Elettronica
Power Cable Market to Reach $262.54 Bn, Globally, by 2030 at 6.5% CAGR: Allied Market Research
Rise in trend of renewable energy generation, surge in deployment of new power grid infrastructure, and increase in implementation of smart grids drive the growth of the global power cable market. However, complexities related to deployment planning of power cable hinder the market growth. On the other hand, upsurge in demand for power present new opportunities in the coming years.
Based on installation type, the overhead segment accounted for the highest share in 2020, holding for around three-fifths of the global power cable market, and is estimated to maintain its lead position during the forecast period. This is attributed to surge in usage in overhead transmission and distribution lines. However, the submarine segment is expected to witness the highest CAGR of 10.6% from 2021 to 2030. This is due to rise in requirement for transmission of electricity generated using offshore wind power generation facilities.
Based on application, the residential segment held the highest share in 2020, accounting for nearly one-third of the global power cable market, and is projected to continue its leadership status during the forecast period. This is due to increase in demand for electricity in the residential sector along with rise in construction activities of new residential homes. However, the utility segment is expected to manifest the of 7.9% from 2021 to 2030, owing to requirement for power transmission at high voltages with proper insulation and conductors.
Based on region, Asia-Pacific , followed by Europe and North America , contributed to the highest market share in 2020, accounting for more than two-fifths of the global power cable market, and is expected to continue its dominant share in terms of revenue by 2030. This is due to presence of leading market players in the region. However, LAMEA is expected to register the largest CAGR of 8.2% during the forecast period, owing to surge in demand for high-quality power cables with the need to eliminate power cuts and improve the reliability of power delivery.
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