Overhead Power Cables Market Overview:
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
Overhead Power Cables Market is projected to be worth USD 1,17,800 Million by 2030, registering a CAGR of 7.6% during the forecast period (2022 - 2030).
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Market Scope
Investments in Grid Interconnections to Influence Market Demand
Rise in grid interconnections owing to integration to renewable energy projects can drive demand for overhead power cables for safe supply of electricity. Investments in smart grids, power transmission distribution lines, and adoption of smart energy management schemes can drive demand for overhead power cables. Huge demand for power in developing countries as well as support by respective governments can bode well for the market in the coming years.
Replacement of Legacy Infrastructure to be Beneficial to Market Growth
The huge demand for power coupled with increasing pace of industrialization can drive modernization efforts. Installation of smart grids can drive the demand for overhead power cables owing to its capacity in supplying large swathes of power over long distances.
Underground Cables to Impede Market Growth
Plans of governments to complete connectivity of substations, grids, and power poles through underground cables to prevent accidents caused by overhead cables can impede market growth. Moreover, its implementation in assuring uninterrupted power supply in urban areas can pose a challenge to market growth.
Segmentation Analysis
High Voltage Power Cables to Fuel Market Revenue
High voltage power cables are expected to lead in revenue of the overhead power cables market due to extra layer of insulation in its design and ability to lower instances of power losses during transmissions. Increasing demand for power in industrial and residential areas coupled with modernization of transformers and grids can drive segment growth. HV power transmission lines can supply power in large volumes to industrial zones and information technology parks. China, Japan, Canada, the U.S., and Europe can be the biggest adopter of high voltage power cables owing to robust industrialization.
Industrial End-users to Lead in Overhead Power Cables Market
The industrial segment is expected to command demand for overhead power cables owing to setup of factories and development of industrial zones by governments to attract foreign investment. Shift of old transmission cables to high voltage cables for countries to increase their capacity to store renewable energy and maintain stable grids can drive segment growth.
Conductors to Attain Huge Demand
Conductors are expected to attain huge market demand due to plans by governments to electrify rural areas of countries. This is evident with the Brazil government’s plan for connecting high power demanding regions with newly developed power generation sources.
Regional Analysis
APAC to Dominate Global Overhead Power Cables Market
Asia-Pacific (APAC) is set to dominate the global overhead power cables market due to rapid migration of citizens to cities and increasing demand for power. Surge in construction of industrial, commercial, and residential zones as well as shift to renewable power sources can drive regional market growth. Need of power cables to transfer energy from power farms to main grids will bode well for the market.
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Competitive Analysis
Finolex Cables (India), Riyadh Cables Group Company (Saudi Arabia), Nexans (France), ABB (Switzerland), NKT Cables (Denmark), BRUGG Cables (Switzerland), KEI Industries (India) Prysmian Group (Italy), General Cables (U.S), Bahra Cables Company (Saudi Arabia), Encore Wire Corporation (U.S), and Polycab India (India) are prominent players of the global overhead power cables market.
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