According to a new market report published by Lucintel, the future of the energy cable market looks attractive with opportunities in the utilities, industrial, residential, and commercial sectors. The global energy cable market is expected to reach an estimated $128.7bn by 2023 and is forecast to grow at a CAGR of 5.2% from 2018 to 2023.
The major growth drivers for this market are growth in electricity consumption due to industrialization, urbanization, electrification of rural areas, and increasing construction activities.
In this market, low voltage, medium voltage, and high voltage energy cables are used for the transmission and distribution of electricity. Lucintel forecasts that low voltage cable is expected to remain the largest segment due to growth in construction as well as automotive sector, especially in China and India. High voltage cable is expected to witness the highest growth in the forecast period supported by increasing investment on renewable power generation sources and ultra-high voltage transmission lines.
Within the energy cable market, utilities are expected to remain the largest end-use market due to the continuous expansion in electrical infrastructure to fulfill growing electricity demand. The residential segment is expected to witness the highest growth in the forecast period supported by increasing construction activities and increasing demand for heating, cooling, and air-conditioning (HVAC) equipment.
Asia Pacific is expected to remain the largest market and is also expected to witness the highest growth over the forecast period. Economic expansion, industrialization, urbanization, and rural electrification projects, particularly in India and China, are leading the demand for energy cables.
Emerging trends, which have a direct impact on the dynamics of the industry, include the deployment of superconductors in power cables for improved performance and electron beam cross-linking of power cable for durability and high current carrying capacity.
The study includes a forecast for the global energy cable market by product type, voltage type, end-use industries, and region.
The 185-page research report aims to help readers make confident business decisions in this globally competitive marketplace.