Press release
XLPE Cables Market Analysis, Future Opportunity, Key Manufacturers, Geographical Regions and Industry Forecast to 2030
XLPE Cables Market OverviewBy 2030, the XLPE Cables Market is projected to reach a value of USD 49.1 billion with a 7% CAGR.
COVID 19 has restricted global market trends for XLPE cable much like in any other global industry. Due to the decrease in demand for sales, industries were forced to develop new methods of marketing to boost sales among targeted audiences or clients. Production and demand on the global market have been impacted by COVID 19, which has also disturbed the supply chain. Additionally, COVID 19 had an impact on these organizations' financial operations.
According to the government and the authorities, business strategies to deal with the current projected growth goals of the XLPE cable industry should be considered in the second half of 2020 to prevent the COVID 19 event from harming market statistics.
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To lower their carbon footprint, the players in the power generation business have been concentrating on increasing the proportion of renewable energy sources. This is the overall mix of energy production. Renewable energy sources including wind, solar, and hydel are used to generate power. Renewable energy sources, like coal and natural gas, produce power without the release of any hazardous gases or trash.
For thermoset insulating materials, XLPE cables are used. Cross-linking the PE to create XLPE broadens the temperature range of the insulation while preserving the electrical characteristics.
The demand-supply imbalance in the raw materials required to produce XLPE cables and fluctuating costs are significant barriers to industry growth. The increasing demand for medium voltage and improvements in transmission and distribution networks, however, will support the industry over the evaluation period. Rising electricity demand and the incorporation of a sustainable electrical network will also contribute to the market's expansion.
Market Segment
By Installation
Based on the installation segmentation, the global market is divided into overhead, submarine, and underground categories. Installation of XLPE cables within the XLPE cable industry is high-quality and beneficial for a variety of applications.
By Voltage
Based on the classification of voltage, the global market is divided into low voltage, medium voltage, and high voltage. Diverse voltage classification helps to increase market revenue.
By End User
Based on the end-user segmentation, the global market is divided into infrastructure & transportation, chemical, manufacturing, electricity, oil & gas, metals & mining, and others.
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Regional Analysis
People from various regions of the world are well aware of the effectiveness of market trends based on geographical classification. The major firms in these regions worked together to address the rising customer needs for Market Share in their respective regions.
Europe, Asia-Pacific, the Americas, and the Middle East & Africa are some of the key regions with the highest market demand. Asia-Pacific is anticipated to hold the majority of market share during the projected period as a result of the expansion of existing oil fields and rising investments in the oil & gas sector.
Industry News
The underwater inter-array cable systems for the 750MW Hollandse Kust Zuid III and IV offshore wind farms in the Netherlands were awarded to Prysmian Group by Vattenfall in July 2019. Prysmian is responsible for creating, testing, and supplying 172 kilometers of inter-array cables with 66 kV XLPE insulation as well as associated hardware.
Iberdrola, S.A. develops and builds the Saint-Brieuc offshore wind farm in Brittany, France (Spain).
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Key Players
Universal Cables Ltd. (India)
Finolex Cables Ltd. (India)
Laser Power & Infra (India)
Prysmian Group (Italy)
Nexans (France)
NKT A/S (Denmark)
Brugg Kabel AG (Switzerland)
Encore Wire Corporation (US)
Eland Cables (UK)
Relemac (India)
KEI Industries Limited (India)
Sumitomo Electric Industries Ltd. (Japan)
Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR's approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.
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