aims to provide detailed information through coverage on various aspects.

• Market Overview


• COVID-19 Analysis


• Market Dynamics (including drivers, opportunities, restraints, challenges, and cumulative growth analysis)


• Value Chain Analysis


• Segment Analysis


• Competitive Landscape


• Regional Analysis


• Recent development in Overhead Power Cables Market