Global Energy Cable Market to Witness Growth by a CAGR of ~6% throughout 2022 – 2030

Research Nester published a report titled Energy Cable Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global energy cable market in terms of market segmentation by type, voltage, application, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global energy cable market is expected to garner a large revenue by growing at a CAGR of ~6% throughout the forecast period, i.e., 2022 – 2030, owing to the rising electricity consumption globally, robust adoption of renewable energy sources, and increasing rate of urbanization and industrialization. Furthermore, growing investments in replacing old grid infrastructure with new ones is also estimated to fuel the expansion of market in the coming years.

The market is segmented on the basis of type, voltage and application. On the basis of type, the low voltage cable segment is anticipated to grow at a considerable rate during the forecast period in view of increasing number of infrastructure activities in the residential sector. Additionally, based on application, the utility segment is expected to grab the largest market share during the forecast period owing to the growing implementation of new utilities to meet the rising demand for electricity.

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Regionally, the global energy cable market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is expected to acquire the largest share and witness the highest growth in the market over the forecast period, which can be attributed to the escalating demand for electricity and rising urban migration in China, India, South Korea and Japan.

Intensifying Electricity Consumption Worldwide to Drive Market Growth

As the world population is increasing at a rapid rate, the demand for electricity has also witnessed a notable surge over the last few years. The old grid infrastructure which satisfied the power distribution demand earlier is becoming obsolete in terms of fulfilling the high energy requirements ascribing to which these are extensively being replaced by advanced smart grids. This is one of the major factors estimated to boost the demand for energy cables in the future.

However, complex planning related to the deployment of energy cables is expected to operate as key restraint to the growth of the global energy cable market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global energy cable market which includes company profiling of Fujikura Ltd., LS Cables & System Ltd., Furukawa Electric Co., Ltd., Prysmian SpA, NKT A/S, ABB Ltd, Switzerland, Sumitomo Corporation, Belden Inc., Leoni AG, Nexans S.A., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global energy cable market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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