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The compound annual growth rate of the global energy cable market will reach 5.2% from 2018 to 2023
Published:
2022-11-29 14:52
Source:
[Cable Network News] The international market research institute Lucintel recently released a report saying that the future of the energy cable market is attractive in the fields of utilities, industry, housing and commerce. It is estimated that the global energy cable market will grow at a compound annual growth rate of 5.2% from 2018 to 2023.
Industrialization, urbanization, especially in rural and remote areas with rapid growth of power consumption brought about by electrification, and increasing construction activities are the main driving forces to promote the steady growth of energy cable demand.
The report also pointed out that with the increasing demand for energy efficiency, the deployment of superconductors in power cables to improve performance, reduce losses, improve durability and high current carrying capacity is a major emerging trend in the development of energy cables in the future.
Lucintel predicted that due to the growth of the construction and automobile industries, especially China and India, the demand for low-voltage cables is expected to still account for the global energy cable component.
At the same time, with the increase of investment in renewable power generation and ultra-high voltage transmission lines, it is expected that high-voltage cables will grow in the forecast period.
In the energy cable market, due to the expansion of power infrastructure to meet the growing power demand, public power units are expected to remain the end user market. The residential market is expected to grow during the forecast period due to the increase in construction activity and the increasing demand for heating, cooling and air conditioning (HVAC) equipment.
From a regional perspective, the Asia Pacific region is expected to remain a market of, and will also achieve growth in the forecast period. Economic expansion, industrialization, urbanization and rural electrification projects, especially in India and China, are leading the growth of demand for energy cables.
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