Power Transmission Cables Market is expected to grow at a higher CAGR of 6.5% during the estimated period to account for higher market value in the market.
For carrying the electricity for generating units typically used by end-users are provided by Power Transmission Cables Market. Owing to high quality, up-gradation of aging grid infrastructure, rising demand for renewable power sources accelerates the demand for market. Moreover, the increasing industrialization and urbanization are some other factors that accelerate the growth of the market.
The most prominent major key players in the Power Transmission Cables Market are mentioned below:
These major key players use various strategies to sustain their market position in the market by collaborating, by going for mergers, and acquisitions, setting up a new joint venture, establishing a partnership, developing a new production process, innovation in the existing product, developing a new product line, and many others to expand their customer base in the untapped market of the power transmission cables all across the globe.
With the growing outbreak of the global pandemic of COVID 19 businesses have suffered huge losses which have pushed the economies towards forced recession. The growing wave of the global pandemic has suffocated the individual to fight between the financial crises along with health concerns. The situation of lockdown has resulted in shut down of most of the manufacturing units which leads to a steep downfall in the sales revenue of the market all across the globe. The supply chain networks have also been disrupted which results in reduced profit margin.
However, it is expected that the Power Transmission Cables Market will recover from this global pandemic of COVID 19 by strategizing properly to meet the requirements of their customers. Also, it is expected to recover at the end of the third quarter in the coming year.
The main work of the market is to provide an uninterrupted supply of electricity from the place of generation to the place of consumption. The sudden increase in the population all across the globe results in high demand for electricity which creates demand for market . Moreover, the increasing industrialization and urbanization are other factors that drive the demand for market all across the globe.
The demand for market is increasing rapidly . The government of various emerging countries has 100% electrification targets which provide immense growth opportunities for the power transmission cables during the forecasted period . The deployment of power lines at a diverse location for every customer is another emerging opportunity during the forecasted period.
The demand for market is increasing constantly but some factors restrict the growth of the market . Delay in the procedures of Authorization from the government coupled with complex planning is some factors that restrict the growth of the market . The fluctuations in the raw material prices are another factor that hinders the growth of the market.
The Power Transmission Cables Market is growing tremendously owing to various benefits associated and hence adds value to society. Owing to the increasing demand for electricity by various underdeveloped countries paves the way for the growth of the market . Moreover with rising population, electricity demand also rises and hence the demand for power transmission cables heightens.
The Global Power Transmission Cables Market has been divided based on voltage, installation, end-user, and region.
Based on the Voltage
The market has been divided based on the voltage into high voltage power transmission cables, low voltage power transmission cables, and medium voltage power transmission cables.
Based on the Installation
The market has been divided based on the installation into overhead installation, underground installation, and submarine installation.
Based on the End-User
The market has been divided based on the end-user into utility services, and industrial sector.
Based on the Region
The market has been divided based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.
The Power Transmission Cables Market has been divided based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The largest market share in the market is held by the North American region owing to prevalence 9f stringent norms for use of energy efficiency. The expansion of smart grid networks is another contributing factor that drives the demand for the market in the North American region.
The second-largest market share in the market is held by the European region owing to increasing retrofit and reimbursement of existing grid infrastructure in the European region. Also, owing to increasing stringent efficiency norms for an energy boost the demand for market.
The third-largest market share in the market is held by the Asia-Pacific region as this is the fastest-growing region. The huge expansion of micro-grid networks is the main reason that propels the demand for market.
The Middle East and African region along with the Latin American region show a positive growth rate in the market. The increasing demand for electricity for supporting ongoing infrastructural activities is the main factor that accelerates the growth of the market coupled with the integration of the sustainable electrical network.
The global Power Transmission Cables Market research report consists of the following elements mentioned below:
This global Power Transmission Cables Market research report contains factors that drive the growth of the market along with the factors that restrict the growth of the market . The opportunities available for the growth of the market during the forecasted period are mentioned. The impact of COVID 19 on the sales revenue of the market all across the globe is mentioned. The future growth rate of the market during the forecasted period is estimated and mentioned.
Investment bankers and M & A Consultants, industry associations and publications, power transmission cables service providers, and others.
|Market Size||2030: Significant Value|
|CAGR||6.5% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Installation, Voltage and Users|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||General Cable Technologies Corp., Southwire Co. LLC, Zhejiang Shengda Steel Tower Co. Ltd., KEC International Ltd., Kalpataru Power Transmission Ltd., Nexans S.A., Prysmian S.p.A., Shandong DingChang Tower Co. Ltd., Nanjing Daji Iron Tower Manufacturing Co. Ltd., and Sumitomo Electric Industries Ltd|
|Key Market Opportunities||New product launches and R&D Amongst major key players|
|Key Market Drivers||Rapid urbanization and industrialization|
Frequently Asked Questions (FAQ) :
The most renowned companies striving to achieve a better position in the market are Prysmian S.p.A., General Cable Technologies Corp., Sumitomo Electric Industries Ltd., Shandong DingChang Tower Co. Ltd., Nexans S.A., Nanjing Daji Iron Tower Manufacturing Co. Ltd., KEC International Ltd., Southwire Co. LLC, Kalpataru Power Transmission Ltd., Zhejiang Shengda Steel Tower Co. Ltd., and others.
The market for Power Transmission Cables can record a growth rate of close to 6.5% in the next few years.
The installation-based market segments are overhead, underground and submarine.