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Lucintel, an international market research institute, recently released a report that the future of the energy cable market is attractive
in the utility, industrial, residential and commercial sectors.
The global energy cable market is expected to grow
at a CAGR of 5.
2% from 2018 to 2023.
Industrialization, urbanization, especially in rural and remote areas where electricity consumption is growing rapidly due to electrification, and increasing construction activities are the main drivers
for the steady growth of demand for energy cables.
The report also pointed out that with the increase in the demand for energy efficiency, the deployment of superconductors in power cables to improve performance, reduce losses, improve durability and high current-carrying capacity is an emerging trend
in the development of energy cables in the future.
Lucintel predicts that demand for low-voltage cables is expected to remain the largest component of
global energy cables due to growth in the construction and automotive industries, particularly China and India.
Meanwhile, high-voltage cables are expected to witness the highest growth
during the forecast period as investments in renewable energy generation and ultra-high voltage transmission lines increase.
In the energy cable market, utility power is expected to remain the largest end-user market
as power infrastructure continues to expand to meet growing power demand.
The residential market is expected to witness the highest growth
during the forecast period due to increasing construction activity and increasing demand for heating, refrigeration, and air conditioning (HVAC) equipment.
Regionally, Asia Pacific is expected to remain the largest market and will also witness the highest growth
during the forecast period.
Economic expansion, industrialization, urbanization, and rural electrification projects, especially in India and China, are leading the demand growth for energy
cables.
Lucintel, an international market research institute, recently released a report that the future of the energy cable market is attractive
in the utility, industrial, residential and commercial sectors.
The global energy cable market is expected to grow
at a CAGR of 5.
2% from 2018 to 2023.
Industrialization, urbanization, especially in rural and remote areas where electricity consumption is growing rapidly due to electrification, and increasing construction activities are the main drivers
for the steady growth of demand for energy cables.
The report also pointed out that with the increase in the demand for energy efficiency, the deployment of superconductors in power cables to improve performance, reduce losses, improve durability and high current-carrying capacity is an emerging trend
in the development of energy cables in the future.
Lucintel predicts that demand for low-voltage cables is expected to remain the largest component of
global energy cables due to growth in the construction and automotive industries, particularly China and India.
Meanwhile, high-voltage cables are expected to witness the highest growth
during the forecast period as investments in renewable energy generation and ultra-high voltage transmission lines increase.
In the energy cable market, utility power is expected to remain the largest end-user market
as power infrastructure continues to expand to meet growing power demand.
The residential market is expected to witness the highest growth
during the forecast period due to increasing construction activity and increasing demand for heating, refrigeration, and air conditioning (HVAC) equipment.
Regionally, Asia Pacific is expected to remain the largest market and will also witness the highest growth
during the forecast period.
Economic expansion, industrialization, urbanization, and rural electrification projects, especially in India and China, are leading the demand growth for energy
cables.
