Power Cable Market Size to Reach $277.8 Billion by 2031 | ABB, Encore Wire, Finolex, TPC Wire

According to the report published by Allied Market Research, the global the power cable market generated $148.6 billion in 2021, and is estimated to reach $277.8 billion by 2031, witnessing a CAGR of 6.4% from 2022 to 2031. Region-wise, the market in Asia-Pacific is expected to dominate the market in terms of revenue during the forecast period. The global power cable market share is expected to witness considerable growth, owing to an increase in demand for electrification, industrial 4.0, and digital infrastructure solution, especially in developing countries such as India, China, South Korea, Mexico, Canada, and others.

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Growing trend of renewable energy generation and alternative sources of energy, increase in the deployment of new power grid infrastructure, increased use of smart grids, ongoing technological advancements, and surge in the demand for submarine power cables drive the growth of the global power cable market.

The report offers a detailed segmentation of the global power cable market based on distribution type, voltage rating, end use, and region.

Based on distribution type, the overhead segment held the largest share of around three-fifths of the global power cable market in 2021, and would maintain its leadership in terms of revenue through 2031. However, the submarine segment is estimated to witness the fastest CAGR of 10.3% during the forecast period. The report also studies the underground segment.

Based on voltage rating, the up to 36 kV segment was the largest in 2021, capturing more than half of the global power cable market, and would rule the roost through 2031. However, the 351 kV and above segment is estimated to witness the fastest CAGR of 10.0% during the forecast period. The report also analyzes the 37 kV to 100 kV, 101 kV to 250 kV, and 251 kV to 350 kV segments.

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Based on end use, the residential segment was the largest in 2021, grabbing nearly one-third of the global power cable market. However, the utilities segment is estimated to dominate in terms of revenue and witness the fastest CAGR of 7.7% during the forecast period. The report also studies the commercial and industrial segments.

Based on region, the market in Asia-Pacific was the largest in 2021, accounting for more than two-fifths of the global power cable market and would maintain its dominance in terms of revenue during the forecast period. However, the market in LAMEA would manifest the highest CAGR of 7.9% from 2022 to 2031. The other regions analyzed in the study include North America and Europe.

Competitive analysis and profiles of the major market players that have been provided in the report include, ABB Ltd, Belden Incorporated, Encore Wire Corporation, Finolex Cables, KEI Industries Limited, LAPP North America, Nexans, NKT A/S, Prysmian Group, and TPC Wire & Cable Corp. These market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the market

Source: https://www.alliedmarketresearch.com/press-release/power-cable-market.html

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